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SAN JOSE, Calif. - Electronic design software maker Cadence Design Systems Inc. said Wednesday it will eliminate 625 full-time jobs, or 12 percent of its work force, in an effort to save $150 million annually.
The moves are expected to be complete in the second half of 2009. Cadence said it will record a $48 million restructuring charge in the third quarter and incur total pretax restructuring expenses of $65 million to $70 million.
The expected cuts also will include a "substantial" number of contractors and consultants.
San Jose, Calif.-based Cadence in June offered to buy Mentor Graphics for $16 per share, or about $1.45 billion, but withdrew the offer in August. Last month shares tumbled after the company delayed its third quarter earnings pending a review of its first quarter, which it said would likely lead to a restatement.
Shares fell 61 cents, or 12.3 percent, to close at $4.34 on Wednesday.
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