Sun Slashes up to 18 Percent of Workforce

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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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