Governor Andrew M. Cuomo today announced that Bausch + Lomb, a Valeant Pharmaceutical International Inc. company, will expand its core manufacturing and distribution services in Rochester and invest $106 million to expand its capacity for a brand new contact lens line. The companys decision will help keep 1,050 jobs in the Finger Lakes region and create an additional 100 new jobs.
Bausch + Lombs decision to triple its contact lens manufacturing business in Rochester is great news for the City and the entire region. This will bring more than $100 million in new investment into the local economy, while helping retain more than 1000 jobs in addition to creating 100 new positions. This exciting announcement further demonstrates the quality of Rochesters workforce and the Citys appeal as a place for businesses to grow and thrive. The state has worked tirelessly to ensure that this arm of Bausch + Lombs business expands here in Rochester, and todays news is a continuation of our work to create jobs and spur economic growth in the entire region.
J. Michael Pearson, Chairman and Chief Executive Officer of Valeant, said, The Governors office has been instrumental in creating a strong package that provided Valeant with incentives to grow our manufacturing lines in Rochester. We are pleased to be able to focus the production of our new silicone hydrogel contact lens in Rochester, in addition to our more mature products that patients and doctors continue to support.
Bausch + Lombs project involves the installation of two new, state-of-the-art manufacturing lines for the production of contact lens. It involves a substantial amount of interior building renovation and new infrastructure additions. Bausch + Lombs existing lens products are more than 20 years old, with one line being nearly 30 years old. A decision to move this new manufacturing line out of the country would have resulted in the immediate loss of about 300 manufacturing jobs but, more importantly, would have been the initial phase of an eventual and complete relocation of Bausch + Lombs Rochester operations out of the area.
The state package of incentives includes a $5.8 million Empire State Development (ESD) grant and up to $6.2 million in performance-based Excelsior Jobs Program tax credits from the state in return for Bausch + Lombs proposed investment and job creation commitments. Local incentive packages have been provided.
Empire State Development President, CEO & Commissioner Kenneth Adams said, Bausch & Lombs decision to partner with the state of New York to retain and create jobs is a major vote of confidence in the Rochester area and a huge win for their Rochester workforce and for the 100 new manufacturing workers they will hire. Thanks to the Monroe County IDA, the City of Rochester and Rochester Gas and Electric (RG&E)/Iberdrola USA for collaborating with us in this effort and for their strong support.
Rochester Gas & Electric (RG&E) has committed to provide $1 million in grant assistance for electric infrastructure improvements, plus up to $70,000 toward energy efficiency improvements.
Bringing manufacturing jobs to New York is critically important to the states economy and RG&E is proud to be part of this new opportunity, said Mark S. Lynch, president of NYSEG and RG&E. This project in Rochester is a prime example of why RG&E has economic development programs to spur capital investment and create jobs in upstate New York.
About Bausch + Lomb
Bausch + Lomb, a Valeant Pharmaceuticals International, Inc. company, is a leading global eye health organization that is solely focused on protecting, enhancing, and restoring peoples eyesight. Bausch + Lombs core businesses include ophthalmic pharmaceuticals, contact lenses and lens care products, and ophthalmic surgical devices and instruments. Bausch + Lomb globally develops, manufactures and markets one of the most comprehensive product portfolios in the industry, which are available in more than 100 countries.