Business News
Johnson & Johnson to cut workforce by 3 to 4 per cent
Jul 31, 2007, 15:27 GMT
New York - US pharmaceutical and medical technology firm Johnson & Johnson said Tuesday it plans to cut 3 to 4 per cent of its global workforce.
The company has 120,500 employees in 57 countries. The reductions will be concentrated in the pharmaceutical branch and its Cordis franchise, which makes stents.
The restructuring is expected to save the company up to 1.6 billion dollars in the next year and will result in costs of 550 million to 750 million dollars in the second half of 2007.
The savings are meant to help Johnson & Johnson overcome losses caused by generic competitors to two of its leading medications, chief executive William Weldon said.
The company said it would attempt to keep down the number of affected workers by not filling empty positions and enacting a hiring freeze.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
