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Abbott Cuts 1,900 Jobs

January 27, 2011
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The Associated Press reports that Abbott Laboratories will eliminate 1,900 employees to keep profits up. The maker of drugs and devices said the terminations involve U.S. marketing and manufacturing positions. The cuts, which represent about 2 percent of the company''s workforce, are expected to save the company $200 million annually in coming years. Abbott blamed the cuts on new fees and pricing pressures associated with the health reform law and a challenging regulatory environment at the Food and Drug Administration, which approves new drugs.

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