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updated: 1/29/2014 2:42 PM

Abbott Laboratories makes job cuts

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  • Abbott Labs headquarters facility in North Chicago.

      Abbott Labs headquarters facility in North Chicago.
    STEVE LUNDY | Staff Photographer


Abbott Laboratories is trimming its workforce in an effort to reduce expenses.

The Libertyville Township-based global health care company would not say how many employees are being laid off.

"We continuously assess our operations to ensure we have the right resources in the right locations," Abbott spokesman Scott Stoeffel said Wednesday morning.

He would not say which departments were cutting employees.

The company recently released its 2013 results, stating it expects to see continued growth. In a conference call with investors last week, the company said it plans to reduce expenses in the upcoming year.

"In 2013, despite some challenges, we achieved our expectations for earnings growth, including more than 100 basis points of operating margin expansion," said Miles D. White, Abbott chairman and chief executive officer. "In 2014, we are targeting another year of double-digit ongoing earnings-per-share growth," he said in the report.

The layoffs are not new to the company. Abbott laid of several hundred employees in 2013. Abbott also cut more than 500 jobs in October 2012. At that time, the company said it would eliminate 1,900 employees, including 1,000 in Lake County in marketing and manufacturing positions over the next five years.

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