Johnson & Johnson said it could eliminate nearly 5,000 jobs as part of a sweeping reorganization designed to save $1.3 billion to $1.6 billion annually in 2008.
Specifically, the manufacturer of health-care products said it would cut its worldwide workforce by 3 percent to 4 percent. It currently employs 120,500 people.
Most of the cost savings will take place in the pharmaceuticals segment, which the company said faces significant patent expirations over the next few years, and in the Cordis franchise, which competes in the drug-coated stent market.
The company promised to "minimize the number of employees who are affected” by using attrition and hiring freezes in certain areas of the business.
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