J&J to Cut Workforce in Restructuring of Device Arm

Johnson & Johnson will slash roughly 4 to 6 percent of its global device workforce over the next two years as it restructures its business.

Gary Pruden, worldwide chairman of J&J Medical Devices, says the restructuring aims to evolve the company’s offerings, structure and footprint and increase investment in innovation.

According to the company, these actions are expected to result in pretax cost savings of $800 million to $1 billion from 2016 to 2018. — Michael Cipriano