Johnson & Johnson expects to cut about 3,000 jobs over the next two years as the health care conglomerate works to restructure its medical devices business.
The New Brunswick, New Jersey, company says that amounts to more than 2 percent of its global workforce of around 127,000 people and 4 percent to 6 percent of its employee total in medical devices.
The company's actions will lead to annual pre-tax savings of USD 800 million to USD 1 billion, much of which will be realized by the end of 2018.
J&J will book a fourth-quarter charge of about USD 600 million in connection with the restructuring.
The restructuring focuses on its orthopedics, surgery and cardiovascular businesses. It won't affect consumer medical devices, pharmaceuticals or consumer businesses.
Company shares are up in early trading today.
(REOPENS CES15)
Johnson, who is on a two-day visit to India to
participate in the Raisina dialogue in Delhi, discussed development of the state and other subjects with the chief minister at the state secretariat.
The chief minister told reporters that during the hour-long meeting there was discussion on the relationship between West Bengal and Britain.
Describing him as an "important person of Britain" Banerjee said, "We had a discussion on business, industry, education as well as the state's development."
Johnson was invited to attend a debating competition among teams from Cambridge University and the London School of Economics to mark the bicentenary of Presidency University.
