(Reuters) -Johnson & Johnson named its consumer business Kenvue on Wednesday, moving ahead with its plans to spin-off the unit in what would be the biggest shake-up in the healthcare conglomerate's 135-year history. The unit has faced nearly 40,000 lawsuits alleging its baby powder and other talc products contained asbestos later linked to mesothelioma and ovarian cancer in women who used it for personal hygiene, which the company has denied.
The business also houses Band-Aid bandages and Tylenol medicines and generated revenue of $14.6 billion in 2021. Kenvue is a combination of "ken", an English word for knowledge primarily used in Scotland, and "vue" a reference to sight. Usage of the new company logo and corporate brand identity will be effective upon completion of the planned separation, which Johnson & Johnson (NYSE:JNJ) last year said will be completed by November 2023.