Abbott Profits, Sales Rise As Company Announces Cuts

On the same day that Abbott Park, IL-based Abbott Labs announced double-digit quarterly profits and sales growth, it also said it would cut 700 jobs at its main plant in Illinois.

Abbott reported that profits in the second quarter rose 38% while revenues hiked 17.5% to $5.5 billion, helped by its diagnostics division.

As part of its continuing realignment of global manufacturing operations, the maker of medical devices and IVD products said it will reduce the workforce at its Lake County, IL facility.

“Abbott achieved another strong quarter of double-digit growth in both medical products and pharmaceuticals,” said CEO Miles D. White.  “We’re particularly pleased with the strength of our global diagnostics business, where Abbott Diabetes Care continues to perform well and where we’re winning new long-term diagnostics contracts with major customer groups in the U.S. and internationally.”