Newsroom
$35 Million Project to Add Up to 200 R&D Jobs
FOR RELEASE THURSDAY, JUNE 9, 2005
ROCHESTER, N.Y. Bausch & Lomb (NYSE:BOL) Chairman and CEO Ronald L. Zarrella today announced a major expansion that will nearly double the eye health company's main research and development center, located at 1400 North Goodman Street, Rochester. The $35 million project includes $25 million for new construction and $10 million for renovations, equipment and machinery.
The new two-story 75,000-square-foot glass-and-brick wing will house laboratories and offices, and allow room for a future 25,000-square-foot addition. The Company is adding up to 200 research jobs over the next two years as it continues to increase its investment in new product research and development.
One of the deciding factors to expand our worldwide R&D center here in Rochester was the outstanding assistance from New York State, Rochester Gas & Electric, the City of Rochester, Monroe County and facilitated by Greater Rochester Enterprise, said Zarrella. We thank them for their commitment to working together to improve the economic vitality of this region, and to making this an attractive location to grow our business and add jobs.?
Rochester City Council will vote June 14 on legislation to include a 22-acre portion of the Optics Center campus in the City of Rochester Empire Zone, an action that, when approved by Empire State Development, will allow Bausch & Lomb to apply for various tax incentives through the Empire Zone program. Upon passage of the legislation, groundbreaking is slated for July. Construction is scheduled for completion in early 2007. The Company also is eligible to receive a capital grant from Empire State Development.
Bausch & Lomb's expansion means more high-paying jobs for the greater Rochester area, helping to ensure that the economic base of the region remains strong. Governor George E. Pataki said. Our economic development team is pleased to have worked with the company to bring these jobs to Rochester as part of our ongoing efforts to create a pro-business and pro-growth environment that is helping to attract new investment and new opportunities.
The Bausch & Lomb R&D expansion demonstrates our commitment to continue to develop innovative products to help people see, and will facilitate our plans to increase our presence in the nearly $20 billion global eye-health market, said Praveen Tyle, Ph.D., Bausch & Lomb senior vice president and Chief Scientific Officer.
Monroe County is pleased to provide incentives for this project through COMIDA, to assist Bausch & Lomb in the expansion of its research and development efforts and the creation of new jobs locally said Monroe County Executive Maggie Brooks. Our area is a worldwide leader in optics and I applaud Bausch & Lomb for investing in our economy and for the continued commitment to our community.
Mayor William A. Johnson, Jr., said, The City of Rochester is thrilled Bausch & Lomb has decided to locate this important research and development facility and its 200 jobs in the city. This project clearly demonstrates that Bausch & Lomb is committed to the revitalization of our city and in particular, the neighborhood in and around the Company's North Goodman Street campus.
The impact of this project on the city cannot be underestimated, Johnson added. This is the home of Bausch & Lomb and our workforce has been vital to Bausch & Lomb's growth for more than 150 years. With this project, proud to say that Greater Rochester will be a significant part of Bausch & Lomb's future as well.
According to Michael A. Finney, CEO of Greater Rochester Enterprise, This announcement is another great example of collaboration among our economic development partners. Bausch & Lomb's expansion will reinforce the Greater Rochester region reputation as an R&D hub and highlight our region strength and leadership in biotechnology and optics.
Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Founded in 1853, the Company is headquartered in Rochester, New York. Bausch & Lomb's 2004 revenues were $2.2 billion; it employs approximately 12,400 people worldwide and its products are available in more than 100 countries. More information about the Company can be found on the Bausch & Lomb Web site at www.bausch.com . Copyright Bausch & Lomb Incorporated.
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