Abbott to lay off more than 1,000

January 27, 2011 6:04:32 AM PST
North Chicago-based Abbott Laboratories says it plans to eliminate 1,900 workers in an effort to keep profits up.

The maker of drugs and devices says the cuts involve marketing and manufacturing positions. One thousand of the jobs are in the chicago area.

Abbott blames the cuts on new fees and pricing pressures associated with the health care reform law and what it calls a "challenging regulatory environment" at the Food and Drug Administration, which approves new drugs.

The layoffs represent about 2 percent of the company's work force. The company hopes to save $300 million.