A multi-million euro development in Waterford by global eye health company Bausch and Lomb has been officially opened in Waterford by Taoiseach Leo Varadkar.

Mr Varadkar and Tánaiste Frances Fitzgerald attended the opening of the €85m extension at the facility, as demand grows for the company's disposable contact lenses.

Valeant says it has invested more than €200m in the Waterford operations, infrastructure and manufacturing line growth.

In 2014 Bausch and Lomb in Waterford was in trouble when the then new owners Valeant, a Canadian multinational, said there would need to be 200 job losses and up to 20% pay cuts for the remaining thousand or so staff.

Bausch and Lomb now employs around 1,300 people at its facility in the southeast.

Agreement was eventually reached with the unions on slightly lower pay cuts and the company agreed to invest in new facilities and an extension to the plant.

The investment, supported by the Department of Enterprise through IDA Ireland, has created 125 additional jobs, bringing the total to 300 new jobs in the past three years.