WXXI AM News

Bausch & Lomb

In the latest WXXI Business Report, find out about a new grant program from the city of Rochester designed to help small businesses.

Also, the new leader of the Retail Council of New York state says the organization is trying to help its members keep up to date on the latest COVID-19 directives; and Bausch Health, parent company of Bausch + Lomb, will pay down another $275 million of its debt.

Bausch + Lomb, the company that has its roots in Rochester and still employs more than 1,100 people locally, is likely to go through a corporate change in the next year or so.

Its corporate parent, Bausch Health Companies, will announce Thursday that it intends to spin-off its eye health business into an independent publicly traded entity, Bausch + Lomb – NewCo.

That would split operations like the vision care business, which makes contact lenses in Rochester, into a separate company from the pharmaceutical operations.

In the latest WXXI Business Report, Kodak will continue providng film to the major Hollywood studios, find out how important that relationsihp is to the comapny. 

Plus, even though there was job growth over the last year in Rochester, the latest monthly unemployment rate went up slightly. Also, get details on Bausch + Lomb teaming up with a non-profit organization to raise awareness about age-related macular degeneration.

Bausch + Lomb is adding  jobs in Rochester and also at its facilities in Waterford, Ireland. The company announced on Tuesday that it will expand contact lens manufacturing, adding multiple production lines at these two sites to support the manufacture of its daily disposable silicone hydrogel contact lenses.

It’s expected that the expansion at the two sites will lead to a total of more than 200 new jobs over the next four years. About 100 of those jobs will be in Rochester, a B+L spokesperson said.

Valeant Pharmaceuticals, which owns a Rochester company with a long history in this area, will be adopting some of that heritage.

The Canadian pharmaceutical company that owns Bausch + Lomb will change its name to Bausch Health Companies effective in July.

The Fed decided last week to raise interest rates, we asked an RIT economist about who might feel the effects of that right away.

Also, a major investor in Valeant decided to sell his shares in the company, George Conboy of Brighton Securities ponders what that might mean for the future of B + L going forward.

The WXXI Business report looks at business and economic issues facing the Rochester area including Western New York and the Finger Lakes.
 

Canadian company Valeant Pharmaceuticals could cut as many as 500 Bausch + Lomb jobs in Rochester according to Lieutenant Governor Bob Duffy.

Duffy spoke to Valeant executives for about 20 minutes on a conference call Wednesday afternoon. He says nothing is certain until the company’s acquisition of Bausch + Lomb is closed.

However, he says they haven’t shifted on their plan to move the eye-care company’s headquarters to New Jersey, and cut up to 15 percent of the workforce.

Need To Know Rochester: The Business Section

Feb 4, 2013

Matt Daneman of the Democrat & Chronicle discusses the business news of the week including Constellation Brands and Bausch & Lomb.

Need To Know Rochester: The Business Section

Dec 14, 2012

Democrat & Chronicle business reporter Matt Daneman talks Kodak, regional economic development, and Bausch & Lomb with Julie Philipp.