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Sun Buying StorageTek for $4.1B
MarkEst1973 writes "Sun Microsystems Inc. is buying Storage Technology Corp. in a $4.1 billion cash deal, the companies announced Thursday. The acquisition answers lingering questions about what Sun would do with about $3.1 billion of balance sheet cash. StorageTek is a profitable company with $191 million in profit in '04 on $2.2bn in sales while Sun posted a loss last year (albeit a much smaller one than the year before)."
Ten years ago, I worked at a small company (starts with a 'Q') in a building across the parking lot from them. Every six months, it seemed, they either layed off or re-hired half their workforce.
It was the perpetual invalid of Colorado's Front Range.
And now they're profitable?
They were probably profitable the whole time....and laying off a ton of workers when they needed to probably helped them stay that way. These things don't always go together you know....
Given a choice between free speech and free beer, most people will take the beer.