Johnson & Johnson (JNJ) To Trim Workforce
November 03, 2009 12:05 PM
Roughly 118,700 employees - roughly 7% of the workforce - of the world’s most diversified Health care product producer Johnson & Johnson (NYSE: JNJ) are set to lose their jobs. This cut in jobs is a part of JNJ’s restructuring program to simplify its business structure.
It will also help Johnson & Johnson save between $1.4 billion and $1.7 billion annually once the restructuring is complete in 2011. As generics are gaining hold in half a dozen of the company’s prescription drugs, like Risperdal – to treat schizophrenia – and Topamax – to handle epilepsy, JNJ’s revenues fell 5% in the 3rd quarter. This restructuring program comes in right after JNJ’s decision to cuts its comprehensive care business – that produced medical devices and tests - in August.
