FutureNet to Close Office in Chatsworth, Lay Off 43

FutureNet has announced it will close its Chatsworth office by April and lay off 43 of its 59 employees. The remaining 16 employees have been offered positions with FutureNet’s parent corporation, Data I/O Corp. in Redmond, Wash.

FutureNet creates software for computer-aided engineering (CAE). The division has been losing $1 million a quarter, according to Data I/O spokeswoman Aggie Primavera.

Data I/O said it will continue to sell FutureNet software out of its Redmond office but will reduce its interest in the CAE field and is writing down between $4 million and $6 million of assets.