Autodesk restructures to reduce operating expenses

Autodesk restructures to reduce operating expenses

Autodesk's restructuring plan includes a 10% reduction of its global workforce and the consolidation of certain facilities.

In a move to focus on its core business, Autodesk has signed a definitive agreement to spin out its Location Services business to private equity company, Hale Capital Partners. Details of the transaction were not disclosed.

The company expects the restructuring will result save it approximately $130 million a year.

"Global economic conditions continue to impact our end-user demand," said Carl Bass, president & CEO.

"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."

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