Johnson and Johnson is a holding company that has been in existence for over 13 decades. It’s among the well-known companies in the US. But is Johnson and Johnson black-owned?
Johnson and Johnson Company isn’t black-owned. The current chairman and CEO, Alex Gorsky, is the largest shareholder with 2.9 million shares, followed by Joaquin Duato. Both individuals are white.
Another company however, Johnson Products, is black-owned. Read on for more details.
The Founders of Johnson and Johnson
It all began in 1886 with three brothers, Robert Wood Johnson, the pharmacist, Edward Mead Johnson, and James Wood Johnson.
Robert worked at his uncle’s pharmacy company as an apprentice since he was 16. By 1886, he felt he had enough experience and was ready to start something new with his two brothers.
Their company’s objective was to create new sterilization techniques and ready-to-use surgical dressings.
This idea came after Joseph Lister’s discovery. Lister found a way to stop wound infection during surgery and after. Doctors used carbolic acid in surgical equipment sterilization from his discovery and applied it to clean wounds.
Robert Wood Johnson wanted to develop a more effective sterilization technique than that of Joseph Lister. And, in 1887, the three brothers incorporated the Johnson & Johnson company.
Several activities followed soon after, with only fourteen employees on board and Robert serving as the company’s president.
About Johnson and Johnson
J&J is headquartered in New Brunswick, NJ, and it involves itself with several medical activities, from researching, developing, manufacturing to selling a range of healthcare products globally.
The company operates through three divisions, pharmaceutical, medical devices, and consumer.
The pharmaceutical segment is JNJ’s main product line. It manufactures vaccines and medications that tackle infectious diseases. It also focuses on therapeutic areas like neuroscience and oncology.
This segment is the largest among the three, recently releasing the Johnson and Johnson vaccine to help protect against Covid-19.
The vaccine became a reality thanks to the partnership between Janssen Vaccines, a subsidiary of Johnson & Johnson, and Catalent.
Catalent is a public company associated with gene therapies, biologics, and drug manufacturing. It worked together with Janssen Vaccines to create the Covid-19 vaccine.
The medical devices segment provides products used in general and advanced surgery, orthopedic, diabetic care, vision, hearing, and cardiovascular fields.
Finally, their consumer segment has oral and baby care products, women’s health, beauty, over-the-counter drugs, and wound care products.
J&J began operating in 1887 by selling medicated plasters and ready-to-use sterile surgical dressing products.
It was the first company to mass-produce essential products like first aid kits, dental floss, and hygiene products.
The company released a mainstream guide on treating wound injuries in 1888. The guide was known as Modern Methods of Antiseptic Wound Treatment, and it was highly appreciated and received in the medical field.
They also released ready-to-use first aid kits in the same year. The kits contained antiseptics and a manual on how people could use them. Soon, they became popular across the country and the world at large.
They would then release baby and maternity products in 1894. The two products were baby powder and safe childbirth maternity kits. Their baby powder product is still in the market today, and it’s their most sold product ever.
Other products in the 1800s include the Lister sanitary napkins and Lister diapers. 1901 saw an increase in the production of first aid kits and their surgical products.
During the first world war, the demand for these two products was high. So, to meet the requirements, the Johnson and Johnson company had to increase their production.
The same year, they published another guide book called, The Handbook of First Aid. This book had information on how anyone can offer first aid services to an injured person.
When the world got hit with the Spanish flu outbreak in 1918, Johnson and Johnson were at it again. Their face masks helped combat the spread of this flu.
It has been quite a journey for J&J, standing the test of time in all those years. This challenging yet promising journey started with only 14 employees, and by 1894, they had grown and occupied 14 buildings, with more than 400 employees.
Today, JNJ is one of the most respected brands in America. It has been at the forefront in conducting research and developing the Covid-19 vaccine.
JNJ may look different from the way it was in the 1800s, but it’s not black-owned.
It’s a publicly held company, with its shares being traded on the stock exchange market to willing buyers.
Currently, the company’s top five individual shareholders are as follows:
- Alex Gorsky with 2.9 million shares
- Joaquin Duato, the executive vice president and worldwide chair of pharmaceuticals with 916,576 shares
- Paulus Stoffels, global head of pharmaceutical research and development with 739,236 shares
- Jennifer Taubert, executive vice president of J&J’s Pharmaceuticals with 402,592 shares
- Joseph J. Wolk, chief financial officer, with 84,997 shares
That said, do not confuse Johnson and Johnson with Johnson Products. The latter is black-owned.
Johnson Products made headlines back in 1971 as the first black-owned company to feature on the New York Stock Exchange.
The company was created in 1954 by George Johnson and his wife, Joan. It’s famous for Gentle Treatment and Ultra Sheen hair care.
Johnson Products hasn’t always been black-owned. In 2004, Procter & Gamble bought it, selling its products as part of its portfolio.
However, this didn’t last long before the company became black-owned again. After only five years, different black investment firms repurchased the Johnson Products Company from P&G.
Johnson and Johnson Today
Today, J&J is a big name in the business world, with an estimated net worth of $435 billion. It remains the largest healthcare and highest-paid drug company in the world.
Johnson and Johnson is listed on the New York Stock Exchange and has an average market cap of about $400 billion.
With over 130,000 employees worldwide and over 250 companies operating in 60 different countries, this company is truly a leading brand.
It has research centers in different countries and operates approximately one hundred manufacturing firms in four continents, Asia, the Middle East, North America, and Europe.
You can find JNJ’s products in your local retail stores and pharmacies, especially skincare products like facial and lotion creams.
Their biggest success story was in 2020 with the release of the coronavirus vaccine. However, the pandemic was still a big challenge to this great company, with their revenue only growing by 0.6%, getting to 82.6 billion dollars.
They aimed to do even better in 2021, promising to deliver one billion Covid-19 vaccine doses.
J&J Support for Black People
Recently, Johnson and Johnson announced they’d commit a hundred million dollars to fight racial and social injustice over the next five years.
The 100 million dollar initiative aims at promoting health equity solutions for the black and people of color in the US.
As part of the initiative, the company also plans to hire more black managers to meet its 50% managerial requirement.
Is Johnson and Johnson Black Owned? Final Thoughts
Is Johnson And Johnson black-owned? Through this article, it’s clear that Johnson & Johnson isn’t black-owned. However, Johnson Products is black-owned. Johnson Products started in 1954 and became the first black-owned company to appear on the US stock exchange.