Johnson & Johnson US pharma giant Johnson & Johnson has announced plans to split into two companie in order to separate its consumer health wing that sells Band-Aids and Tylenol from its pharmaceutical division, AFP reported.
In a statement, the company said Friday that the move will create "two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation", according to the report.
After General Electric and Toshiba, this is the third major company to announce plans to break up its business in the current week.
The AFP report said that the company aims to complete the division in 18-24 months, creating two publicly traded companies.
The decision to separate the two divisions into two separate companies was taken after a "comprehensive review", said CEO Alex Gorsky, according to the report.
It also "underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders," he added.
The company said its more than 136,000 employees around the world "will remain the backbone of these businesses," according to the AFP report.
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