JOHNSON & JOHNSON PLANS SPLIT

Johnson & Johnson announced Friday it will split itself into two publicly traded companies, separating its lucrative pharmaceutical and medical devices divisions from the consumer products business known for Band-aid, Tylenol and its namesake baby shampoo. The company's stock bounced 2.8 per cent in premarket trading on the news, which was first reported by the Wall Street Journal. The larger pharmaceutical and medical device business will retain the Johnson & Johnson name. The divisions — which includes its COVID vaccine — brought in nearly US$13 billion in the most recent quarter. The other company will be built around such well-known brands as Tylenol, Listerine and Band-aid, assets that took in about US$3.7 billion in the most recent quarter. The separation is expected to take 18 to 24 months and subject to board approval.