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Abbott to cut 1,000 jobs from diagnostic unit

Abbott to cut 1,000 jobs from diagnostic unit

Drug and medical device maker Abbott Laboratories will cut 1,000 jobs as part of a multiyear effort to lower spending on its medical testing business.
Abbott says the plan will save the company $370 million over four years, primarily by transferring several manufacturing operations to Europe.
The company first announced the cost-cutting plans in a regulatory filing Thursday.
Abbott's diagnostic division accounted for $3.2 billion, or 12 percent, of total revenue last year. The company sells a variety of blood and urine tests used to diagnose various diseases and medical conditions.


Updated : 2020-11-30 14:05 GMT+08:00