Avid Technology Inc (AVID) said in a regulatory filing on Friday that it intends to eliminate positions that are in lower growth geographies and markets and reinvest in more strategic areas with greater opportunity for growth. The company expects to record the majority of these charges in the quarter ending December 31, 2010.
The company also stated that it will also close portions of certain office facilities.
Avid expects to incur $10 million to $12 million in severance costs relating to elimination of positions and about $4 million relating to closure of the office facilities.
The company said it will complete the restructuring in the first half of 2011 and will account for the charges as cash expenditures mainly in 2011.
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