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Sen. Charles Schumer, in a letter to the owner of Bausch & Lomb Inc., has asked the private-equity firm to make sure the eye care company’s 1,700 jobs remain in Rochester.
“Regardless of the exact vision for Bausch & Lomb’s future ownership, the irreplaceable value of Rochester’s top-notch workforce in continuing the company’s success is crystal clear,” said Schumer, D-N.Y., in a statement released Thursday.
“For over 150 years, Bausch & Lomb has benefited from the dedicated Rochester workforce that has helped the company post 10 consecutive quarters of growth. I applaud the good governance exhibited by Warburg Pincus over the past five years, and I am urging them to protect Bausch & Lomb’s 1,700 jobs in Rochester ahead of a possible ownership change.”
According to reports last week, Warburg Pincus LLC has hired investment bank Goldman Sachs Group Inc. to explore opportunities to sell the eye care company.
In a letter to Warburg Pincus co-presidents Joseph Landy and Charles Kaye, Schumer asks that any exit strategy, including a sale or initial public offering, include a provision to maintain the current workforce.
“Bausch & Lomb has been in Rochester for nearly 160 years, and our commitment to the local community has not wavered,” said Adam Grossberg, vice president of global communications and investor relations for Bausch & Lomb. “We continue to invest in our state-of-the-art manufacturing facilities here in Rochester, as well as in identifying, attracting and retaining the very best local talent, which is central to Bausch & Lomb’s continued success.”
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