Cadence To Cut 225 Jobs; 5% Of Global Workforce

Cadence Design Systems (CDNS) said it will cut about 225 jobs, or about 5% of its global employee base, as part of a new resutructuring plan. The EDA software company said the plan should save about $30 million a year. Cadence said it will take $20 million to $25 million in pre-tax restructuring charges, about $18 million of that in Q2.

In late trading, CDNS is down 4 cents, at $5.89.