Antivirus software maker Symantec is planning to downsize its current workforce by 10% and shut down certain facilities as part of its restructuring plan, which could cost about $280m.

The company is expected to lay off 1,200 employees in the restructuring move.

Symantec has 19,000 staff, the firm said it plans to save $400m by 2018 through cost cutting measures.

Symantec chief financial officer Thomas Seifert said: "We’re making significant progress on our $400 million efficiency program by executing against eight work streams that include eliminating stranded costs from the Veritas divestiture, rationalising corporate infrastructure and simplifying our enterprise security portfolio.

"These actions will create a stronger and more nimble Symantec, supporting both higher operating margins in the future as well as a business model that is more subscription-based."

Earlier this year, Carlyle Group acquired the company’s Veritas data-storage division for $7.4bn.

Symantec was compelled to reduce the transaction value by $600m due to "uncertainties" in striking the deal, it said.

In 2005, Symantec had purchased Veritas for $10.2bn in a bid to diversify its business.

As a result of Veritas sale, the company reported a net income of $2.05bn for the fourth quarter ended 1 April compared to $176m in the same period a year earlier. However, its revenue was down 3% to $873m in the quarter.

Symantec said in statement: "A significant portion of the Veritas sale proceeds are attributable to international tax jurisdictions and the Company does not intend to indefinitely reinvest such earnings. As such, the Company has recorded a one-time non- cash charge of $1.1 billion associated with US taxes on such foreign gain impacts on the Veritas sale."

The company is currently scouting for a new CEO to replace its current head Michael Brown. Last month, it announced that Brown would step down from as president and CEO but will continue at the firm until a successor is appointed. He was named CEO in September 2014.

Brown said: "To complement this strategy, we’re bringing more than a dozen new products to market in 2016 enabling us to grow our enterprise security business.

"Our most recent product release, Symantec Advanced Threat Protection, just surpassed 1.2 million endpoint subscriptions in its first full quarter of availability making it one of the most successful new products in our history."

The company estimates its revenue to be between $865m and $895m in the current quarter, while the revenue for the entire year would be $3.49bn to $3.58bn.

It plans to return $5.5bn capital related to the sale of Veritas out of which $4.2bn has been returned. The company will return the remaining $1.3bn by the end of the current fiscal year.

"As we enter fiscal 2018, we expect total revenue performance to improve as we benefit from declines in the consumer business moderating to down low single digits. The shift in more subscription and ratable revenue will provide a growth tailwind to our enter prise security business," it added.