Deerfield-based Baxter to cut 1,400 jobs by end of year
DEERFIELD, Ill. — Baxter International will slash about 1,400 jobs by the end of the year.
The Deerfield, Ill.-based company makes hospital and renal products. There is no word on how many people will lose their jobs in the Chicago area, but about 65 percent of the cuts will take place outside the United States.
Around 70 percent of the reductions will also affect existing positions, while 30 percent represent open positions that will not be filled. The cuts will save Baxter about $130 million a year.
The move comes after the company’s profits plunged in the third quarter, mostly thanks to the costs of spinning off its pharmaceutical operations.