Abbott Laboratories, Abbott Park, Ill., announced a restructuring that will cut 3,000 jobs in manufacturing, research and development, staff and commercial operations, said Scott Stoffel, an Abbott spokesman.
Abbott Laboratories plans to cut 3,000 jobs
The restructuring will target operations and costs at certain locations of Solvay Pharmaceuticals, which the U.S. pharmaceutical giant acquired in February for $6.1 billion, plus payouts contingent on sales over the next three years, according to Securities and Exchange Commission filings.
Stoffel said the majority of job cuts would occur in Europe and the Solvay U.S. headquarters in Marietta, Ga., would be closed in 2011, eliminating 150 jobs. The restructuring, which is expected to be complete within two years, will also affect some Abbott and Solvay commercial organizations in various countries, the regulatory filings said.
Abbott Laboratories expects to spend $650 million in the next two years on employee-related restructuring costs and another $215 million on discontinued or relocating research and development. It will also take a $105 million charge for other restructuring expenses. Abbott will spend another $310 million on integrating the company's and Solvay's pharmaceutical operations through 2011, the company said.
Send us a letter