Johnson & Johnson to slash 6% of medical devices workforce

Johnson & Johnson on Tuesday announced it would slash up to 6 percent of its workforce in its medical devices division as part of an effort to cut $1 billion in annual costs.

"These actions recognize the changing needs of the global medical device market and will deliver more value to customers, increasing our competitive advantage and driving growth and profitability for our business," said Gary Pruden, chairman of the medical devices business.

The division makes sterilization equipment and blood glucose monitoring systems.

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