Bausch and Lomb is to create 50 new jobs in Co Waterford over the next 18 months.

The positions will be based at the plant of the US-owned company in Waterford city as part of a €41m investment.

The project is supported by the Department of Jobs through IDA Ireland.

J Michael Pearson, chairman and CEO of Valeant Pharmaceuticals International, said the announcement is confirmation of the company's commitment made earlier this year to continue to invest in the Waterford plant.

"Bausch and Lomb's Waterford site will continue to play a very important role in our strategy to rebuild Bausch and Lomb as one of the leading contact lens producers," he said.

"The Waterford facility is a first class manufacturing site for contact lens manufacturing and distribution, and with the new contact lens manufacturing lines, the added capacity will support both current and future demand," he added.

Earlier this year, Bausch and Lomb announced 200 redundancies along with pay cuts.

The company said the cost reductions were needed to keep the plant open.

The plant, which employs some 1,100 employees, supplies contact lenses and pharmaceutical products to markets around the world.

Local Labour Party TD Ciara Conway says today's announcement shows the company is committed to staying in the region.