Johnson & Johnson (J&J) has announced that it will cut about 3,000 jobs from its medical device business representing 4 to 6 percent of that workforce and about 2.5 percent of the companys global workforce a reorganization move that J&J expects will make way for a changing global marketplace and accelerate innovation. J&J has made no specific comments about potential business exits and expects its strategy to have minimal effect on the companys existing medical device sales.
J&J estimated that the annualized pre-tax cost savings would total between $800 million and $1 billion, which would give the company the flexibility it needs to fund investments in new growth opportunities. According to a…
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