J&J to cut 7,000 to 8,000 jobs

The company said it expects to generate annual pre-tax cost savings of $1.4 billion to $1.7 billion in 2011.

"We are announcing a series of actions and plans designed to ensure that our company remains well-positioned and appropriately structured for sustainable, long-term growth in the health care industry," J&J Chief Executive Officer William Weldon said in a statement.

J&J, which employs about 117,000 people, said it expects to record a pre-tax charge of about $1.1 billion to $1.3 billion in the fourth quarter associated with the restructuring. It backed its 2009 forecast of $4.54 to $4.59 per share, excluding special items.

Cost savings will be achieved mainly by reducing layers of management, increasing individual spans of control, and simplifying business structures and processes, the company said in a statement.

(Reporting by Lewis Krauskopf, editing by Dave Zimmerman)