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18 posts cut here

B&L restructures;
18 posts cut here

As part of its ongoing restructuring efforts, Bausch & Lomb Inc. plans to eliminate 18 positions in its Rochester-based Thin Film Technology Division, six of whom are taking voluntary separations. The remaining 12 are to be laid off effective July 8, spokeswoman Holly Echols said.
She said no other local layoffs are planned.
Bausch & Lomb plans also to take a $15 million restructuring charge in the second quarter, the company announced today.

B&L restructures;
18 posts cut here

As part of its ongoing restructuring efforts, Bausch & Lomb Inc. plans to eliminate 18 positions in its Rochester-based Thin Film Technology Division, six of whom are taking voluntary separations. The remaining 12 are to be laid off effective July 8, spokeswoman Holly Echols said.
She said no other local layoffs are planned.
Bausch & Lomb plans also to take a $15 million restructuring charge in the second quarter, the company announced today. (The company’s stock at midday was trading slightly lower on the New York Stock Exchange.)
The onetime, pretax charge is expected to reduce 1996 second-quarter earnings by approximately 19 cents a share, after taxes. Combined with a $27 million charge taken last December and other cost-cutting measures, the $15 million charge and accompanying restructuring are expected to save Bausch & Lomb more than $50 million in annualized operating expenses by 1998.
A major component of the restructuring reserve is the reorganization of European operations, primarily warehousing and logistics. Starting this month–and continuing over a 16-month period–Bausch & Lomb plans to consolidate its 14 distribution centers for contact lenses, solutions and sunglasses into three warehouses. The main center will be in Holland, with secondary centers in Italy and Sweden.
Approximately 90 positions will be eliminated as a result.
Nearly one-third of the restructuring reserve is attributed to severance packages and lease buyouts related to reorganizing the company’s Asia-Pacific operations and implementing its “integrated global vision-care strategy.”
The Asia-Pacific reorganization involves dividing operations into North Asia and South Asia regions, to be headquartered in Hong Kong and Malaysia, respectively. The “integrated global vision-care strategy” involves setting up alliances between Bausch & Lomb’s Contact Lens Division, Polymer Technology Corp. and Personal Products Division.
The remaining $4 million of the restructuring charge includes the thin-film job cuts–which also include roughly a dozen relocations–as well as relocations and consolidations in operations in Mexico and Spain. Also factored in are previously announced moves: realigning former Chief Administrative Officer Jay Holmes’ duties to fall under human-resources and finance operations; and consolidating back-office operations in the company’s U.S. Commercial Eyewear Division, which encompasses Bausch & Lomb’s sunglasses lines.
In addition to the restructuring charge, the company said it also will incur onetime costs of roughly $5 million in the second half of 1996. The $5 million includes operating expenses that cannot be recorded as part of the restructuring reserve: systems development, relocation and training, and the cost of maintaining redundant functions during transitions.
Bausch & Lomb is scheduled to release its second-quarter earnings report on Thursday, July 18.

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