There will soon be a new name outside the Valeant Pharmaceuticals plant in Steinbach. The Quebec-based company has announced it is changing the company name to Bausch Companies Incorporated as part of a re-branding initiative. The change is effective in July.

Chief executive officer Joseph Papa says the name change is "a major step forward" in the company's transformation. The company's new identity comes from one of Valeant's acquisitions: the eye care products maker Bausch and Lomb.

Papa says the new name embodies a "dedication to patient health."