Autodesk restructures to reduce operating expenses

22 Jan 2009

Design software developer Autodesk announces job cuts and the sale of its Location Services business. The companies restructuring plan includes a 10% reduction of its global workforce and the consolidation of certain facilities.

Focussing on its core business, Autodesk has signed a definitive agreement to spin out its Location Services business to private equity company, Hale Capital Partners, without disclosing details. The restructuring is expected to save it approximately $130 million a year.

According to president & CEO Carl Bass, global economic conditions continue to impact the company's end-user demand.

"Given the current uncertainty of the economic environment, the cost savings initiatives we are implementing are prudent. Autodesk has a strong cash position and leadership across multiple product sectors and geographies. The company has experienced several economic downturns during its 26-year history, and like before, we fully expect to emerge from the downturn stronger, more efficient, and more competitive."