Baxter to slash up to 4,000 jobs

[UpInArms]

http://money.cnn.com/2004/04/22/news/fortune500/baxter.reut/

CHICAGO (Reuters) - Healthcare products maker Baxter International Inc. said Thursday it will cut up to 4,000 jobs to control costs as it reported a first-quarter profit that fell 13 percent from a year earlier.

The Deerfield, Ill.-based company, which named a new chief executive officer earlier this week, also said it plans to cut production of its plasma products in a bid to shore up earnings growth, despite stabilizing prices in that key market.

Baxter reported first-quarter earnings from continuing operations of $189 million, or 31 cents per share, compared with $217 million, or 36 cents, a year earlier.

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