Abbott to cut 3,000 po­si­tions

Los Angeles Times - - Business -

Abbott Lab­o­ra­to­ries said it would elim­i­nate 3,000 jobs and take al­most $1.3 bil­lion in charges over the next two years as it in­te­grates its Solvay phar­ma­ceu­ti­cals busi­ness.

The com­pany said it ex­pected $810 mil­lion to $970 mil­lion in re­struc­tur­ing costs and $310 mil­lion in in­te­gra­tion costs. The charges in­clude severance costs, write-down and de­pre­ci­a­tion costs, and ex­penses re­lated to the end of some re­search and devel­op­ment pro­grams and the trans­fer of other pro­grams.

Abbott, which em­ploys al­most 90,000 peo­ple, said it would cut jobs in man­u­fac­tur­ing, com­mer­cial op­er­a­tions, re­search and devel­op­ment, and staff func­tions. Most of the jobs that will be elim­i­nated are based in Europe, and al­most all are part of Solvay’s op­er­a­tions.

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