Business & Finance

Johnson & Johnson announces 3,000 layoffs

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NEW BRUNSWICK, NJ – Johnson&Johnson, the worldwide pharmaceutical and health care giant, has announced the restructuring of its Medical Devices businesses which will lead t0 3,000 layoffs over the next two years, roughly two percent of the company’s 127,000 employees worldwide.

The J&J family of companies – including Janssen, Cordis, Ethicon and others - employs tens of thousands of people in central New Jersey, with major facilities in Bridgewater, Montgomery, Somerset, Piscataway and Raritan. Its world headquarters are located in New Brunswick.

The layoffs represent 4 to 6 percent of the Medical Devices segment’s global workforce, according to J&J.

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The restructuring will not affect J&J’s consumer medical devices, pharmaceuticals or consumer businesses, according to the company.

“As a market leader, we are committed to leveraging our breadth and scale to shape the future of the medical device industry, for the benefit of those we serve,” said Gary Pruden, chairman, of J&J’s medical devices unit.

“The bold steps we are taking today are to evolve our offerings, structure and footprint and increase our investment in innovation,” he added. “These actions recognize the changing needs of the global medical device market and will deliver more value to customers, increasing our competitive advantage and driving growth and profitability for our business.

“These actions recognize the changing needs of the global medical device market,” Pruden added.

The restructuring focuses on the company’s orthopedics, surgery and cardiovascular businesses which have suffered losses this year, according to J&J. Sales of medical devices, including DePuy orthopedic implants and Ethicon surgical equipment, have been slumping.

Three months ago the company reported sales of medical devices dipped 7.3 percent to $6.1 billion in the previous fiscal quarter. Also in October, J&J sold its Cordis heart devices unit, which had accounted for about 25 percent of all device sales.

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