Abbott Plans Job Cuts

1,000 cuts to take place in Illinois

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    NEWSLETTERS

    Ryan McVay

    North Chicago-based Abbott Laboratories has plans to slash 1,900 jobs, the Chicago Tribune reports.

    The announcement comes today and some layoffs start now. About 1,000 of the jobs will be cut in Illinois, where the drug company headquarters its manufacturing operations. Abbott has about 90,000 employees worldwide.

    The reshuffling is part of an effort to reduce costs as the company faces difficulty getting new products approved and on the market, according to the Tribune.

    The development of some drugs, like Certriad, has been halted altogether because of new scrutiny from regulators and insurers on the industry.