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FOR IMMEDIATE RELEASE
July 2, 2001

500 New Illinois Jobs Created by Abbott Laboratories Expansion in Lake County

CHICAGO -- Governor George H. Ryan today commended Abbott Laboratories for expanding its presence in Lake County as the result of the company's acquisition of BASF's pharmaceutical business, which included the operations of Knoll Pharmaceutical.

Abbott will relocate Knoll's business functions, currently headquartered in New Jersey, to Lake County. This move enables the company to consolidate some of its pharmaceutical business to one site with access to the Abbott Park research center and the North Chicago manufacturing operations. The expansion will result in 500 new jobs in Illinois.

"Since Dr. Wallace Abbott started his work in Chicago over one hundred years ago, Abbott Laboratories has been a leader in both the health care industry and Illinois' corporate community," Governor Ryan said. "We are proud to assist Abbott as the company continues to broaden its global involvement by improving the quality of life for people worldwide."

Abbott is eligible to receive performance-based tax credits through the Economic Development for a Growing Economy (EDGE) Program, and for designation as a High Impact Business (HIB). The Illinois Department of Commerce and Community Affairs (DCCA) administer both programs.

"Fostering the growth of biotechnology and pharmaceuticals Illinois is critical in meeting the future health needs of the world's population, and it's essential for future economic growth in Illinois," said DCCA Director Pam McDonough. "Governor Ryan has shown his commitment to the biotechnology and pharmaceutical industry through the resources of the Illinois VentureTECH program. Our partnering with Abbott on this expansion project is an extension of those efforts."

To accommodate the creation of 500 additional jobs in Lake County, Abbott will be leasing a 110,000 square foot building in Lake Forest.

"This agreement is a win-win for Illinois and Abbott," said Miles D. White, chairman and chief executive officer at Abbott. "The business incentives provided by the state allow Abbott to create additional Illinois jobs and significant capital investments in Lake County. Consolidating some of Abbott's pharmaceutical business to one location enables the company to leverage existing Lake County resources."

Abbott Laboratories is a global, diversified health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. The company employs approximately 70,000 people and markets its products in more than 130 countries.


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