Abbott Labs to cut 160 jobs from testing unit

Abbott Labs to cut 160 jobs from testing unit

October 3rd, 2011 // 2:40 pm @

Abbott Laboratories will eliminate 160 jobs from its diagnostic division as part of a multiyear effort to cut costs and boost revenue for the business.

The company, based in North Chicago, Ill., notified employees Tuesday that it would cut 150 manufacturing positions from its Santa Clara, Calif., location by the end of 2012. The action does not impact other employees at the site who work in research and development and sales and marketing. Ten more positions will be eliminated at the diagnostic business’ headquarters in Lake County, Ill., a company spokeswoman stated in an email.

Abbott has approximately 90,000 employees around the world.

The cuts are part of a 2008 plan to eliminate 1,000 jobs from the diagnostic unit, which sells blood and urine tests used to diagnose diseases and medical conditions.

The company’s stock rose 27 cents to $51.19 in midday trading.

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