Canada's Valeant Pharmaceuticals, new owner of Bausch + Lomb (B+L), the company will reduce its workforce by as much as 15% worldwide, move B+L's headquarters, and combine B+L's three business units into one operation.
New York-Canada's Valeant Pharmaceuticals is officially the new owner of Bausch + Lomb (B+L) as of Aug. 6. Valeant says that, as part of its $8.7 billion acquisition of B+L, the company will reduce its workforce by as much as 15% worldwide. Those cuts could total between 1,850 and 2,775 people on both the Valeant and B+L sides.
State, federal, and local officials sent a letter to Valeant management last week, expressing disappointment in the company’s plan to relocate B+L.
“The talent and work ethic here made Bausch and Lomb what it is today and gave this business a home for more than a century. The Rochester families behind this company deserve better than losing their jobs through no fault of their own,” said Sen. Kirsten Gillibrand (D-NY) in a statement.
At one time, Rochester was home to a trio of major companies-the others being Eastman Kodak Co. and Xerox Corp.-that ruled the local economy. With B+L’s departure imminently apparent, it will leave a massive hole in the regional job picture.
Valeant also will combine B+L’s three businesses units-pharmaceuticals, surgical equipment, and contact lenses-into a combined B+L Eye Health operation.
Further, although Valeant will remain based in Laval, Quebec, it will move B+L’s headquarters to New Jersey from Rochester, NY. The new owner states it will not close any U.S. manufacturing sites. B+L has plants in Rochester; Tampa, FL; St. Louis; Greenville, SC; and Waterford, Ireland. Valeant will continue to operate all of its current U.S. manufacturing locations, including those in Rochester.