We welcome you to JobBank USA and hope your job hunting experience
is a pleasant one. We hope you find our resources useful.
September 21, 2010
Abbott Laboratories will cut 3,000 jobs as part of a restructuring plan related to its acquisition last year of Solvay SA's pharmaceuticals business.
Most of the positions to be eliminated will be in sales, manufacturing, research, and corporate staff, Abbott spokeswoman Kelly Morrison said. The majority of the cuts will occur in Europe, she said. The restructuring will result in pre-tax charges of $810 to $970 million over the next two years, the company said today in a regulatory filing.
Abbott Park, Illinois-based Abbott agreed in Sept. 2009 to pay about $7.1 billion for the Solvay unit, gaining full control of the cholesterol drug TriCor and a bigger presence in emerging markets. Abbott projected at the time that Solvay would add more than $3 billion in annual product sales.
"Today's announcement is one of a series of recent strategic actions designed to best position Abbott's global pharmaceutical business for sustained and future growth," Morrison said in a telephone interview today.
Abbott shares fell 10 cents, or less than a percent, to $52.16 at 9:33 a.m. in New York Stock Exchange composite trading.
Email This Page!