Following The Recent Acquisition Of Bausch & Lomb, Schumer Gains Assurances From New Owner That Company's Core Will Remain In Rochester - That There A

Press Release

Following The Recent Acquisition Of Bausch & Lomb, Schumer Gains Assurances From New Owner That Company's Core Will Remain In Rochester - That There Are No Planned Job Cuts

Following last week's announcement that Bausch & Lomb will be acquired by the private investment firm, Warburg Pincus for $4.5 billion, today U.S. Senator Charles E. Schumer called on the new owners to protect existing jobs and expand the company's headquarters in Rochester so it will remain a vital part of the local economy. In a personal phone call to the new owners on Friday, Schumer stressed that the time was ripe for Bausch & Lomb to expand its operations in the Rochester area by taking advantage of the city's highly educated and productive workforce.

"For over 150 years, Bausch & Lomb and the City of Rochester have shared a remarkable and mutually-beneficial relationship, and today we're at a crossroads where we have a golden opportunity to build on this legacy by expanding its local operations," said Senator Schumer. "Rochester is renowned for its highly-educated workforce, and today I stressed to the new owners of Bausch & Lomb that it would be a world-class move, befitting a world class company, to take advantage of this talented workforce."

Last week it was announced that Bausch & Lomb, a leading optical company that employees 15,000 workers globally, will be purchased for $4.5 billion in cash and debt by the New York City investment firm Warburg Pincus and will be taken private. While the current acquisition agreement was approved by Bausch & Lomb shareholders, there is still a 50-day waiting period during which the company's board of directors can entertain other offers. In his conversations with Warburg Pincus LLC on Friday, Schumer was told by that the new owners that they were looking to make a long-term investment in Bausch and Lomb and hoped to grow the business. They cited Rochester's skilled workforce as a reason for their investment and stated their intention that the city would remain the core of Bausch and Lomb operations.

Since its inception in 1853 in Rochester, Bausch and Lomb has evolved into a multi-billion dollar optical company and today employs approximately 1,500 workers in the city spread between its headquarters in downtown and its manufacturing and research facilities on North Goodman Street. Recently, Bausch and Lomb invested approximately $35 million in its Goodman Street plant which created 200 jobs.

However, since 1994, Bausch and Lomb's Rochester workforce has shrunk from 4,300 to 1,500.

On Friday, with the details surrounding this week's acquisition still coming to light, Senator Schumer personally called the new prospective owners to stress the importance the company plays in Rochester's economy. He also urged them to take advantage of the city's highly-educated workforce by expanding its operations and turning around a local workforce that has been shrinking for years.

Bausch and Lomb was founded in 1853 by John Jacob Bausch and Henry Lomb and today employs over 13,000 workers. The company, a leader in technology and optical care, specializes in eye health products such as contact lenses, lens care, pharmaceuticals and surgical devices and instruments.

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