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Tuesday, November 03, 2009

J&J To Cut 8,000 Jobs In Restructuring

By Ken Sweet

FOXBusiness

Consumer and pharmaceutical powerhouse Johnson & Johnson (JNJ) said Tuesday it will cut up to 7% of its 120,000-person workforce over the coming months in the company’s latest move to restructure its operations.

The move would mark the largest layoff by J&J since the recession started in December 2007. The company earlier this year let 900 people go from its pharmaceutical unit.

The layoffs are expected to be broad and across all divisions, the company said, including management.

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

The restructuring is expected to save the company between $1.4 billion to $1.7 billion once fully implemented in 2011, with $800 million to $900 million expected to be realized next year.

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