One of the country’s largest pharmaceutical employers – Bausch and Lomb – are due to seek up to 200 redundancies and pay-cuts to ease its financial woes.
Having been acquired by Canadian pharmaceutical manufacturer Valeant last year, the American company have been under increasing pressure from its new owners to make significant cuts to its budget.
Only yesterday, Valeant executives were quoted as saying that the takeover of Bausch and Lomb (B&L) can be considered a great success after they issued orders to cut their ‘bloated’ administrative budget and will begin the process of undertaking more aggressive sales strategies instead of their previous expensive research projects worldwide.
B&L employ 13,000 people worldwide with 1,200 of those based in Ireland in its Waterford plant having established here over 30 years ago.
According to RTÉ, the Waterford facility is one of the company’s biggest producers of its contact lenses and senior personnel in the company were called to a meeting to announce the redundancies.
It is understood that the first course of action will be to seek voluntary redundancies with their employees with the more likely future step of taking the executive decision to let up to 200 employees go along with other cost0saving measures.
Microscope image via Shutterstock
Buy your tickets now!