ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Wednesday, December 6, 1995 TAG: 9512060068
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
DATELINE: ROCHESTER, N.Y.
Bausch & Lomb Inc., one of the nation's largest manufacturers of contact lenses, said Tuesday it will cut costs by $50 million, freeze senior executives' salaries and roll out new optics and health care products in an effort to recapture double-digit profit growth.
The three-year plan will result in an unspecified number of layoffs, chief executive Daniel E. Gill said. Analysts think the troubled company also is getting ready to sell off a dental-care unit that makes Interplak electric toothbrushes.
Gill, who took a 36 percent pay cut last year, is recommending that his $1 million base salary be cut an additional 10 percent.
Bausch & Lomb's 1994 profits fell 91 percent to $13.5 million, largely because of a glut of its contact lenses and sunglasses.
- Associated Press
LENGTH: Short : 27 linesby CNB