Valeant to cut as much as 15% of jobs after Bausch + Lomb deal

NEW YORK ? Valeant says it will eliminate as much as 15% of its work force and move Bausch + Lomb?s headquarters to New Jersey as part of its US$8.7 billion acquisition.

Valeant, which offered to buy Bausch & Lomb in May, had said it would save at least US$800 million by 2014.

In a letter to workers, Valeant says that after the deal closes, it will eliminate between 10% and 15% of positions companywide. That works out to between 1,850 and 2,775 people.

The company expects to save more than US$500 million this year. The combined company would have less than 100 corporate staff, it said.

Valeant had over 7,000 employees as of Dec. 31, a regulatory filing showed. Rochester, New York-based Bausch and Lomb employs about 11,000 people worldwide, according to its website.

The Canadian drugmaker says it will remain based in Quebec, but it will move Bausch + Lomb?s Rochester, N.Y. headquarters to New Jersey.

Valeant says it will continue to operate all of its current U.S. manufacturing locations, including those in Rochester. It added that it expects to receive regulatory approvals by early next month and hopes to close the deal as soon as possible after that.

Valeant, which expects to get regulatory nod by early August, said severance plans for the United States and Canada have been finalized.

With files from The Associated Press, Reuters

Source: http://feedproxy.google.com/~r/FP_TopStories/~3/xjiUHSNs--A/

aubrey o day johan santana viktor bout ncaa hockey role models ferdinand porsche gregg williams