Abbott Laboratories announced a plan to invest $500 million to expand its U.S. manufacturing footprint.
The medical device maker will upgrade facilities in both Illinois and Texas to expand its existing plants and boost research and development for its transfusion business, which screens U.S. blood supply, according to a Bloomberg report.
The investment will bring up to 200 new jobs in Illinois and 100 in Texas, the company said April 16.
This comes after the industry has faced uncertainty over newly proposed tariffs on medical devices. While pharmaceutical tariffs are exempted for now, medical devices still remain subject to country-specific levies that have been temporarily paused for 90 days.
Abbott CEO Robert Ford told investors that the company had been considering raising its annual earnings guidance before the tariff news.
“Right now, we estimate the tariff impact in ‘25 to be a few hundred million dollars,” he said. “There are definitely short-term things that can be done to mitigate and close the gap.”
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