Johnson & Johnson plans to cut about 3,000 jobs in its medical-devices division, according to The Wall Street Journal.
Here are five things to know:
1. This cut is part of an effort to remove $1 billion in annual costs in the business that makes sterilization equipment and surgical tools.
2. The eliminated positions represent 2.5 percent of Johnson & Johnson's global workforce and up to 6 percent of its medical device segment.
3. Johnson & Johnson's medical device sales have been struggling lately, with sales slipping 2.9 percent in the first nine months of the year and 2.4 percent in the United States.
4. The moves relate to Johnson & Johnson's orthopedic, surgery and cardiovascular businesses.
5. The company said the restructuring won't affect its consumer medical devices businesses, vision care and diabetes care businesses.