J&J Spinoff Kenvue Locating HQ in Summit

On May 1, 2023

Kenvue, the multibillion-dollar spinoff of Johnson & Johnson’s consumer health business, has chosen to locate its global headquarters in Summit. The decision builds upon Johnson & Johnson’s storied history in New Jersey, as Kenvue received no state tax incentives when making the decision to establish its headquarters.

Kenvue’s product portfolio includes well known products Tylenol, Neutrogena, Listerine and Band-Aid, and the spinoff marks the largest restructuring in Johnson & Johnson’s 135-year history.

Kenvue will be housed at Summit East, a 46-acre landscaped campus ideal for R&D, healthcare and specialty uses that was purchased by Onyx Equities in 2021. In addition to corporate office space, the campus will house laboratory space to principally support R&D.

Currently located in Skillman, Kenvue will slowly make a transition to the Summit East campus. According to an SEC filing, the company will begin moving into the office building in 2025 and into the new R&D building in 2026.

In 2022, J&J’s Consumer Health segment generated revenue of $15 billion, which in and of itself, would make Kenvue a Fortune 100 company. During the first quarter of 2023, the unit generated $3.8 billion in sales — a 7% year-to-year growth.

According to Forex.com, Johnson and Johnson’s split is aimed at refocusing the business and streamlining its operations. By removing the consumer arm, Johnson and Johnson will put more into developing medicines and medical devices, which brought in around $80 billion for the firm combined.

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