NEW YORK (CNNMoney.com) -- CA Inc., formerly Computer Associates, said in a regulatory filing that it will cut 1,000 jobs, or 7.5% of its workforce.
The company detailed its restructuring plan for fiscal 2010 in a Securities and Exchange Commission filing. The plan, which was approved March 31, also called for "additional global facilities consolidations," according to the filing. CA (CA) did not elaborate on those consolidations.
Shares of the Islandia, N.Y.-based software company fell 4.8% shortly after the market opened.
In a memo to employees Tuesday, CA Chief Executive Bill McCracken said the job cuts will be mainly in North America, although all regions globally will be affected.
"These actions are necessary to focus our skills and investments on those activities that support our corporate strategy and have the greatest impact on our performance, growth and customer loyalty," he added.
CA said that the restructuring should be "substantially completed" by the close of the second quarter of fiscal 2011, which ends October 2010.
CA also said it expects to incur a pre-tax restructuring charge of about $50 million. Those expenses will affect both fourth-quarter and fiscal-2010 earnings, the company said, and results will likely be at the low end of previously issued guidance.
Irish drug maker Mallinckrodt will have to pay a $100 million fine and allow one of its competitors to produce a life-saving medication used to treat infants. The company hiked the price of the drug from $40 per vial to more than $34,000 per vial over the course of about 15 years. More
Federal Reserve Chair Janet Yellen gave her outlook on monetary policy days before Donald Trump becomes president. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Navient, formerly part of Sallie Mae, was sued by the CFPB Wednesday for allegedly cheating borrowers out of repayment rights. More