Sun Slashes up to 18 Percent of Workforce

Sun announced Friday that it will cut up to 18 percent of its worldwide workforce to curb costs in the face of tough economic times.

Sun's board of directors approved a restructuring plan to slash costs by about US$700 million to $800 million annually, the company said in a statement.

The plan also includes layoffs of about 5,000 to 6,000 employees -- up to about 18 percent of the company's global staff.

The company is also reorganizing, and plans to form two new business units and a new group within Sun's Systems business.

(More to come.)

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