Johnson & Johnson said this morning it plans to cut at least $800 million a year from spending on its Medical Devices division. J&J plans to shave at least $200 million in yearly spending from the group this year, with bigger cuts through 2019. The company said this works out to around 5% of its global medical-device workforce. That works out to "approximately 3000 positions globally in our surgical, orthopedics and cardiovascular business over the next two years," spokesman Ernie Knewitz told me.
J&J says this would free cash so it could invest more in "new growth opportunities." The division includes West Chester-based Synthes, the bone-replacement company J&J bought for nearly $20 billion in 2012. (Corrected)
11:41 Caterpillar earnings: 85 cents per share, vs expected EPS of 76 cents13
16:36 AT&T, Time Warner poised to lobby lawmakers, regulators on proposed $85-billion merger12
12:23 Lockheed Martin's quarterly profit handily beats estimates13
00:02 AT&T Aims for an Empire in Merger Talks With Time Warner11