Johnson & Johnson (JNJ -0.05%) says it will cut up to 7% of its workforce in restructuring,...

|About: Johnson & Johnson (JNJ)|By:, SA News Editor

Johnson & Johnson (JNJ -0.05%) says it will cut up to 7% of its workforce in restructuring, for which it will take a Q4 charge of $1.1-1.3B. Expects pre-tax annual cost savings of $1.4-1.7B by 2011, "by reducing layers of management, increasing individual spans of control, and simplifying business structures and processes across the company's global operations." (PR)