Abbott will cut approximately 1,900 jobs, equal to 2% of employees. The layoffs will mainly concern the commercial and manufacturing sector in the USA. The company explains that this measure was necessary to reduce costs and address the changes currently taking place in the US healthcare industry. This first round of layoffs is part of the company's restructuring program which intends to cut 3,000 jobs, equivalent to 3% of its workforce, by 2012 following the purchase of Solvay's pharmaceutical operations.
(The Wall Street Journal online – 26/01/2011 , The Wall Street Journal Europe Pag.35 – 27/01/2011 , The Financial Times Pag.16 – 27/01/2011)
Abbott's 2010 4th Quarter Results
Q4 2010 Abbott reported earnings of $1.4 billion compared to $1.5 billion in 2009. Sales increased by 13% to $9.97 billion, pharmaceuticals by 23% to $5.9 billion bln. The diagnostics sector grew 4.1% to $1 billion in sales and the nutritional sector remained unchanged at $1.4 billion.
(The Wall Street Journal online – 26/01/2011 , The Wall Street Journal Europe Pag.35 – 27/01/2011 , The Financial Times Pag.16 – 27/01/2011)
