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Bausch & Lomb Cutting 850 Jobs To Address Global Contact Lens Market

This article was originally published in The Gray Sheet

Executive Summary

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.

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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

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