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Optical Co. business merger moves headquarters to New Jersey

The optical company Bausch & Lomb was recently purchased by a pharmaceutical company. As part of that business merger, the headquarters of Bausch & Lomb will be moving to New Jersey. However, with that move, there may also be cuts in the workforce.

Valeant Pharmaceuticals International made the deal to buy Bausch & Lomb back in May of this year. The deal is for $4.5 billion in cash and $4.2 billion in debt payments. The purchase could be completed as early as this August if the necessary regulatory approvals are received.

Valeant believes it will begin to see savings of approximately $500 million in 2013 and $800 million next year. Some of that savings will come from the fact that the company believes it will have no more than 100 corporate positions between the two companies. Valeant has agreed to honor severance packages already in place by Bausch & Lomb for those who have them.

The three divisions of Bausch & Lomb will be combined into one division that will be called Bausch & Lomb Eye Health. There are several possibilities for the location of the headquarters in New Jersey, but Valeant has not yet chosen a location. Valeant has its United States headquarters in Bridgewater, and Bausch & Lomb has a location in Madison. The locations are about 20 miles apart.

Regardless of where the new headquarters is located, there are sweeping changes coming to Bausch & Lomb through this business merger. Valeant Pharmaceutical International prides itself on being frugal in its business model and plans to bring those principles to its newest acquisition. This may mean some difficult cuts, but it also means that each division could enjoy at least partial autonomy in its operations.

Source: mycentraljersey.com, "Bausch & Lomb headquarters moving to New Jersey," July 31, 2013

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