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Job Losses Expected On Corporate Side of B+L

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Rochester: Job Losses Expected On Corporate Side of B+L
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If there is a full rebound from the corporate job loss, it's going to take some time to happen. That's the message from local business and financial analysts, but their main message, in light of this news, is that Rochester will survive, again.

"If you look at the past 30 years: the big three companies, Bausch & Lomb, Xerox and Kodak are not the three biggest companies anymore," said Scott Nasca, CFA, Generation Capital Management LLC.

It's no surprise to financial analyst Scott Nasca that Bausch and Lomb is being sold, slashing jobs, and moving its headquarters out of Rochester.

"Unfortunately, you don't have the strong ties of the loyalty or the brand name, back to Rochester anymore."

B+L's pending sale to the drug giant Valeant Pharmaceuticals is expected to bring several hundred layoffs on the corporate side of the business, while manufacturing on North Goodman Street is expected to remain mostly intact.

"As a mid-sized American city like this, the next world headquarters we'll have will likely be a company that starts in this region, just like B+L did, and Xerox did, and Kodak did," said Mark Peterson, CEO of Greater Rochester Enterprise.

At Greater Rochester Enterprise, it's Peterson's job to help nurture those start-ups to international growth.

"I think these buildings will fill up, over time. Maybe not as fast as some would like, but as we transition our downtown area into a new kind of business community, these areas will fill up as well," Peterson said.

Financial experts know: there are plenty of solid examples locally over the past 20 years.

"What has evolved are the PayChex of the world. The Paetecs and Windstreams of the world. You know, those are big employers and big companies that are providing the growth," said Nasca.

The sale of Bausch and Lomb to Valeant Pharmaceuticals is expected to be finalized sometime next week. At that point, we'll get a better idea of how these job cuts will all shake out. Experts say most of those cut out on the corporate side, should be able to find good local jobs.

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