Cadence Design Systems expects to cut 120 full-time positions as part of a restructuring plan that went into effect January 14, 2010.

The company plans to achieve annual operating expense savings of about $19 million with this restructuring. Cadence expects to record a restructuring charge of approximately $11 million to $15 million pre-tax, with $10 million to $12 million recorded in Q409.

About Cadence

Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers and research facilities around the world to serve the global electronics industry. More information is available at www.cadence.com.