Earlier this month, Johnson & Johnson (NYSE:JNJ) announced the second phase of its reorganization plan. Unlike last July's cost-cutting measures, which aimed to increase the bottom line, the newest announcement is intended to help top-line growth.

While it may take years to see whether the reorganization will help the Income Investor pick, some additional companies could benefit from the reorganization far more quickly.

Growth czar
J&J is taking the adage "You've got to spend money to make money" to a whole new level. It's setting up a whole new unit, aptly named the Office of Strategy and Growth, solely to find new growth opportunities. While some of those prospects will probably be developed internally, the company will almost certain use some of its $8.3 billion in cash and short-term investments to purchase a company or four as well.

Potential new acquisitions or partnerships could come from anywhere, but any companies J&J picks up will likely be very specialized firms developing innovative technologies. For example, a company like SonoSite, which sells portable ultrasound machines, could benefit from J&J's extensive sales force, especially as it develops new products and continues to expand overseas.

As another possibility, J&J might pick up a company more in its infancy. Hansen Medical (NASDAQ:HNSN) has only sold nine of its robotic catheter systems through the end of the third quarter. While Hansen is probably overpriced right now, if sales start to stumble because of an inadequate sales force, expect J&J to come swooping in.

J&J could especially use some shoring up in its pharmaceutical and biological businesses. With its antipsychotic Risperdal and Alzheimer's medication Reminyl losing patent protection next year, and with epilepsy and migraine treatment Topamax following suit a year later, J&J needs new drugs to replace falling sales from generic competition. There are still plenty of pharma takeover targets left, but another possibility for J&J's generic-competition woes might be to take a "if you can't beat them, join them" attitude.

I doubt J&J would go after a large generic-drug maker like TEVA Pharmaceuticals (NASDAQ:TEVA), but it could certainly pick up a smaller one like Par Pharmaceutical (NYSE:PRX) or Barr Labs (NYSE:BRL). Both firms also sell a few branded pharmaceuticals that could benefit from J&J's extensive sales force.

Partners will benefit
In addition to the new growth division, the company also announced that it would form two new groups, one for surgical care and another for comprehensive care. While the realignment will effect sales of internally developed products, the real beneficiaries will be the companies that have marketing partnerships with J&J. They get a more focused sales group without having to pay the restructuring charges.

For instance, Omrix Biopharmaceuticals (NASDAQ:OMRI) relies on J&J's Ethicon to sell its increasing number of surgical products. Now that it doesn't have to compete with other core businesses for middle management's attention, the wound-management division should get more specialized attention, which should benefit Omrix indirectly.

Foolish final thoughts
J&J is far from out of the woods. It still has to deal with slumping stent sales and the same patent-expiration problems as big pharmaceutical companies. However, it has the advantage of being diversified enough that sales of orthopedic implants or products from its pickup of Pfizer's (NYSE:PFE) consumer health-care business can cushion the fall.

Ultimately, the question isn't whether J&J will be able to turn things around, but how long it will take. Until management gets things moving again, you've got two choices: Enjoy the 2.5% dividend yield or look for other companies that might also benefit from its revival.

Barr is a Stock Advisor selection. Omrix and SonoSite are both Rule Breakers picks. Pfizer got the nod from Inside Value. Whether you like your companies big or small, dividend-laden or growth-happy, we've got a newsletter for you.

Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. The Fool's disclosure policy promises no more tears.