Abbott Laboratories notified 700 employees Wednesday that they will be out of work. Most of those employees work on company's vascular business, particularly the Xience stent that the company will no longer make – it was part of a partnership agreement with Boston Scientific that dates to 2006 and was set to expire this year. Boston Scientific produces and sells its own stent, the Promus.
The layoffs were announced the same day Abbot Laboratories announced that fourth quarter earnings jumped 12.3 percent, to $1.6 billion, compared with $1.4 billion for the same period in 2010.
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