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11/3/2009-Johnson & Johnson (NYSE:JNJ) announced it will cut up to 7% of its global workforce in a restructuring plan, for which it will take a Q4 charge of $1.1 billion - $1.3 billion.

J&J expects to see pre-tax annual cost savings of $1.4 billion - $1.7 billion by 2011, by way of "reducing layers of management, increasing individual spans of control, and simplifying business structures and processes across the company's global operations."

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