Abbott Laboratories cuts 700 jobs

WASHINGTON (AP) - Medical device and drugmaker Abbott Laboratories says it will lay off 700 employees as part of ongoing restructuring efforts in its medical device and diagnostic businesses.

A company spokeswoman says most of the layoffs will be in the Chicago area and involve employees who manufacture the company's heart stents and diagnostic tests. Abbott expects a decline in orders for stents later this year after the expiration of a supply agreement with medical device maker Boston Scientific Corp. Abbott currently sells a version of its Xience stent to Boston Scientific, which pays a 40 percent royalty on sales. Boston Scientific recently replaced that device with its own in-house stent, Promus Element.

About 500 of the eliminated positions are related to stents, with the remaining 200 from the company's diagnostic business.