×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: US | Abbott | Labs | Restructuring

Abbott Plans 3,000 Job Cuts Tied to Solvay Deal

Tuesday, 21 September 2010 12:35 PM

Abbott Laboratories says it will 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 North Chicago company says it expects $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 says it will 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 of them are part of Solvay's operations.

Abbott completed the $6.6 billion deal for Belgium-based Solvay earlier this year.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Companies
Abbott Laboratories says it will 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 North Chicago company says it expects $810 million to $970 million in restructuring costs and $310...
US,Abbott,Labs,Restructuring
125
2010-35-21
Tuesday, 21 September 2010 12:35 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved