Abbott To Cut Jobs After Solvay Deal

Abbott Laboratories has announced a restructuring plan aimed at integrating Solvay’s pharmaceuticals business, which it acquired earlier this year. After reviewing operations, Abbott has decided to cut 3,000 jobs, or about 3% of its workforce, across all operations, although largely at Solvay operations in Europe. Solvay’s U.S. headquarters in Marietta, Ga., will be closed; 300 jobs will be cut in Hannover, Germany; and another 500 will be cut in Weesp, the Netherlands. Some R&D programs will be discontinued, and other R&D programs and some manufacturing will transfer to Abbott facilities. The restructuring moves are to be completed by 2012 and will result in about $900 million in pretax charges. Abbott says it will spend another $310 million to integrate operations.