J&J To Cut More Than 8000 Jobs

2009-11-03 | 10:00

Move may save $1.7 billion a year.

Johnson & Johnson plans to cut up to 7% of its roughly 117,000-person workforce, or about 8,200 jobs, in an effort to save between $1.4 billion and $1.7 billion a year in costs.

The conglomerate plans to use the savings to invest in new growth markets, product launches and "provide flexibility to adjust to the changed and evolving global environment."

J&J operates more than 250 units worldwide. The company markets a vast array of prescription medications, medical devices, surgical products and popular consumer products such as Listerine and Neutrogena.