It was a good news kind of day at Abbott Laboratories.
The suburban drug and medical device maker announced Wednesday it is cutting 700 jobs in the U.S. and Puerto Rico, 200 of which will come from its Lake County campus, the Chicago Tribune reported.
Workers were informed of the layoffs shortly after an announcement that the company reported higher third-quarter profits, edging past analyst expectations, even as revenue slipped.
The job cuts are part of a restructuring effort in its manufacturing operations.
Abbott employs 13,000 workers at its Mundelein operation which supports its hospital and laboratory diagnostic business.
