Bausch & Lomb Cutting 850 Jobs To Address Global Contact Lens Market
This article was originally published in The Gray Sheet
Bausch & Lomb plans to eliminate 7% of its workforce over the next 12 months in response to increased global competition in the contact lens market, Chairman and CEO William Carpenter announced during a Dec.1 teleconference.
You may also be interested in...
Divestiture of a majority interest in its Charles River Laboratories research laboratory animal and service business to DLJ Merchant Banking Partners II is complete, B&L announces Sept. 29. Under the terms of the deal B&L retains a 12.5% interest in the business and receives a $400 mil. cash payment and a $43 mil. promissory note. Charles River is B&L's last non-core business to be divested as the firm refocuses on healthcare for the eye
Sale of B&L's Miracle-Ear hearing aid business to privately held Italian firm Amplifon, S.p.A. is complete, the company announces Aug. 30 (1"The Gray Sheet" July 19, p. 5). Sale of B&L's final non-core business, Charles River Laboratories, to Global Health Care Partners, a unit of investment banking firm Donaldson, Lufkin & Jenrette's private equity fund, DLJ Merchant Banking, is expected to close by the end of September
Bausch & Lomb plans to use net proceeds from its $640 mil. cash divestiture of its Rochester, New York-based sunglass operation to Luxottica Group S.p.A. to augment its core portfolio of vision care, pharmaceuticals and ophthalmic surgery products.