Bausch & Lomb Job Cuts Top 700

ROCHESTER, N.Y., Jan. 7 -- Bausch & Lomb is cutting at least 700 jobs on a global basis, part of a restructuring program it said will cost a total of $28 million.

In the fourth quarter of 2001, the company closed contact lens manufacturing plants in Sarasota, Fla., and Madrid, Spain, resulting in the elimination of about 250 jobs. The recent restructuring activities will eliminate an additional 450 positions worldwide in the first quarter of this year. The expected cuts will be broad-based and will impact all regions and functional units.

Bausch & Lomb chairman and CEO Ronald L. Zarrella said further cuts might be needed. "It's very clear that reducing our structural costs must be one of the top near-term priorities of this management team," he said.