BusinessCompany NewsOracle expected to spend £468m on restructuring business

Oracle expected to spend £468m on restructuring business

Following acquisition of Sun Microsystems, Oracle are expected to spend $675m (£468m) on restructuring the business and cut jobs in its European and Asian offices

Oracle is to spend between $675m – $825m (£468m – £572m) on restructuring
costs following its acquisition of Sun Microsystems.

The majority of jobs are expected to go at the company’s European and Asian
offices, said the financial software giant.

Oracle amended its paperwork when it filed its “Sun Restructuring Plan, at
the Securities and Exchange Commission,
V3.co.uk
reported.

“The amendment further reduces the size of Oracle’s combined workforce
primarily in Europe and Asia, eliminates redundant costs resulting from the
acquisition of Sun and reflects improved efficiencies in operations,” the filing
said.

The financial software giant said restructuring costs will be in the region
of $675m – $825m which will cover severance costs, and other re-organisation
expenses.

Last year Sun Microsystems, the owners of Java – a computer language used by
mobile devices such as Blackberry – said the merger with Oracle would force it
to cut approximately 3,000 jobs over the next year.

Further reading:

Oracle
bid for Sun Microsystems

Sun
Microsystems hemorrhaging over $100m a month

Oracle
boosts database security with Secerno acquisition

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