Sun Microsystems to cut 3,000 jobs
The open source software and server maker cuts another 3,000 positions in light of its delayed sale to Oracle.
NEW YORK (CNNMoney.com) -- Sun Microsystems said it will cut 3,000 jobs over the next year, citing delays in its pending acquisition by Oracle, according to a regulatory filing released on Tuesday.
Oracle agreed to buy Sun earlier this year, but the deal has been held back by European Union antitrust regulators who are looking into whether the acquisition would give Oracle a database software monopoly. The European Commission is expected to reach a decision on the deal by Nov. 19.
Sun has already made sweeping job cuts over the past year, trimming 6,000 jobs since last November.
The latest round of cuts will cost the open source software and server maker between $75 million and $125 million in severance payments over the next several quarters, according to the filing.
A spokeswoman for Sun refused to comment for this story.
Shares of Sun (JAVA, Fortune 500) fell 1% in after hours trading. Shares of Oracle (ORCL, Fortune 500) also fell 1%.
cnn
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