Bausch and Lomb is an American company based in Rochester, New York, specialized in medical optics like contact lenses and surgical instruments. The company was founded in 1853 and employs over 10,000 people today.
Bausch and Lomb are involved in a lawsuit with Novartis which claims to have a patent on one of Bausch and Lomb's products called PureVision. On August 2, 2002, Bausch and Lomb announced to move the production from the US to Ireland since a request to continue making and selling its contact lenses in the US while it appeals a decision in the patent lawsuit was denied by a federal appeals court.
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Bausch and Lomb received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2003, the second year of the report.
It concluded that Bausch and Lomb had made materially false and misleading financial statements in 199394 that led to an overstatement of revenue by $42.3 million and net income by at least $17.6 million or 11 per cent.
The lessons of the Bausch and Lomb case seem pertinent again in 2002, as the receding economic tide reveals how easy it is for companies to focus on the form of their financial reporting, rather than the economic substance of their activities.
Bausch and Lomb senior management denied that this was a fair interpretation of the leadership style at the company, and maintained that any problems at divisional level were aberrations.
Bausch and Lomb Optical Company (now just Bausch and Lomb, Incorporated), was founded in 1853 by John J. Bausch and Henry Lomb.
The company was renamed Bausch and Lomb but was known as the "Triple Alliance" and the new logo featured three prisms, each with the initials of the participating organizations: "B-L", "Z" and "S".
Bausch and Lomb concentrated its efforts on making rangefinders, gun sights, binoculars, trench periscopes, search light mirrors, optical glass and other materials for military use.
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