J&J cuts jobs, invests in core brands
This article was originally published in The Tan Sheet
Johnson & Johnson will cut 6 percent to 7 percent of its global workforce in response to external pressures on the health care industry, the firm said Nov. 3. Cuts will come from all the core businesses: pharmaceuticals, medical devices and consumer products. Job eliminations will take place globally, but mostly outside the U.S., and will reduce "layers of management," CEO William Weldon said during a same-day conference call. The plan will yield pre-tax cost savings of $1.4 billion to $1.7 billion in 2011, with $800 million to $900 million expected to be achieved in 2010. J&J plans to invest the savings in key innovation opportunities and core businesses, including the mouthwash Listerine, allergy-relief medication Zyrtec and skin care lines Aveeno and Neutrogena, Weldon said
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