Company: Abbott Laboratories
Based: Abbott Park, IL
Restructuring has become a near-permanent reality for most Big Pharma companies, and Abbott ($ABT) is no exception. It started in 2011 with plans to lay off 1,900 workers, and exactly a year later it came back for 700 more. Then, just days ago, Abbott added 550 more layoffs in its devices, nutrition, diagnostics and established pharmaceuticals units.
The diversified company had plenty of places to cut at the beginning of this year. But it didn't spare the pharma side of the business, which is being spun out as an independent company at the end of this year. About 200 jobs were slated for elimination in the diagnostics business, while 200 more would be canned in pharma manufacturing. But most of the layoffs were centered on Abbott's production of heart stents and diagnostics, after a drop-off in stent orders.
For the most recent round of layoffs, Abbott is taking a $478 million charge against earnings.
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