LAVAL, Quebec, Nov. 13, 2018 – 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 Waterford, Ireland and Rochester, N.Y. 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 Waterford and Rochester. The investment in Ireland is supported by the Irish Government through IDA Ireland, the agency responsible for the attraction and development of foreign direct investment in Ireland. 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.
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 approximately 1,350 people in Waterford and more than 1,000 people in Rochester.
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.”
Mark Hennessy, Bausch + Lomb Waterford site lead said, “This investment, which will create 100 new jobs, is a testament to the efforts and commitment of all employees in the Waterford facility. It enables us to take advantage of the opportunities that are emerging in the contact lens and eye health sector in the coming years. The corporation has placed enormous confidence in our team with this investment, and it is a reflection of our track record of recent performance and an acknowledgement of our commitment to continue to deliver into the future.”
“This investment will further strengthen the Waterford plant’s position in supporting Bausch + Lomb’s efforts to increase its share of the contact lens market, following an earlier investment between 2015 and 2017. That programme added 300 employees at the Waterford facility, bringing the current total employment there to 1,350. I am looking forward to the coming years as a time of great opportunity and further growth,” he added.
Welcoming the investment news, Minister for Business Enterprise and Innovation, Heather Humphreys TD, said: “I am delighted to see this investment which will result in a significant jobs boost for the South East. Bausch + Lomb is one of the best-known and most respected health care brands in the world, and I look forward to our mutually beneficial relationship continuing to develop even further in the years ahead.”
Minister of State at the Department of Business, Enterprise and Innovation, John Halligan TD, said: “Bausch + Lomb has a long and proud history in Waterford, and this significant investment reaffirms its continued commitment to the county. They are on course to have well over 1,350 people employed on the site. This investment is a great vote of confidence in what the region has to offer and I wish them well for the future.”
Martin Shanahan, CEO IDA Ireland said: “I welcome the news that Bausch + Lomb is to expand its manufacturing capabilities at its Waterford, site creating an additional 100 jobs. This adds to Ireland’s reputation in this sector; we are the second largest exporter of MedTech products in Europe with 33 per cent of the global supply of contact lenses made here. Winning investment for regional locations is a key focus for IDA Ireland and the resulting increase in employment this expansion will create is very important for the South East Region and I wish the company 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.
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