Abbott to cut 1,000 jobs from diagnostic unit

[OhioChick]

Source: Economic Times India

22 Aug, 2008, 0215 hrs IST, AGENCIES

ABBOTT PARK, ILLINOIS: Drug and medical device maker Abbott Laboratories will cut 1,000 jobs as part of a multiyear effort to lower spending on its medical testing business.

Abbott says the plan will save the company $370 million over four years, primarily by transferring several manufacturing operations to Europe.

The company first announced the cost-cutting plans in a regulatory filing Thursday.

Abbott's diagnostic division accounted for $3.2 billion, or 12 per cent, of total revenue last year. The company sells a variety of blood and urine tests used to diagnose various diseases and medical conditions.

Read more: http://economictimes.indiatimes.com/articleshow/3391610.cms

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More job loss....

[DCKit]

1. That's not all that's going on. n/t

[OhioChick]

2. Do Tell.... n/t

[DCKit]

3. Outsourcing.

It's the rage - and a hella profit too.

[OhioChick]

4. That's a given...

In this wonderful global economy.

[ihavenobias]

5. That's bad news here in Chicagoland n/t