Johnson & Johnson's restructuring has come home to roost in Belgium. Drug maker Janssen-Cilag, a J&J subsidiary, will slice 521 full-time and 167 part-time workers from its payroll of 4,723 in-country.
Back in July, J&J announced it would cut its global work force by up to 4,820 jobs. Contributing factors: Falling stent sales, lagging Procrit prescriptions, and expiring patents. It's the company's biggest cutback ever, amounting to about 4 percent of its payroll. An update on the restructuring is due with third-quarter earnings reports October 16.
- check out the article in the International Herald Tribune