Sun Microsystems to Cut 3,000 Jobs
Updated: 2009-10-21 07:02:53
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Sun Microsystems Inc. is planning to cut 3,000 jobs, or about 10 percent of its workforce in the next 12 months, the company said in a regulatory filing on Tuesday.
In the filing with the U.S. Securities and Exchange Commission, Sun Microsystems said its board has approved the layoff plan "in light of the delay in the closing of the acquisition of the company."
"The company expects to incur total charges ranging from 75 million U.S. dollars to 125 million dollars over the next several quarters in connection with the Restructuring Plan, the majority of which relates to cash severance costs and is expected to be incurred in the second and third quarters of the fiscal year ending June 30, 2010," Sun Microsystems said.
The Silicon Valley company is now waiting for European regulators to approve its acquisition by Oracle Corp. in a deal worth 7.4 billion U.S. dollars.
Sun Microsystems Inc. is planning to cut 3,000 jobs, or about 10 percent of its workforce in the next 12 months, the company said in a regulatory filing on Tuesday.
In the filing with the U.S. Securities and Exchange Commission, Sun Microsystems said its board has approved the layoff plan "in light of the delay in the closing of the acquisition of the company."
"The company expects to incur total charges ranging from 75 million U.S. dollars to 125 million dollars over the next several quarters in connection with the Restructuring Plan, the majority of which relates to cash severance costs and is expected to be incurred in the second and third quarters of the fiscal year ending June 30, 2010," Sun Microsystems said.
The Silicon Valley company is now waiting for European regulators to approve its acquisition by Oracle Corp. in a deal worth 7.4 billion U.S. dollars.