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Software | November 06, 2008

Cadence to lay off 625 staff worldwide

Cadence Design Systems implements a restructuring program designed to focus the company’s strategy, streamline the business and improve operational execution and financial performance. Part of the plan will be the lay off of 625 staff wordwide.
Upon completion of the restructuring, the company expects to achieve annual operating expense savings of at least $150 million through a combination of workforce and other expense reductions.

The company expects to eliminate at least 625 full-time positions, representing 12% of its global employee base, plus a substantial number of contractors and consultants. Because of varying regulations in the jurisdictions and countries in which Cadence operates, workforce reductions will be realized over a period of time and are expected to be completed in the second half of fiscal 2009. Cadence expects to record a restructuring charge of approximately $65 million to $70 million pre-tax, $48 million of which will be recorded in the third quarter of 2008.

“The actions that we are announcing today will enable Cadence to become a stronger and more focused company,” said Lip-Bu Tan, interim vice chairman and member of the Interim Office of the Chief Executive. “The decision to streamline our workforce was made with the utmost care and respect for the hard-working and talented Cadence employees. We believe that with this restructuring we are acting in the best interests of our company and our shareholders.”

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