Cadence Design Systems will eliminate 225 jobs—or about 5 percent of the company's workforce—as part of a restructuring expected to save about $30 million per year.

Cadence said the job cuts will come primarily from resizing its worldwide field organization to current business levels, decreasing investment in the manufacturing side of design-for-manufacturing technology and other infrastructure areas of its business.

Cadence said the workforce reductions will be completed over a period of time and should be complete by the second half of fiscal 2009. The company said it expects to record a pre-tax restructuring charge of about $20 million to $25 million, approximately $18 million of which will be recorded in the second quarter of 2009.

"The measures we are announcing today streamline our operations as we simultaneously invest to enhance technology leadership in key growth areas," said Lip-Bu Tan, Cadence president and CEO, in a statement.

Cadence, the No. 1 EDA vendor for most of the past two decades, stumbled in 2008 and was overtaken by Synopsys Inc. The company's revenue slipped more than 36 percent last year.

Last November, Cadence cut 625 worker, or about 12 percent of its global workforce.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved