New owner of Bausch & Lomb eyes $800 million in cost reductions

May 29, 2013 Updated May 29, 2013 at 1:58 PM EDT

By Business First

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New owner of Bausch & Lomb eyes $800 million in cost reductions

May 29, 2013 Updated May 29, 2013 at 1:58 PM EDT

The new owner of Bausch & Lomb Inc. is looking to make $800 million in cuts.

The Rochester Business Journal reports that Valeant Pharmaceuticals International Inc. hopes to greatly reduce the Rochester company's sales, general and administrative expenses.

Those costs -- abbreviated as SG&A -- now account for about 40 percent of Bausch & Lomb's expenses. But Valeant officials say they want SG&A to be in the range of 20 percent.

Valeant's $8.7 billion acquisition of Bausch & Lomb was announced on Monday.