Johnson & Johnson (JNJ) To Cut 900-1000 Jobs, Expects $500-$600 Million Special Charge Following Cordis Restructuring
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Johnson & Johnson (NYSE: JNJ) unit Cordis Corporation announced Wednesday that it is no longer pursuing the development of the NEVO Sirolimus-Eluting Coronary Stent. The company intends to focus on other cardiovascular therapies where significant patient need exists. The company will also stop the manufacture of CYPHER and CYPHER SELECT Plus Sirolimus-Eluting Coronary Stents by the end of 2011.
As a result of the decision, Johnson & Johnson expects to cut 900-1000 jobs and record an after-tax restructuring charge in the range of $500-$600 million in the second quarter of 2011. The restructuring charge will be treated as a special item.
JNJ will further discuss the financial impact of these plans on its next quarterly earnings call on July 19th.
Shares of JNJ are currently trading down 0.60 percent or $0.40 to $66.70
As a result of the decision, Johnson & Johnson expects to cut 900-1000 jobs and record an after-tax restructuring charge in the range of $500-$600 million in the second quarter of 2011. The restructuring charge will be treated as a special item.
JNJ will further discuss the financial impact of these plans on its next quarterly earnings call on July 19th.
Shares of JNJ are currently trading down 0.60 percent or $0.40 to $66.70
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