Johnson & Johnson (JNJ.N) plans to spin off its consumer health division that sells Listerine and Baby Powder to focus on pharmaceuticals and medical devices in the biggest shake-up in the U.S. company’s 135-year history. The move by the world’s largest health products company follows similar announcements by conglomerates Toshiba(6502.T) and General Electric(GE.N) and underscores how big, diversified corporations are under pressure to simplify their structures.

“Historically, when the market becomes fully valued, we see a great number of spins being announced as companies look for alternate ways of creating more shareholder value,” said Jim Osman, founder of research firm Edge Consulting Group. “It’s something worth noting for the investor.”

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