Abbott Vascular cuts 120 jobs

Abbott Vascular, a division of Abbott Laboratories, is cutting 120 permanent jobs from its stent-making operations in California. The layoffs include reductions at Abbott's Temecula, French Valley and Santa Clara sites. In December the devicemakers eliminated 80 temporary positions from its Temecula campus, which employs 3,000 people.

An Abbott spokesperson told the North County Times that the company's decision to reduce its workforce is part of its regular review process. "Pharmaceutical companies in general have been working on streamlining, so Abbott is no exception," Morningstar analyst Alex Morozov told the paper. Abbott says it will help eliminated employees look for other jobs in the company in addition to supplying severance packages.

- read the report for more

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