Sun to cut 3000 jobs in the wake of Oracle takeover

Sun Microsystems plans to slash about 3000 jobs around North America as part of the company’s restructuring plan, it was announced today.

Sun Microsystems’ board of directors confirmed this morning the company needed to “better align” its resources with its strategic objectives, which includes making 3000 people redundant over the next 12 months. The move comes about two months after database giant Oracle bought the company.

Sun Microsystems said it planned to incur total charges ranging between $US75 million to $US125 million over the next few quarters due to the restructuring plan. The majority of this cost will go to cash severance costs. This is expected to hit the company in the second and third quarters of 2010.

Sun Microsystems spokesperson for Australia and New Zealand would not comment further on the job losses.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7060 -0.0059 -0.83%
AUD 0.9560 0.0026 0.27%
EUR 0.6375 -0.0023 -0.36%
GBP 0.5272 -0.0019 -0.36%
HKD 5.4787 -0.0444 -0.80%
JPY 72.3480 -0.8690 -1.19%

Commods

Commodity Price Change Time
Gold Index 1326.9 9.000 2016-06-29T00:
Oil Brent 51.3 2.060 2016-06-29T00:
Oil Nymex 49.8 1.920 2016-06-29T00:
Silver Index 18.4 0.520 2016-06-29T00:

Indices

Symbol Open High Last %
NZX 50 6804.2 6900.4 6804.2 1.37%
NASDAQ 4732.9 4787.6 4691.9 1.86%
DAX 9566.1 9650.4 9612.3 0.06%
DJI 17456.0 17704.5 17409.7 1.64%
FTSE 6360.1 6361.1 6360.1 -0.36%
HKSE 20736.8 20828.0 20436.1 1.75%
NI225 15752.7 15781.7 15566.8 0.06%
ASX 5142.4 5247.6 5142.4 1.77%