Abbott plans 3,000 job cuts tied to Solvay deal

Tue, 09/21/2010 - 9:25am

Abbott Laboratories says it will eliminate 3,000 jobs and take almost $1.3 billion in charges over the next two years as it integrates its Solvay pharmaceuticals business.

The company says it expects $810 million to $970 million in restructuring costs and $310 million in integration costs. The charges include severance costs, write-down and depreciation costs, and expenses related to the end of some research and development programs and the transfer of other programs.

Abbott says it will cut jobs in manufacturing, commercial operations, research and development, and staff functions. Most of the jobs that will be eliminated are based in Europe, and almost all of them are part of Solvay's operations.

Abbott completed the $6.6 billion deal for Belgium-based Solvay earlier this year.



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