J&J To Cut Up To 7% Of Work Force, Cites Economy

Health-care giant Johnson & Johnson (JNJ) announced plans to lay off as many as 8,200 employees worldwide as part of a plan to save up to $1.7 billion in 2011, citing economic and regulatory challenges.

The New Brunswick, N.J., healthcare giant said it would achieve the cost savings by reducing layers of management and simplifying business structures. The job cuts, which represent 6% to 7% of J&J's work force, will be across all of its diverse lineup of businesses--prescription drugs, medical devices and consumer health products. They'll be "skewed" to outside the U.S., said Chief Executive William Weldon.

J&J shares fell 25 cents to $59.24.

Read Full Article from Wall Street Journal

- Posted: 2009-11-03 10:30:07

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