Abbott cost cutting
This article was originally published in The Gray Sheet
Executive Summary
Plan to streamline global manufacturing operations, reduce overall costs and "improve efficiencies" in Abbott's core diagnostics business over the next four years, approved Aug. 19, will result in annual pre-tax savings of over $150 million when completed, according to the company. However, the actions will cost about $370 million on a pre-tax basis "over the next several years," Abbott says. Of the total, the firm anticipates a $140 million charge this quarter, according to an Aug. 21 filing with the Securities and Exchange Commission