Bausch & Lomb May Shed Sunglasses Unit

Bausch & Lomb Inc., maker of Ray-Ban, Revo, Liz Claiborne and Killer Loop sunglasses, might jettison its premium fashion eye wear business to focus on eye health care. The company said it has hired investment firm Warburg Dillon Reed to advise it on options, which could include a sale, spinoff or joint venture. Eye wear sales have been hurt by a cutback in orders from retailer Sunglass Hut International Inc., Bausch & Lomb’s largest customer. In 1997, the fashion eye wear unit lost $12 million as sales slumped 6% to $467 million. Last month, the company said the unit would turn a smaller-than-expected profit this year. Bausch & Lomb also makes contact lenses, eye surgery instruments, ophthalmic drugs and hearing aids. Its sunglasses unit has 2,800 employees in the U.S., most of them in California, Texas and New York. The news sent the company’s shares surging on the New York Stock Exchange to close at $50.38, up $2.50.