(New York, NY) -- Johnson & Johnson has surprised investors and employees announcing plans to lay off up to 82-hundred workers worldwide.

The healthcare giant says the cuts represent up to seven-percent of the corporate workforce and will include employee reductions in many businesses ranging from prescription drugs to medical devices and consumer health products.

Investors didn't see this one coming and the company's stock price fell following the announcement.

The company had recently reported better-than-expected earnings in the third quarter.

Early this year J&J eliminated roughly 900 jobs from its U.S. pharmaceutical unit.

The company says the new layoffs will save it up to one-point-seven-billion dollars in 2011.

No timetable for the layoffs was announced.

　

(Copyright 2009 by VERTEXNews/Newsroom Solutions)