Cooper to sell Japanese hard contact lens business to Nippon Contact Lens
03 Jun 2013
US medical device maker Cooper Cos over the weekend said that it would sell its rigid gas-permeable contact lens and solutions business in Japan Asahikasei Aime to Nippon Contact Lens Inc.
The California-based company did not disclose the financial terms of the sale.
Aime revenues for fiscal 2012 and the first quarter of fiscal 2013 were $32.9 million and $7.2 million, respectively.
Cooper expects the related charge to negatively impact its fiscal 2013 GAAP earnings per share by $0.25-$0.35. Post divestiture, Cooper expects the deal to be neutral to earnings per share.
"The decision to divest Aime is consistent with CooperVision's strategy to focus on its core soft contact lens business. Additionally, Aime has declining revenue and lower than average company margins. The business was obtained in 2010 as part of a very successful acquisition which included obtaining the rights to sell Biofinity in Japan," said, Robert Weiss, Cooper's president and CEO.
New York Stock Exchange-listed Cooper operates in two business segments, CooperVision and CooperSurgical.
CooperVisioffers innovative contact lens solutions with focused support for eye care practitioners. It produces a wide variety of spherical, toric and multifocal contact lenses with monthly, two-week and daily disposable replacement schedules.
In fiscal year 2011, CooperVision achieved global sales of over $1 billion.
CooperSurgical focuses on women's health and produces diagnostic and therapeutic tools needed in the diagnosis and treatment of a wide spectrum of women's health issues.
Since its inception in 1990, CooperSurgical has steadily grown its market presence and distribution system by developing and purchasing products, and acquiring companies that complement its business..
The company now has an established customer base serving well over 65 per cent of women's healthcare providers with sales in excess of $250 million.
Cooper has approximately 7,800 employees and its products are sold in over 100 countries.