Bausch & Lomb (BOL) had hired temporary workers to ramp up production of its PureVision contact lens. The company said changing business conditions account for these latest adjustments. Plants affected by the cuts are in Waterford, Ireland; Livingston, Scotland; and Rochester, N.Y. The company did not say whether the reductions would affect results.
Bausch & Lomb Inc. is in for slower growth from new competition, a weak pipeline, financial troubles, and a recent product withdrawal, ReNu with MoistureLoc contact lens solution. ReNu Lawsuits are just the start of their problems.
As a result of ReNu litigation exposure and a huge loss in sales due to the problems with ReNu, the contact-lens provider Bausch & Lomb Inc. has delayed the filing of its Q2-2006 financial report. B&L expects the recall of a lens solution will lower its full-year results for last year.
Bausch & Lomb Inc. revised its performance criteria in its 2006 incentive compensation plan to help motivate and retain key employees using sales and cash flow targets. The contact lens corporation said the move is designed to revitalize the company's performance after its permanent withdrawal of the ReNu with MoistureLoc contact lens solution from markets in May 2006.
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