Summary Box: J&J restructuring |
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Tue, 31 Jul 2007 21:51
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(AP) - THE PLAN: In its biggest restructuring ever, health care giant Johnson & Johnson is cutting up to 4,820 of its 120,500 jobs, mainly in its pharmaceutical division and Cordis cardiovascular business. It will also close some facilities and consolidate administrative functions.THE REASON: Sales of key products are falling or expected to decline for reasons ranging from safety concerns to looming generic competition. Those include three top drugs with combined sales of about $8.5 billion, plus J&J's popular drug-coated heart stent, called Cypher.THE CUTS: J&J, which will be notifying employees losing their jobs in the coming weeks and months, has not yet announced specifics. Likely spots for major cuts include New Jersey, with 13,000 employees, and the Cypher unit, with 6,000 worldwide.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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