Johnson & Johnson , To Split Into 2 Companies.
Plans to split the company were announced Nov.
12.
Johnson & Johnson is the maker of a number of popular consumer products such as Band-Aid and Aveeno.
In recent years, the company has also entered into the pharmaceutical and medical device industries, and developed a COVID-19 vaccine.
Outgoing Johnson & Johnson CEO Alex Gorsky explained the move in a message to shareholders.
.
Following a comprehensive review, the board and management team believe that the planned separation of the consumer health business... , Alex Gorsky, Johnson & Johnson CEO, via NBC News.
... is the best way to accelerate our efforts to serve patients, consumers and healthcare professionals, ... , Alex Gorsky, Johnson & Johnson CEO, via NBC News.
... create opportunities for our talented global team, drive profitable growth, .., Alex Gorsky, Johnson & Johnson CEO, via NBC News.
... and – most importantly – improve healthcare outcomes for people around the world, Alex Gorsky, Johnson & Johnson CEO, via NBC News.
Share value of the company increased with the news.
It’s in the best long-term interest of all our stakeholders, Alex Gorsky, Johnson & Johnson CEO, via NBC News.
On 'Squawk Box,' Gorsky also explained that the strategy is meant to sustain Johnson & Johnson's place in global markets.
On 'Squawk Box,' Gorsky also explained that the strategy is meant to sustain Johnson & Johnson's place in global markets.
Our goal is really to create two global leaders – a pharmaceutical and medical device business that has great potential today... , Alex Gorsky, Johnson & Johnson CEO, via NBC News.
... and of course, the consumer business that’s got iconic brands, Alex Gorsky, Johnson & Johnson CEO, via NBC News.
The new names of the two companies have yet to be announced