Wonder how bad the cuts will be when J&J takes over Optics. Guesses? Will Abbott layoff a bunch before the acquisition or will this task be left to J&J? Could be very bad for the employees.
The Mighty Miles speaks tomorrow. Maybe we will find out then about cuts and mergers. Bet when Abbott and St. Jude combine the layoffs will be massive. This may be more in line with the Layoffs 2016 thread....
Alere was just accused of securities and medicare fraud for billing medicare for procedures done on dead patients. Either Abbott will be on the hook to address the merger with even more directed cuts, expected to complete Q2 next year barring the lawsuits, or else this could kill the merger.
Given that Abbott is selling one division and trying to merge with St. Jude, ALL JOBS ARE AT RISK. 2017 will NOT be a good year for the rank and file. Time to polish the resume.
Bull, this is going to be an excellent year, the merger will be only positive and any redundant roles will take years to vet out. Nice try chicken little.
Pollyanna is just as ridiculous as Chicken Little if you want to play that game. It is accurate to say that redundancies will take a while to play out. Abbott isn't efficient enough to identify and take advantage of redundancies very quickly. But there will most likely immediately be eliminations without any long-term strategy because individual projects will be balance-sheeted at a very high level. As immediately as the creaky Abbott gears can operate anyways.
Quite right. I worked for Abbott for about 11 years. Then there was a reorg in our group where employees work and functions where shifted. I sat on my butt for almost two years (along with others) with little to do and no direction until they laid us off. It was very strange. I got paid well and walked out with a six month package. So I got two and half years of pay before Abbott's "gears" could move enough to make the logical move. They got 30 of us in this RIF. Just sit tight.
Completely unfounded rumor, but now heard or speculated from more than one source: AM is tryign to clean house by Q1'17 in anticipation of their shiny new product line.
Miles speaks next week about the Q4 results. The real question is does he have his axe with him? Will he start to chop? I remember my first Jan at Abbott, Miles did the conference call and the next day Abbott laid off 3000. Did it every January for a while. Still here though....
Bullshit. I was at Therasense when Abbott bought us. Keep Therasense and laid off everyone a Medisense. A bit later Abbott spun off Hospira and screwed most of the workers. Miles did what he felt he needed to do for the business. Moral of the story is simple. Watch your ass. Don't trust management, they lookout for themselves and don't care about the workers. For those at St. Jude, look at Abbott's history. Your jobs are not secure.
Hospira kept the 16,000 workers who lost ERISA suit against Abbott Labs. Then then laid off 10% a few years after spin.The rest are now under Pfizer CEO Ian Read who slicing and dicing former HPD folks left and right. Knoll folks also took it up the ass.
And Miles' buddy Ricky, the lying bastard, cheats on his resume and is now making tens of millions at Abbie. RG screwed up trying to do an inversion and it cost Abbvie $1B to back out. Anyone else would have been fired for the lying or screw up. Hold on to your hats. Abbott bit off a big chunk getting St. Jude and when it all shakes out only the 1% wins because they take care of themselves. Most of us lose. BTW I am NOT a socialist....income inequality is just our of control.
