Abbott Slashes More Jobs

Abbott Laboratories is shedding 2% of its workforce, or about 1,900 jobs, across its U.S. commercial and manufacturing operations. More than half of the cuts will come from operations in northern Illinois, a manufacturing hub for Abbott. In a conference call, Abbott CEO Miles D. White said the restructuring was driven by several factors: the slow recovery of the global economy, costs associated with health care reform, European pricing pressures, and a tougher regulatory environment. These cuts mirror the 3,000 jobs lost in Europe last year after Abbott’s acquisition of Solvay Pharmaceuticals.