Skip to content
Subscriber Only

Abbott To Cut 3,000 Jobs After Solvay Unit Acquisition

Abbott Laboratories will cut 3,000 jobs, about 3.2 percent of its global workforce, and take up to $1.3 billion in charges as part of a restructuring plan related to its acquisition of Solvay SA’s pharmaceuticals business.

Most of the reductions will be in Europe and concentrated in sales, manufacturing, research and corporate staff, Kelly Morrison, an Abbott spokeswoman, said today. Restructuring will result in pretax charges of $810 million to $970 million over the next two years, the company said today in a filing. The company also expects one-time integration costs of $135 million this year and $175 million in 2011, Abbott said in the filing.