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Pharmaceutical

Abbott Will Eliminate 3,000 Jobs Following Solvay Deal

September 21, 2010
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Reuters reports, Abbott Laboratories Inc plans to cut 3,000 jobs, or about 3 percent of its workforce, following its purchase of Solvay''s pharmaceuticals business. The cuts will take place over the next two years and the vast majority will come from one-time Solvay positions, Abbott spokesman Scott Stoffel said. The reductions will include reductions from research and development, commercial, manufacturing and other staff functions, he added. Abbott will also close the former U.S. headquarters of Solvay''s pharmaceuticals unit in Marietta, Georgia by the end of 2011. About 500 positions at a site in Weesp, the Netherlands also will be eliminated, as will 300 jobs in Hannover, Germany. Abbott plans to take pre-tax charges of about $810 million to $970 million over the next two years related to the restructuring. Abbott has about 93,000 employees worldwide.

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