J&J to cut 3,000 global Medical Device staff (Updated)

January 19, 2016 7:59 PM

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J&J to cut 3,000 global Medical Device staff (Updated)

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)

Also read: UPDATE 1-Industrial equipment hire firm Ashtead hikes annual results forecast

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