Avid Technology Inc., a Burlington company that makes equipment for recording music and video, said Monday that its head count will be reduced by about 20 percent, or 350 jobs, as a result of agreements to sell off some of its product lines as well as from layoffs.
The reduction is part of a strategic initiative to improve operating performance, Avid said. As part of the plan, Avid is looking to focus on its professional customers who use Avid tools to edit Hollywood movies. Avid’s editing technology tools have been used on several Oscar-nominated films, including “The Descendants.”
In a statement Monday, Avid chief executive Gary Greenfield said: “The changes we are announcing today make Avid a more focused and agile company. By streamlining and simplifying operations, we expect to deliver improved financial performance and partner more closely with our enterprise and professional customers. Our objective remains to provide these customers with the innovative solutions that allow them to create the most listened to, most watched, and most loved media in the world.”
The company said its consumer audio products are being sold to inMusic of Cumberland, R.I.
Avid said its consumer video editing line is being sold to Corel Corp., a consumer software company headquartered in Ottawa, Canada.
The divested product lines contributed about $91 million of Avid’s 2011 revenue of $677 million. As part of the transactions, certain employees of Avid will transfer to each acquiring company.