Generic drugmaker Mylan is in advance talks to acquire Abbott's established pharmaceutical products division
who cares, no business in the us, only former off-patent solvay, knoll products in old europe - asset deal ! nothing to worry about - good people needed for new growth stories inside abbott
Hopefully, there will be no job issues, rumor is money will be used to acquire vaccine assets from Baxter to form a new division inside Abbott - Baxter sales people will concentrate on biotech, hemophilia products. Enough to do for EPD guys to push vaccine sales and room for more jobs. Recruitment agencies are already hiring business unit head director marketing & sales product manager vaccines senior brand manager vaccines
Pure BS. The deal is far from certain, so no hiring is going on. Second, if this happens,ABT will do what every other company does: a massive layoff covered under restructuring, dumping hirer paid employees with retirement benefits grandfather in, and replacing them with new employees at lower salaries and no retirement benefits.
Of course there will be layoffs. Where has that ever not been a cornerstone of any acquisition or merger? Big head count reductions are needed to show some off-set for paying a price above the company's actual value. You do know what market cap is, right? No? Why am I not surprised. Your comment indicates how naive you are. Here, write this down somewhere so you don't forget: IF this leads to a new division being created, and IF there are jobs in that new division that need to be filled, the company will hire on the open market. Of course you have no idea why that would be the case. It's not fair, laying off on one side, while hiring outside on the other, right? And to help foster this illusion, the company will make a grand announcement, like a hiring freeze so that the new division will just HAVE to look inside. Oh and there's always the "everyone displaced will be offered a job". Don't be naive. What the company really wants to do is reduce payroll expense. The target is higher paid employees, who have also been here long enough to have pension and other expensive grandfathered benefits. It's cleaner and easier to flush them out by dumping as much of the payroll in the sold division. Then you can hire clean for the new division, bringing in the same talent at a fraction of the cost, and no retirement benefits. Hiring freezes have loop holes, and a short lifespan that usually expires before the real hiring for the new division begins. And the promised everyone gets an offer will be a job at 50% of your current salary, requiring a relo to some dead end place, with a limited relo package that leaves you short. Get real. If this happens, and you are affected, start an immediate full time job search. You'll have 6 months before you're laid off to get started and hopefully get out.
This is thinking outside the box this time. They are going to start selling auto parts. They know they are in a dead industry. Selling auto parts they have no FDA problems.
Sounds like a good fit, market leader in several markets including US, tremendous growth potential if Abbott expands the brand into hospitals and elderly homecare and of course emerging markets...drink your way to good health and stay properly hydrated
The combination significantly expands Mylan's commercial platform and capabilities. The business's strong salesforce in key developed markets enhances Mylan's reach with physicians and patients and complements Mylan's existing strength in pharmacies. This platform provides Mylan with the enhanced infrastructure and expertise to more effectively execute on growth drivers that require access to the physician channel, such as the global expansion of EpiPen® Auto-Injector® and the launch of biologics and respiratory products, including generic Seretide® and generic Advair®.
Abbott CEO Miles White seems to have a perfect game plan for screwing the US, maybe he still holds a grudge over that consent decree, and that $100 million fine he got in 1999. His life goal appears to be make himself very very rich, and at the same time show the US Government which side their bread is buttered on. Pre-consent decree, 1999 Abbott Share price $80+ a share after the consent decree Abbott $30 a share , Fast forward to 2014, Abbott + ABBVIE = $96 a share. ADD device and reagent Manufacturing , all out sourced. 1500+ US jobs destroyed. Abbott Drugs, split off to form Abbvie, Now in the process of an Inversion to become UK domiciled. US can write off that $10 billion in off shore cash. 40 % of US IT outsourced to Indian firm. More Unemployment Insurance for US to pay. Looks like Miles make that $100 million fine back with Interest, many times over. Mylan , be warned, Abbott could make a move when this deal is done in 2015, For example, forget Miles promist to sell Mylan Stock, think about this, The New MYLAN is big enough now that if Abbott Labs were to purchase another 30 percent, to go with the 21% they got out of this deal, Abbott could do an inversion of their own and move to Europe with the other big pharma companies. June 2015 Head line -- As Abbott Labs completes Inversion with Mylan to move HQ to Europe, US employees, soon to be unemployed, when their jobs are outsourced to minimum wage contractors.
And minimum wage contractors don't make definitive products. So this will work for a while then, after MW retires, it all falls apart because other more intelligent entrepreneurs will have eat away at Abbott's market share with better products from well run companies (see Elon Musk). Over time anybody with any talent will not work for Abbott because of it's reputation of developing products not with the minds of smart innovative workers but by purchasing them from outside and letting the politicos run things. Then MW will be seen as the CEO who killed Abbott. Abbott labs was founded on innovation. Once that is gone....nothing remains but a shell.
