AUTODESK RESTRUCTURES, REDUCING EXPENSES & WORKFORCE
The company anticipates the plan will result in annual pre-tax cost savings of approximately $130 million annually, starting in fiscal 2010. The actions are in addition to the ongoing cost reduction initiatives previously announced, including a hiring freeze, business travel restrictions, and other reductions in its operating expenses.
“Global economic conditions continue to impact our end-user demand,” notes Autodesk president/CEO Carl Bass. “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.”