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UPDATE 1-Cadence Design to cut 5 pct jobs, take charge

Wed Jun 10, 2009 5:05pm EDT

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* To reduce 225 employees

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* Sees $20 mln to $25 mln charge, $18 mln in Q2

* Sees $30 mln in savings

June 10 (Reuters) - Microchip-design software maker Cadence Design Systems Inc (CDNS.O) said it would shed 5 percent of its workforce, or 225 employees, as it targets operating-expense savings of about $30 million.

Cadence expects a pretax restructuring charge of about $20 million to $25 million, of which about $18 million will be recorded in the second quarter.

The job cuts are expected to be completed in the second half, the company said in a statement.

In late April, Cadence, which rivals Synopsys Inc (SNPS.O) in the electronic design automation market, posted a narrower-than-expected loss helped by a 19 percent drop in costs.

Shares of the San Jose, California-based company closed at $5.93 Wednesday on Nasdaq. (Reporting by Savio D'Souza in Bangalore; Editing by Vinu Pilakkott)

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