LAVAL, Quebec, Nov. 13, 2018 – Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health,” the “Company” or “we”) today announced it will invest to expand contact lens manufacturing capacity at its Bausch + Lomb sites in Waterford, Ireland and Rochester, N.Y. The Company is adding multiple production lines at these two sites to support the manufacture of its innovative daily disposable silicone hydrogel (SiHy daily) contact lenses.
“Bausch + Lomb is one of the world’s most respected eye health brands, due in large part to the high-quality contact lenses manufactured at the Rochester and Waterford sites. By expanding the production capacity at both locations, we will continue to build on their legacies as we invest for the future,” said Joseph C. Papa, chairman and CEO, Bausch Health. “The increased manufacturing capabilities will enable us to meet our anticipated global customer demand for the Bausch + Lomb daily disposable silicone hydrogel contact lenses, a product that is critical to both our ongoing transformation and to our mission of improving people’s lives globally.”
SiHy daily contact lenses are known as one of the Company’s “Significant Seven,” which is a suite of seven key products that collectively are expected to generate more than $1 billion dollars of annualized revenue, at peak, in the next five years. Bausch Health believes these products will help drive the long-term, future growth of the Company. Recently launched in Japan, SiHy daily contact lenses are expected to be approved and launched in other areas of the world over the next few years.
Bausch Health has been working closely with the public and private sectors in support of the capacity expansions in both Waterford and Rochester. The investment in Ireland is supported by the Irish Government through IDA Ireland, the agency responsible for the attraction and development of foreign direct investment in Ireland. The investment in the Bausch + Lomb Optics Center in Rochester is being assisted by Empire State Development, the Monroe (N.Y.) County Department of Planning and Development and Rochester Gas & Electric.
It is expected that these site expansions will lead to the creation of more than 200 jobs over the next four years. Bausch Health currently employs approximately 1,350 people in Waterford and more than 1,000 people in Rochester.
|Read the full article here|