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Johnson & Johnson braces for health care industry changes - Restructuring, cutting 8,000 jobs

2009-11-04 03:15:17 (GMT) (Caymanmama.com - Business Health News News)

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J&J headquarters at One Johnson & Johnson Plaza in New Brunswick

Orlando, Florida (CaymanMama.com) — As it prepares for marked changes within the health care industry, Johnson & Johnson announced Tuesday it will cut approximately 8,000 jobs and restructure operations in order to reduce expenses.

The New Brunswick, New Jersey-based company said the layoffs will affect 6 to 7 percent of its work force of nearly 118,700 workers worldwide.

This will be Johnson & Johnson’s largest restructuring ever and will generate a restructuring charge of almost $1.3 billion pretax in the fourth quarter.

The global American pharmaceutical, medical devices and consumer packaged goods manufacturer aims to restructure its business model in order to save between $800 million and $900 million in 2010 and $1.4 billion and $1.7 billion annually after all is said and done by 2011.

“These types of changes are difficult under any circumstances, and will have a very personal impact on people who have been dedicated to the mission of Johnson & Johnson,” said Chairman and CEO William C. Weldon.

“We recognize their contributions to the achievements of our business, and are committed to treating them fairly and with respect throughout this process.”



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