Johnson & Johnson on Tuesday said it would cut about 3,000 jobs in its medical-devices division as part of an effort to remove $1 billion in annual costs in the business that makes sterilization equipment and surgical tools.
The eliminated positions represent 2.5% of J&Js global workforce and up to 6% of its medical device segment.
Shares of J&J added 1% to $97.98 in premarket trading.
J&Js medical device sales have been struggling lately, with sales slipping 2.9% in the first nine months of the year and 3.4% in the U.S. The company said the restructuring reflects the changing needs of the global medical device market.
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