Baxter International to lay off 1,400

Medical products company Baxter International Inc. (NYSE: BAX) plans to cut 1,400 jobs by the end of the year.

The cuts amount to about 5 percent of the company's nonmanufacturing headcount.

The announcement comes after Baxter spun off its pharmaceutical company, Baxalta (NYSE: BXLT), and absorbed costs in the process. It also reported a sales decrease of 8 percent in the third quarter.

Read more from the Chicago Business Journal.