Interview with B&Lӳ CEO Gerald Ostrov

October 16, 2009 Posted by Admin


Interview with B&L’s CEO Gerald Ostrov
According to Bausch & Lomb Inc. continues to be a work in progress two years after it was taken over by a group of investors led by private equity firm Warburg Pincus LLC. The Rochester-based eye care company in the past year pumped millions of dollars into a new marketing campaign for its ReNu lens solution and a new line of daily disposable contact lenses as it also launched a variety of products.
B&L additionally scored a pair of legal victories that could soon get the company out from under the burden of hundreds of lawsuits regarding eye infections blamed on its discontinued ReNu with MoistureLoc lens solution. The company has settled some of the lawsuits for a total of more than $200 million, while it is fighting others. At the same time, B&L gave out no merit raises in 2009 and cut hundreds of positions worldwide, including some from its North Goodman Street plant and closed a plant in India. The company employs about 12,000 globally, including more than 1,500 in Rochester.
Despite the recession that dragged down the financial results of many companies, sales and profits for B&L have been up, though not as much as the company eventually hopes to see, CEO Gerald Ostrov said.
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