Autodesk Restructures, Lays Off 750, Sells LBS Group
Autodesk will reduce its workforce by approximately 750 employees, about 10 percent of the company’s global workforce. Some facilities will be consolidated.
That means a pre-tax charge in the range of $65 million to $75 million divided between the fourth quarter of fiscal 2009 with most of the remaining charge will be taken in the first quarter of fiscal 2010.
Autodesk reset expectations for net revenue for the fourth quarter of fiscal 2009 in the range of $475 million and $500 million.
The company has an agreement to sell the Location Services business to Hale Capital Partners, a private equity firm. Per the release: “Autodesk believes this move will help position the Location Services business for greater success in the wireless industry, while allowing Autodesk to focus its on its core business.” No info on the price of the sale. LBS, Autodesk Geospatial, has been very quiet of late.
Intergraph announced layoffs just yesterday.
