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Johnson & Johnson to slash workforce

5 Nov 2009

WASHINGTON, USA: Johnson & Johnson, a leading US health care and consumer goods company, said Tuesday, 3 November 2009, it will slash between 6% and 7% of its global workforce in a restructuring to cut costs.

The restructuring is expected to generate US$1.4-billion to $1.7-billion in annual savings when it is fully implemented in 2011, the company said in a statement.

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.

Johnson & Johnson said it expects to take a pre-tax restructuring charge of $1.1-billion to $1.3-billion in the current fourth quarter.

The maker of a wide range of health care and beauty products repeated its 2009 full-year earnings guidance of $4.54 to $4.59 per share.

Source: AFP

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