Heeeeeeey, Abbott!!!!!!!
"Abbott Labs to eliminate 1,000 jobs in cost-cutting
Drug and medical device maker Abbott Laboratories said it will cut 1,000 jobs as part of a multiyear effort to lower spending on its medical testing business. Abbott said the plan will save the company $150 million before taxes, primarily by transferring manufacturing operations to Europe. The company disclosed the cost-cutting plans in a regulatory filing. Abbott's diagnostic division accounted for $3.2 billion, or 12 percent, of total revenue last year. The company said the actions will cost $370 million before taxes, with about $150 million of that falling in the second half of 2008. Only about 100 jobs will be cut this year, said a spokeswoman, with all 1,000 jobs eliminated within four years (AP)."
