Eye-care multinational company Bausch + Lomb has announced plans to invest what is believed to be nearly €6m in upgraded production systems in its Waterford facility.
The announcement follows last week's agreement with its employees on a cost reduction plan.
The plan will see 200 of the 1,100 staff taking a redundancy package, and pay cuts of around 12% for the remaining staff.
Bausch + Lomb's Vice President of Manufacturing Angelo Conti met unions and management at the plant today to outline the investment and to discuss the future of the plant.
The investment, which will be supported by IDA capital grants, will be used to upgrade packing and inspection systems.
"The cost-reduction agreement provides us with the opportunity to invest in the Waterford facility and better positions this facility to compete overall and develop into the future," Mr Conti said.
"With upgraded systems and an appropriately aligned cost structure in place, we will be able to turn our attention to regaining a leading market share position in contact lens and continuing the strong heritage of the Bausch + Lomb brand."