Great news,it will be showing a profit after it gets rid of some of its employees.
Quote:
Johnson & Johnson said Tuesday it will trim layers of management, cut jobs, and set other restructuring moves in order to save up to $900 million next year.
The New Brunswick, N.J., company said the job cuts will affect 6 to 7 percent of its global work force of roughly 118,700 workers, prompting a restructuring charge of up to $1.3 billion pretax in the fourth quarter. Still, the company confirmed adjusted profit guidance between $4.54 and $4.59 per share for 2009.
Johnson & Johnson says it will also simplify its business structure in order to achieve savings and projects that it will save between $1.4 billion and $1.7 billion annually after the restructuring is complete in 2011.
The company, the world's most diversified health-products maker, saw its revenue fall 5 percent in the third quarter as intensifying generic competition slashed sales of about a half-dozen of its prescription drugs.
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J&J to cut up to 7 pct of work force, sets charge - Yahoo! Finance (http://finance.yahoo.com/news/JJ-to-cut-up-to-7-pct-of-apf-3534278993.html?x=0&sec=topStories&pos=1&asset=&cc ode= - broken link)
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