BAUSCH & LOMB ISSUED a statement tonight welcoming the approval by its employees of the cost reduction proposals.
Workers at the Waterford plant yesterday voted in favour of the cost cutting measures that will see 200 staff being let go.
However, a smaller pay cut than initially proposed will be introduced to those that remain on staff.
In a statement tonight, the company said that the cost saving measures were required to secure the future of the Waterford facility.
Following the separate votes by SIPTU and the TEEU in favour of the proposals, the CEO and Chairman of Valeant Pharmaceuticals Michael Pearson said:
I would like to express our gratitude to all employees for their support, and to their union representatives for the robust and constructive way in which they negotiated with us.
He said the savings were needed “in order to make the Waterford plant competitive and to position it for future growth. We will invest further in this facility. Our preference was always to keep the plant open, and this vote allows us to do that”.
The company added that they were grateful to the government and the IDA for their engagement and their agreement to offer grants and incentives to them in support of their “ambition to invest in the Waterford plant”.
They thanked the “constructive approach” taken by elected representatives in Waterford and also the Labour Relations Commission for their support in chairing their talks.
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