Thousands of jobs to be axed at J&J

Thousands of jobs to be axed at J&J

johnson_johnsonJohnson & Johnson plans to cut about 3000 jobs over the next two years as the health care conglomerate works to restructure its medical devices business.

The New Jersey-based company said that would amounts to more than 2% of its global workforce of around 127,000 people.

The cuts come after a tough year for the healthcare giant, which has seen sales of its prescription drugs, devices and consumer medicines squeezed by a weakening global economy and unfavourable currency exchange rates.

“These actions recognise the changing needs of the global medical device market,” said Gary Pruden, Chairman of Johnson & Johnson’s medical device unit, in a statement.

The restructuring focuses on the company’s orthopaedics, surgery and cardiovascular businesses. It won’t affect consumer medical devices, pharmaceuticals or consumer businesses.

J&J said it will consider “strategic options” for underperforming business units.

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