Johnson & Johnson to split into pharmaceutical, consumer products

By Ovunc Kutlu

ANKARA (AA) - Johnson & Johnson announced Friday it is planning to split into two companies, separating consumer products from its pharmaceutical and medical divisions.

The consumer products division, as a new publicly traded company, will focus on consumer health through brands such as Neutrogena, Tylenol, and Listerine, the firm said in a statement.

Johnson & Johnson will continue to focus on healthcare through biopharmaceuticals, medical devices and technology.

"The planned separation would create two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation, pursue more targeted business strategies and accelerate growth," the statement said.

The company said it expects the separation to be completed in 18-24 months.

Johnson & Johnson stock price was up 1.24% as of 2.24 p.m. EDT on the New York Stock Exchange.