* To save more than $800 million
* To cut 10-15 pct of combined company's workforce
* Medicis operation to be relocated to New Jersey
July 29 Canada's Valeant Pharmaceuticals
International Inc said it would cut 10 to 15
percent jobs after buying contact lens maker Bausch & Lomb and
added that cost savings may rise from initial estimates at the
time of the deal.
Valeant, which offered to buy Bausch & Lomb Holdings for
$8.7 billion in May, had said it would save at least $800
million by 2014. The company said on Monday it expected savings
of over $800 million from the deal.
The company expects to save more than $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.
Valeant said its Medicis operations will be relocated to New
Jersey from Scottsdale, Arizona and Obagi operations will be
combined with a Bausch & Lomb location in California. Valeant
will continue to be headquartered at Laval, Quebec.
Valeant, which expects to get regulatory nod by early
August, said severance plans for the United States and Canada
have been finalized.