Symantec to lay off 24 in Springfield
Published 12:00 am Friday, September 6, 2019
- A sign displayed at Symantec Corp. world headquarters in Mountain View, California. Symantec will layoff 24 employees from its Springfield office, effective Oct. 15, 2019.(123RF)
Twenty-four employees working in the Springfield office of the nation’s largest cybersecurity software company will be laid off in October.
Symantec is laying off some of its remaining local employees following the recent sale of the company’s enterprise security division in a $10.7 billion deal.
Local employees were alerted to the layoffs Aug. 8, according to a mass layoff notice filed with the state on Aug. 20. The 24 layoffs are set to take effect Oct. 15 and are expected to be permanent, according to the layoff notice.
Symantec created the Norton series of anti-virus and cybersecurity software, which will remain with the Fortune 500 company through the sale to Broadcom, a worldwide technology company. Broadcom received the Symantec name in the deal.
Symantec’s Springfield operation has been shrinking for some time.
Symantec once was one of Lane County’s largest employers with 1,400 people working at the complex in 2007. A series of layoffs over the following decade steadily condensed that workforce, including a 66-person layoff in January 2018.
Symantec did not immediately respond Wednesday to questions concerning its current local workforce. About 200 people still worked there late last year.
There are more than 30 cybersecurity companies with a presence in the greater Eugene area, according to Technology Association of Oregon Vice President Matt Sayre. He said workers laid off from Symantec’s local workforce may find opportunities with them.
“While there is never a perfect time to get laid off, many of these other cybersecurity companies are hiring in Eugene, so it will be easier than ever for folks to find their next employment opportunity,” Sayre said in an email. “TAO is also actively working to help affected Symantec folks by making introductions to other firms.”
Last year, PacificSource bought Symantec’s 400,000-square-foot complex in Springfield for $26 million. PacificSource consolidated its workforce inside the complex and leased some of the space back to Symantec, which has its headquarters in Mountain View, California. As of March 30, 2018, it had 11,830 employees worldwide.
In a news release announcing the sale, Symantec said the company expects to issue a special dividend of $12 per share to shareholders.
That money represents all of the company’s after-tax cash proceeds from the deal, according to Symantec.
“This $10.7 billion agreement to sell our Enterprise Security assets to Broadcom delivers significant value to Symantec shareholders,” Symantec Executive Vice President and CFO Vincent Pilette said in a news release.
“We are focused on disciplined execution, developing a cost structure that allows us to fuel growth and continue innovation in our consumer business.”