Abbott to cut 1,000 jobs from diagnostic unit

ABBOTT PARK, ILLINOIS: Drug and medical device maker Abbott Laboratories will cut 1,000 jobs as part of a multiyear effort to lower spending on its medical testing business.

Abbott says the plan will save the company $370 million over four years, primarily by transferring several manufacturing operations to Europe.

The company first announced the cost-cutting plans in a regulatory filing Thursday.

Abbott's diagnostic division accounted for $3.2 billion, or 12 per cent, of total revenue last year. The company sells a variety of blood and urine tests used to diagnose various diseases and medical conditions.