LAVAL, Quebec, Nov. 13, 2018 /PRNewswire/ -- 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.
Forward-looking Statements
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.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@bauschhealth.com
|
lainie.keller@bauschhealth.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Bausch Health Companies Inc.