NEW BRUNSWICK, N.J. — Johnson & Johnson expects to cut about 3,000 jobs over the next two years as the health care conglomerate works to restructure its medical devices business.
The New Brunswick, New Jersey, company says that amounts to more than 2 percent of its global workforce of around 127,000 people and 4 percent to 6 percent of its employee total in medical devices.
The company’s actions will lead to annual pre-tax savings of $800 million to $1 billion, much of which will be realized by the end of 2018.
J&J will book a fourth-quarter charge of about $600 million in connection with the restructuring.
The restructuring focuses on its orthopedics, surgery and cardiovascular businesses. It won’t affect consumer medical devices, pharmaceuticals or consumer businesses.
Company shares are up in early trading Tuesday.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info