J&J Cutting Up to 7% of Workforce

NEW BRUNSWICK, N.J. (TheStreet) -- Johnson & Johnson (JNJ Quote) announced restructuring plans Tuesday, saying it will cut up to 7% of its global workforce.

Johnson & Johnson said it estimates that position eliminations will be in a range of 6% to 7%. Cost savings will be achieved primarily by reducing layers of management and by simplifying business structures and processes, the company said.

J&J said it expects to record an associated pre-tax, restructuring charge in the range of $1.1 to $1.3 billion in the fourth quarter.

J&J also confirmed its earnings guidance for full-year 2009 of $4.54 to $4.59 a share, which excludes the impact of special items such as restructuring charges. Analysts are looking for a full-year profit of $4.58 a share, according to Thomson Reuters.

-- Written by Robert Holmes in New York.

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