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Johnson & Johnson plans to split into two companies, separating consumer health business

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November 12, 2021
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Shares of Johnson & Johnson jumped in premarket trading after the healthcare giant announced that it is splitting itself into two publicly traded companies.

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The new companies will consist of one focused on consumer products, such as Band-Aid bandages and baby powder, and another focused on prescription drugs and medical devices.

Shares of Johnson & Johnson were up more than 4% in premarket trading after the announcement.

Johnson & Johnson was already undergoing a major transition, as CEO Alex Gorsky has previously announced that he will step down in January. Joaquin Duato, who was tapped as Gorsky’s successor, will lead the new J&J following the spinoff, the company said Friday.

Additionally, the company said it planned to keep its total dividend “at least at the same level” following the change. J&J currently sports a divided yield of about 2.6%.

The announcement is the second time this week that a major U.S. company has announced a plan to split itself, following General Electric.

The news was first reported by the Wall Street Journal.

This is breaking news. Please check back for updates.

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