Parametric cuts 45 headquarters jobs
Parametric Technology Corp., a maker of computer-aided design software, confirmed it eliminated about 45 jobs at its Needham headquarters this week. The move was part of a cutback of 220 jobs globally, including 90 in the United States, as the company struggles through a recession that has clouded business prospects worldwide.
"We need to realign the business with the current outlook for revenue," said Kristian Talvitie, vice president of corporate communications. At the end of January, the company reduced its fiscal 2009 revenue guidance from $1.1 billion to $960 million. PTC rang up a record $1.075 billion in revenue during its 2008 fiscal year.
Talvitie said jobs in almost every department and category were affected by this week's cutback. But, he said, the company will continue to invest in research and development. PTC spent $173 million on research and development last year, and will spend at least that much this year, he said. "Our technology is positioned very well in the market, and we want to maintain that advantage," he added.
Last fall, PTC declined to comment on market speculation that it was offering itself to potential buyers and had hired the investment bank Goldman Sachs to explore a possible sale of the company. Goldman Sachs also declined to comment.