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J&J to Cut 3,000 Jobs Amid Medical-Device Sales Slump

  • Sees annualized pre-tax savings of as much of $1 billion
  • Job cuts could tee up medical-device business for deals
Updated on

Johnson & Johnson plans to cut about 3,000 jobs, or 2.5 percent of its total workforce, from its medical devices business in a move that could set up the world’s largest maker of health-care products to rebuild the unit through acquisitions.

The company will reduce 4 to 6 percent of positions at the medical-device business over the next two years, leading to pretax restructuring costs of $2 billion to $2.4 billion. Investors will be watching what comes next for the business.