Updated January 28, 2014, at 3:30 p.m.
Healthcare giant Abbott (NYSE:ABT) executed an unspecified number of layoffs at its Illinois headquarters, a local newspaper reported.
The company declined to tell reporters how many had been let go or from which units, but the cuts appear to be made in efforts to reduce costs, according to the Chicago Tribune.
The alleged restructuring marks the 3rd year in a row that Abbott has conducted January cuts, the paper noted, but the company has announced layoffs several times in recent years. There were some layoffs associated with last year’s AbbVie spinout and others announced alongside a lowered financial outlook in October 2012.
ABT shares closed today at $36.37, a 0.2% bump on the day.
*Correction: This article mistakenly stated that Abbott Laboratories had confirmed the layoffs with local journalists. Abbott has not confirmed any layoffs.