Johnson & Johnson said on Tuesday it would cut about 3,000 jobs within its medical devices unit over the next two years, or about 4 to 6 percent of the struggling division's global workforce, to generate annual cost savings of up to $1 billion and focus on more innovative products.
The job cuts relate to J&J's orthopedics, surgery and cardiovascular operations, although there are no immediate plans to pare back or eliminate specific products, said company spokesman Ernie Knewitz.
He did not provide specific regions for the cuts.
"The savings will help us grow our (device) business," Knewitz said. "That could involve acquisitions, but it will also involve investing in our own internal programs."
The company's consumer medical devices, vision care and diabetes care will not be affected, J&J said.