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Cadence Design Systems Inc. Message Board

  • breakinneed breakinneed Jun 10, 2009 6:13 PM Flag

    $20-$25mm in charges

    Item 2.05. Costs Associated with Exit or Disposal Activities.
    On June 10, 2009, Cadence Design Systems, Inc. (“Cadence”) commenced a restructuring plan. Upon completion of the restructuring plan, Cadence expects to achieve annual operating expense savings of approximately $30 million, through a combination of workforce and other expense reductions. The expected annual operating expense savings take into account additional investments planned for areas of critical importance to Cadence’s customers.
    Cadence expects to eliminate approximately 225 full-time positions. Cadence expects to record a restructuring charge of approximately $20 million to $25 million pre-tax, approximately $18 million of which will be recorded in the second quarter of 2009. Substantially all of the restructuring charge is for employee-related costs and will result in future cash expenditures. Because of varying regulations in the jurisdictions and countries in which Cadence operates, these workforce reductions will be realized over a period of time and are expected to be completed in the second half of fiscal 2009.
    A copy of the press release is attached hereto as Exhibit 99.01 and is incorporated by reference herein.

 
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