Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Contact lens manufacturer, Bausch and Lomb has announced that it will cut 200 jobs at its Waterford plant. The company has said there is a possibility of more redundancies if cost-cutting proposals are not agreed. The company currently employs around 1100 people in county Waterford, making it the biggest private company employer in the county.
According to the sources, the company is also seeking pay cuts of up to 20% amongst its staff. The sources note that the proposed wage reduction come as a result of a comparison of the wage rates between the operations in Ireland and New York. The wage rates in Ireland are 30% higher than the wage rates of Bausch and Lomb’s plant in New York. The workers' union, SIPTU, has rejected this pay comparison and hopes to begin negotiations with local management.
The ERM previosuly reported on restructuring events at Bausch and Lomb in 2009 (a and b) and 2006.
Eurofound (2014), Bausch & Lomb, Internal restructuring in Ireland, factsheet number 77103, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77103.