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Bausch & Lomb cuts jobs
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January 4, 2002: 11:04 a.m. ET
Eye care company to cut additional 700 jobs, lowers 4Q earnings guidance.
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NEW YORK (CNN/Money) - Struggling eye care company Bausch & Lomb unveiled a restructuring plan Friday that includes cutting another 700 jobs as the company looks to cut costs and boost its sagging bottom line.
The company said the restructuring would cost $28 million, including the job cuts, which new CEO Ronald Zarella warned were coming when he stepped in last month. The additional cuts, which amount to 7 percent of the company's workforce, come a year after Bausch & Lomb said it would slash 800 jobs.
As a result of the restructuring, Bausch & Lomb (BOL: up $1.60 to $39.27, Research, Estimates) now anticipates fourth quarter restructuring charges of $8.5 million, which will reduce earnings by 6 cents a share. Analysts polled by earnings tracker First Call anticipate a profit of 42 cents a share in the period.
The company eliminated 250 jobs in the fourth quarter The remaining 450 jobs and other restructuring moves, are expected to be completed in the first quarter.
"It's clear that reducing our structural costs must be one of the top near-term priorities of this management team," Zarrella said in a statement. "We are continuing to evaluate additional actions, beyond those identified here, in order to further reduce structure and continue to lower costs." 
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