JUL 31, 2013
Following the acquisition of Bausch & Lomb by Valeant Pharmaceuticals International, Inc., the number of employees at the combined company will be reduced by 10 to 15 percent, Valeant’s chairman and CEO, J. Michael Pearson, said in a letter to employees of the two companies.
“Over $800 million of cost synergies are expected to be realized with a run rate of well north of $500 million to be realized in 2013 and the rest is expected to be captured in 2014, without any reductions in the Bausch & Lomb North American field force or any material changes to the other field forces around the world,” he wrote.
The company will continue to operate using a decentralized, highly efficient operating model, he said.
“In keeping with this strategy, we are planning to eliminate the global structure and to reduce significantly the regional structure currently in place at Bausch & Lomb,” he wrote. “From a cost standpoint, we will continue to apply a low margin operating mindset to high margin businesses.”
Bausch & Lomb’s business units will be integrated to form Bausch & Lomb Eye Health. Corporate staff will number less than 100 people.
Valeant’s corporate headquarters will remain in Laval, Quebec, while the U.S. headquarters and U.S. Eye Health business unit will be in New Jersey.