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Abbott Labs Cuts 700 Jobs Primarily In Manufacturing

By Peter Loftus Of DOW JONES NEWSWIRES Health-products maker Abbott Laboratories (ABT) has laid off about 700 workers, primarily in manufacturing operations, and plans to eliminate several hundred additional positions over the course of the year. The company attributed some of the layoffs to the impending mid-2012 expiration of Abbott's contract to supply the artery-opening stent Promus to Boston Scientific Corp. (BSX). Boston Scientific is shifting to a new version of Promus that it will manufacture internally. Orders for Promus have slowed ahead of the contract expiration, said Abbott spokesman Scott Stoffel. In addition, the layoffs affect some workers in Abbott's diagnostics and pharmaceutical manufacturing operations, Stoffel said. Abbott recorded unspecified costs associated with the work-force reduction in its fourth-quarter earnings report released earlier Wednesday. The costs were among restructuring, integration and other items that reduced Abbott's fourth-quarter earnings by about $276 million, or 18 cents a share. Abbott notified the affected workers Wednesday, including those at a stent manufacturing plant in Temecula, Calif. Abbott has about 91,000 employees worldwide. -Peter Loftus, Dow Jones Newswires; +1-215-982-5581; peter.loftus@dowjones.com

Stock News for Boston Scientific (BSX)
DateTimeHeadline
06/28/201616:18:02Annual Report of Employee Stock Plans (11-k)
06/14/201608:30:00National Institute for Health and Care Excellence Provides Positive...
06/09/201606:02:44Current Report Filing (8-k)
06/08/201619:30:00Boston Scientific to Restructure Operations
06/08/201618:30:00Boston Scientific Announces Restructuring Program to Support...
06/03/201608:00:09Statement of Changes in Beneficial Ownership (4)
06/03/201607:59:42Statement of Changes in Beneficial Ownership (4)
06/03/201607:58:47Statement of Changes in Beneficial Ownership (4)
05/26/201616:14:43Specialized Disclosure Report (sd)
05/26/201616:13:54Statement of Changes in Beneficial Ownership (4)
05/26/201608:30:00Boston Scientific To Participate In Goldman Sachs 2016 Healthcare...
05/24/201621:10:00Washington, California Sue Johnson & Johnson Over Vaginal Mesh...
05/24/201608:30:00Boston Scientific to Participate in Jefferies 2016 Healthcare...
05/19/201608:30:00Boston Scientific Receives U.S. FDA Approval for Precision Montage™ M...
05/18/201616:08:54Statement of Changes in Beneficial Ownership (4)
05/13/201606:30:00Boston Scientific Announces Schedule of Presentations at EuroPCR...
05/12/201616:15:42Statement of Changes in Beneficial Ownership (4)
05/12/201616:14:51Statement of Changes in Beneficial Ownership (4)
05/09/201617:09:34Statement of Changes in Beneficial Ownership (4)
05/06/201617:38:00Boston Scientific Announces Positive Long-Term Outcomes For S-ICD...

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