The employees at Bausch & Lomb in Waterford, facing 200 redundancies and demands for a 20 per cent pay cut, are the victims of an aggressive corporate culture at Valeant, which bought Bausch & Lomb last year and is following a formula of relentless cost-cutting.
Under chief executive Mike Pearson, who took over Valeant in 2008, the company has followed a formula of mergers and acquisitions, followed by fierce rationalisation.
Pearson, a former senior executive with McKinsey Consultants,...
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