Baxter International, the Deerfield, Ill.-based maker of hospital and renal products, is making cuts to its workforce after seeing a sharp drop in third-quarter profits, according to a Chicago Tribune report.
Here are five things to know about the cuts.
1. Baxter will cut about 1,400 jobs by the end of the year.
2. The cuts represent about 5 percent of non-manufacturing payroll.
3. About two-thirds of the job cuts will take place outside the U.S., according to the report.
4. Baxter will cut the jobs through layoffs and attrition. About 30 percent of the cuts represent open positions that won't be filled, while 70 percent represent existing jobs, according to the Chicago Tribune.
5. The cuts come after Baxter saw a sharp drop in its third-quarter profits — largely because of the costs of spinning off its pharmaceutical operations, according to the report. Baxter expects to save about $130 million annually with the cuts.