The day of reckoning approaches. Abbott management has announced that it will cut 3000 jobs over the next two years as a result of rationalization following its acquisition of Solvay a year ago. Most of the cuts will be felt at former Solvay facilities in the US, Germany, and The Netherlands.
PharmaGossip: UPDATE 1-Abbott to cut 3,000 jobs following Solvay deal | Reuters.
The move will require Abbott to take a one-time $810 to $970 M pre-tax charge. Abbott had hoped to sell the Solvay vaccine business at one time and there was speculation that it would fetch up to $600 M. Now, they will retain the vaccine business - but curiously will close down cell-based manufacture and retain the egg-based processes and research.
Posted by Bruce Lehr September 21st 2010.
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Posted by: bigredbruce | 09/21/2010 at 12:24 PM