J&J cuts jobs and invests in core brands
This article was originally published in The Rose Sheet
Johnson & Johnson will eliminate 6% to 7% of its global workforce in response to external pressures on the health care industry, the company announced Nov. 3. Cuts will come across all three of the company's core businesses: consumer products, pharmaceuticals and medical devices. 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 bil. to $1.7 bil. in 2011, with $800 mil. to $900 mil. expected to be achieved in 2010. J&J plans to invest the savings in key innovation opportunities and core businesses, including "iconic brands," such as mouthwash Listerine and skin care lines Aveeno and Neutrogena, Weldon said
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