Eye-care company Bausch & Lomb, which is in the process of implementing 200 job cuts, has announced plans to upgrade production systems at its Waterford facility.
The company is to invest what is believed to be €6 million upgrading packing and inspection systems. The investment will be supported by IDA capital grants.
Bausch & Lomb vice-president for manufacturing Angelo Conti met with unions and management at the plant today to outline the investment and discuss the future of the plant.
“The cost-reduction agreement provides us with the opportunity to invest in the Waterford facility and better positions this facility to compete overall and develop into the future,” he said.
“With upgraded systems and an appropriately aligned cost structure in place, we will be able to turn our attention to regaining a leading market share position in contact lens and continuing the strong heritage of the Bausch & Lomb brand,” he added.
Employees at the Waterford plant last week agreed to an €18.5 million cost-cutting deal which will see up to 200 redundancies along with pay cuts, bonus cuts and a new lower pay grade.
