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Abbott Labs to Cut 1,000 Jobs

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Big job cuts are coming to Abbott Labs. The north suburban drug-maker announced plans today to cut a thousand jobs by 2011.

Abbott is based in Illinois, but has offices and plants around the world. There’s no word yet on how many of the cuts will effect Abbott’s 13,000 employees in Lake County, Illinois. But a spokeswoman says layoffs there will be “minimal” in the next couple years. She says the cuts are part of a plan to increase efficiency in the company’s diagnostic test division.

In a federal securities filing, Abbott says the plan will save $150-million a year. Diagnostic tests have been a profitable area for Abbott recently. Last quarter, the company reported sales in the division jumped 17-percent over the same period a year ago.

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