Johnson & Johnson to cut more than 7,000 jobs worldwide
Washington: Johnson & Johnson, a leading US health care products company, said on Tuesday that it will slash between six and seven percent of its global workforce, more than 7,000 jobs, to cut costs.
The global restructuring is expected to generate up to 1.7 billion dollars in annual savings when it is fully implemented in 2011, the company said in a statement.
In 2010, the cost savings would be roughly USD 800 to 900 million.
Johnson & Johnson said it expects to take a pre-tax restructuring charge of USD 1.1-1.3 billion in the current fourth quarter.
J&J, which makes drugs, consumer products and medical devices, has about 117,000 employees worldwide, which would bring the number of jobs to be eliminated to a range of 7,000 and 8,200.
The global restructuring moves are "designed to strengthen the company`s position as the world`s leading global health care company," the New Brunswick, New Jersey-based firm said.
"The associated savings will provide additional resources to invest in new growth platforms."
The maker of a wide range of products, including Neutrogena skin care products, Band-Aid wound strips and migraine prescription drug Topamax, repeated its 2009 full-year earnings guidance of USD 4.54 to 4.59 per share.
"Johnson & Johnson has long adhered to a broad-based operating model and set of sound management principles that have driven our success," said William Weldon, J&J chairman and chief executive.
"Today, we are announcing a series of actions and plans designed to ensure that our company remains well-positioned and appropriately structured for sustainable, long-term growth in the health care industry."
The company noted the job cuts would be subject to any consultation procedures on the plans in countries where required.
More from India
More from World
More from Sports
More from Entertaiment
- Reservation issue: Police register case against Bainsla, 20 others
- Zee Media exclusive chat with 'Welcome to Karachi' cast
- Zee Media exclusive interview with Haryana CM Manohar Lal Khattar
- UP Minister allegedly threatens, abuses Gonda businessman
- Manali: Heavy corruption found in environmental taxes
- Aapke Sitare: Astro prediction for May 24, 2015
- Watch: Fast N Facts @ 7:30pm
- Five unmanned parachutes spotted over Mumbai airport
- UP: Jammu-bound Muri Express derails in Kaushambi
- One year of Modi govt: How satisfied is the common man?
- Jaipur girl Mini Rajpal wins Miss India Deaf 2015!
- One year of Modi govt: How satisfied is the common man? Part-2
- Mumbai architecture creates double decker bus from scrap!
- Dawood's intercepted phone calls prove yet again he is in Pakistan
- CBSE Board Class 12th Exam Results 2015 declared
- IPL 2015 Final: MI vs CSK - As it happened...
- CBSE.nic.in 12th XII Results 2015: CBSE Board (cbseresults.nic.in) Class 12th XII Exam Results 2015 to be announced on May 25
- Heatwave continues in North India; death toll in Andhra Pradesh, Telangana more than 400
- IPL 2015 final: Mumbai Indians thrash Chennai Super Kings by 41 runs to lift second title
- LIVE - Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 to be announced shortly
- Check cbseresults.nic.in for CBSE Class 12 result 2015
- Kejriwal completes 100 days in office, AAP says centre 'shadow boxing' over row with LG
- Heatwave claims over 550 lives so far, Delhi saw hottest day
- Online filing of applications for UPSC civil services exam begins
- Not just today, Muslims feeling alienated since 1947: Najma Heptulla
- Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 declared
- Mathura rally: PM Modi slams 'corrupt' UPA regime, lauds NDA govt's efforts in past one year
- CBSE Class 12 results out: Here's how you can check
- Pakistan criticizes Defence Minister Parrikar's terrorism remarks
- Police register case against Bainsla, 20 others as Gujjar agitation continues