November 14, 2008, 8:52 AM — 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.
See full story here: Sun reorganizes, cuts up to 18 percent of workforce