Company: Abbott Laboratories
Summary: After cutting 1,200 jobs in December 2007, Abbott Labs chopped another 1.5 percent off its workforce when it eliminated 1,000 jobs in August. Manufacturing plants in California and Illinois will close, and some production will be transferred to Europe. Abbot says it wants to "streamline global manufacturing operations, reduce overall costs, and improve efficiencies" in its diagnostics business by 2011. The move will save the company $150 million a year once its completed.