With Acquisition Delayed, Sun Cutting 3,000 Jobs |
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Posted By: Technology Staff Editor In: Information Technology
written by Dylan McGrath, courtesy of EE Times
SAN FRANCISCO—With its proposed acquisition by Oracle Corp. being delayed by regulators, Sun Microsystems Inc. plans to cut 3,000 jobs across several regions over the next 12 months, the company said Tuesday (Oct. 20).
Oracle Corp. agreed in April to buy Sun for $7.4 billion. But the acquisition has not yet closed because of an ongoing antitrust probe by the European Commission.
In a regulatory filing, Sun said the layoffs were part of a plan to better align the company's resources with its strategic business objectives in light of the delay in the closing of the acquisition.
Sun said it expects to incur total charges of between $75 million and $125 million over the next several quarters in connection with the restructuring. The majority of those charges will be cash severance costs expected to be incurred in the second and third quarters of the fiscal year ending June 30, 2010, Sun said.
Sun currently has 32,780 employees, according to its web site
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