Bausch & Lomb are to invest in upgrading its production systems in its Waterford facility.

The announcement comes after a recent agreement with staff on a restructuring plan in a bid to keep the plant open. The workforce has been cut by 200 people while remaining staff are to receive pay cuts as well cuts to other benefits.

This investment is supported by the Department of Jobs through IDA Ireland.

Minister for Jobs Richard Bruton has welcomed the announcement saying he will continue to work with Bausch & Lomb to support further investments to secure the future of the plant and position it for future expansion and growth.

Speaking from Shanghai, Minister Bruton said "The process aimed at saving and then securing the long-term future of the Bausch & Lomb facility in Waterford has been going on for many months and involved a coordinated effort from a range of organisations and people, including the IDA, the LRC and my Department".

"Today's announcement by Bausch & Lomb that it will invest in upgrading its production systems in its Waterford plant is the latest step in this process" he added.