Hospira Inc said it will reduce its workforce by 10 percent, cutting 1,400 to 1,500 employees, for a savings of $110 million to $140 million by 2011.

Speaking at the JP Morgan Healthcare Conference, Chief Financial Officer Thomas Werner repeated the restructuring plan, first unveiled in March, saying that additional savings would be funneled into research and development.

We expect we can overachieve, he said.

Werner said the Lake Forest, Illinois-based company would also look at divesting non-core businesses in its effort to become more streamlined and efficient.

(Reporting by Debra Sherman; editing by Andre Grenon)