Bausch & Lomb restructuring
This article was originally published in The Tan Sheet
Executive Summary
Approximately 700 jobs worldwide to be eliminated by end of Q1 as part of ongoing plan aimed at reducing operating costs, firm announces Jan. 4. Roughly 250 jobs were cut during Q4 when firm closed contact lens manufacturing plants in Sarasota, Fla. and Madrid, Spain. Remaining restructuring will eliminate additional 450 positions, with cuts expected to be "broad-based " and "impact all regions and functional units," lens care company says. In December, new CEO Ronald Zarrella announced plans to trim personnel (1"The Tan Sheet" Dec. 10, 2001, p. 15)...
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People In Brief
Bausch & Lomb: New chairman and CEO Ronald Zarrella plans to lower firm's SG&A expenses, increase R&D and trim personnel based on results of comprehensive talent review, he announces during a conference call Dec. 3. Zarrella also notes B&L has been "under-funding lens care, and while it is a very slow- to no-growth business, we have got a dominant position, a terrific brand and it generates an awful lot of money. I think we ought to be paying a little bit more attention to that." Company's lens care sales fell 7.7% to $118.3 mil. in Q3 (1"The Tan Sheet" Oct. 22, p. 7). Zarrella took over at B&L in mid-November; he will provide a more detailed description of his goals Jan. 4...
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