LAVAL, Quebec, Nov. 13, 2018 /CNW/ -- 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 Rochester, N.Y. and Waterford, Ireland. 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 Rochester and Waterford. 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 (RG&E). The investment in Ireland is supported by the Department of Jobs, Enterprise & Innovation through IDA Ireland, which is the agency responsible for the attraction and development of foreign direct investment in Ireland.
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 more than 1,000 people in Rochester and approximately 1,350 people in Waterford.
Damain Finn, vice president, Manufacturing and Supply Chain, Bausch + Lomb, said: "Rochester and Waterford have been collaborative partners for many decades, and both locations are now synonymous with innovation in the development and manufacture of contact lenses and eye health products that improve the quality of life for our customers. This investment will support the development of an important new line of contact lenses and represents a new chapter in the success story of collaboration and co-operation between the two sites."
"The growth of Bausch + Lomb will continue to advance the manufacturing sector in Rochester and the Finger Lakes region and create new jobs," said Lieutenant Governor Kathy Hochul. "This project will expand the company's facility and grow its contact lens business, which will help to ensure long-term growth and continued success. High-tech companies like Bausch + Lomb are providing good jobs for Rochester-area residents and continuing to move the Finger Lakes forward."
Empire State Development President, CEO and Commissioner Howard Zemsky said, "Bausch + Lomb's planned expansion, investment and continued commitment to Monroe County will add to the long term economic growth of the Finger Lakes, with jobs that reflect the region's skilled and talented workforce."
NYSEG and RG&E manager, Economic Development, Joseph M. Rizzo said, "Bausch + Lomb has been a long standing and valued customer of RG&E in the City of Rochester and Monroe County for many years. The decision by Bausch Health to make this state-of-the art investment and bring new jobs to Rochester, further strengthens the Finger Lakes region as a world leader in optics, photonics and imaging. Through strong collaborative partnerships, RG&E is pleased that its economic development grant assistance to help offset electric and natural gas upgrades for this project was instrumental to the success of this project. We congratulate Bausch + Lomb and Bausch Health and wish them continued success."
About Bausch + Lomb
Bausch + Lomb, a Bausch Health Companies Inc. company, is a leading global eye health organization that is solely focused on helping people see better to live better. Its core businesses include over-the-counter products, dietary supplements, eye care products, ophthalmic pharmaceuticals, contact lenses, lens care products, ophthalmic surgical devices and instruments. Bausch + Lomb develops, manufactures and markets one of the most comprehensive product portfolios in the industry, which is available in more than 100 countries. For more information, visit www.bausch.com.
About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.
This news release may contain forward-looking statements, which may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report and detailed from time to time in the Company's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. In addition, certain material factors and assumptions have been applied in making these forward-looking statements, including that the risks and uncertainties outlined above will not cause actual results or events to differ materially from those described in these forward-looking statements. The Company believes that the material factors and assumptions reflected in these forward-looking statements are reasonable, but readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
SOURCE Bausch Health Companies Inc.