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Sun cutting 3,000 jobs, blames Oracle takeover delay
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Sun cutting 3,000 jobs, blames Oracle takeover delay
Sun Microsystems said on Tuesday it is cutting 3,000 jobs over the next 12 months because of the delay in its takeover by US business software giant Oracle.
In a filing with the US Securities and Exchange Commission (SEC), Sun said the layoffs were part of a restructuring plan brought about by the delay in its acquisition by Oracle.
Sun said the move will result in charges of between 75 million dollars and 125 million dollars over the next several quarters.
The 7.4-billion-dollar deal for Sun, a one-time Silicon Valley star and developer of the popular Java programming language, was approved by Sun shareholders in July and the US Department of Justice in August.
But it is now on hold pending approval by European regulators. A decision is due by January 19, 2010.
Source:
http://economictimes.indiatimes.com/infotech/software/Sun-cutting-3000-jobs-blam
In a filing with the US Securities and Exchange Commission (SEC), Sun said the layoffs were part of a restructuring plan brought about by the delay in its acquisition by Oracle.
Sun said the move will result in charges of between 75 million dollars and 125 million dollars over the next several quarters.
The 7.4-billion-dollar deal for Sun, a one-time Silicon Valley star and developer of the popular Java programming language, was approved by Sun shareholders in July and the US Department of Justice in August.
But it is now on hold pending approval by European regulators. A decision is due by January 19, 2010.
Source:
http://economictimes.indiatimes.com/infotech/software/Sun-cutting-3000-jobs-blam
