Washington, Nov 4: Johnson & Johnson, a leading US health care products company, said that it will cut down six and seven percent of its global workforce to cut costs.
J&J, which makes drugs, consumer products and medical devices, has about 117,000 employees globally, which would bring the number of jobs to be eliminated to a range of 7,000 and 8,200.
The global restructuring is expected to generate up to 1.7 billion dollars in annual savings when it is fully implemented in 2011, the company said in a statement.
"The global restructuring moves are designed to strengthen the company's position as the world's leading global health care company," the New Brunswick, New Jersey-based firm said.
"Johnson & Johnson has long adhered to a broad-based operating model and set of sound management principles that have driven our success," said William Weldon, J&J chairman and chief executive.
"Today, we are announcing a series of actions and plans designed to ensure that our company remains well-positioned and appropriately structured for sustainable, long-term growth in the health care industry," he added.