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B&L eyes larger profits

This article was originally published in The Tan Sheet

Executive Summary

Annual operating profits will increase by $90 mil. in 2005, with about 60% of savings realized by 2004, as a result of various cost-cutting initiatives announced July 25. Bausch & Lomb's plans include consolidation or closure of certain plants, which will eliminate roughly 325 jobs, deliver annual cost savings of $16 mil. by 2005, firm says. Other efforts include: expanding best-practice manufacturing processes on worldwide basis; consolidating all procurement activities into global function; rationalization of several contact lens, surgical products; development of global IT platform. Roughly 450 jobs will be eliminated; restructuring charges could total $20 mil. and will be recorded in Q3. B&L's second quarter sales jumped 14.1% to $458.4 mil., with net earnings more than tripling to $21.8 mil. from $6.8 mil. last year...
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