Inside these posts: Restructuring

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Baxter profit falls 26% amid turnaround, quality issues

Baxter International Inc.’s stock lost nearly 4 percent of its value today after the company said fourth-quarter profits fell 26 percent as the company works its way through a turnaround plan and escalating product quality issues.

The Deerfield-based medical product giant’s earnings were negatively impacted by $227 million in charges. The biggest cost was a $164 million charge for what it called a “business optimization” initiative, which included paying severances, shutting down certain product lines and executing an undisclosed number of job cuts. Get the full story »

Lake County braces for Abbott cuts

Lake County officials are bracing for the loss of more than 1,000 jobs at the Abbott Laboratories headquarters near North Chicago. Today, one county board member called the job losses “tragic,” and the chairman said he was “upset, disturbed and alarmed.”

The job cuts in Lake County are more than half of the company’s national cuts slated for the next two years. The blow could be particularly hard in Lake County because Abbott Inc. is its second largest employer — with about 15,700 workers, according to statistics compiled by Lake County Partners. Get the full story »

Abbott to cut 1,900 jobs in restructuring

Abbott Laboratories said Wednesday that it would cut 1,900 jobs, or 6 percent, of its U.S. workforce in the wake of a series of disappointments in its drug development pipeline, triggering a restructuring of pharmaceutical commercial and manufacturing operations.

Of the cuts, about 1,000 would be in manufacturing operations in Illinois where the largest concentration of Abbott’s estimated 90,000 employees around the world are at its sprawling headquarters in the northern Lake County suburbs of Chicago. The company said about half of the job cuts would take place now with the remainder over the next several years.   Get the full story »