BAUSCH & LOMB ACQUIRES AWARD PLC, DAILY DISPOSABLE CONTACT LENS MANUFACTURER.ROCHESTER, N.Y.--(BUSINESS WIRE)--Feb. 14, 1996--Bausch & Lomb (NYSE/BOL) announced today it has acquired Award plc, a Scotland-based company which manufactures and markets a high-water, daily disposable soft contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. . The company also acquired worldwide rights to patents held by BTG BTG BIT (Built-In Test) Target Generator BTG Bridging the Gap BTG British Technology Group BtG Betreuungsgesetz (Germany) BTG Biomass Technology Group BV BTG Begbies Traynor Group plc, a technology transfer company, for methods used in Award's manufacturing process. The patented cast-mold manufacturing technology and highly efficient distribution process used by Award are specifically designed to respond to the high-volumes, short cycle times and low unit costs needed to make single-use soft contact lens wear practical and affordable for consumers. The product is sold in the United Kingdom and other European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries under the brand name "premier" as well as selected third-party labels. "This acquisition - taken together with our recent purchase of the Arnette high performance sport sunglass sun·glass n. 1. A convex lens used to focus the sun's rays and produce heat, especially for ignition. 2. sunglasses Eyeglasses with tinted or polarizing lenses to protect the eyes from the sun's glare. business - underscores Bausch & Lomb's commitment to moving quickly to bring new products to markets with high growth potential where the company is not yet well represented," said William H. Waltrip, chairman and chief executive officer of Bausch & Lomb. "The Award acquisition enhances our position as the contact lens company with the world's most comprehensive selection of products by giving us an immediate, low cost entry in the daily disposable market," said Carl E. Sassano, senior vice president and global business manager for Bausch & Lomb's contact lens business. "At the same time, the acquisition of this efficient manufacturing technology will allow us to reduce planned capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. to increase our manufacturing capacity." Bausch & Lomb's first priority, Sassano said, will be to expand the distribution of Award's product throughout Europe. Before the end of this year, the company will also apply to the U.S. Food and Drug Administration for approval to market the lens in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "The acquisition by Bausch & Lomb will allow us the opportunity to accelerate our plans for increased output and product development ahead of our original schedule, and to build a truly global market," said Award Managing Director Ronald Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , one of the company's founders. Award, which is located in Livingston, Scotland and employs approximately 100 workers, was founded by Ronald Hamilton and Technical Director William Seden, who developed the innovative technology for the "premier" lens in 1989. BTG was responsible for funding development of the technology and the implementation of a worldwide patenting strategy. With additional funding from Scottish Enterprise Scottish Enterprise is the main national[1] economic development agency of Scotland, the other being Highlands and Islands Enterprise (HIE) carries out similar functions of economic development in the Highlands and Islands of Scotland. and British Coal The British Coal Corporation was a nationalised corporation in the United Kingdom responsible for the extraction of coal. It existed, in various forms, between 1946, with the passing of the Coal Industry Nationalisation Act, and 1997, when it was officially wound up. Enterprise Ltd., the company began construction of its manufacturing facility in Scotland in 1993 and began production in 1994. Award will continue to be operated by its current management team as a subsidiary of Bausch & Lomb. Financial details of the transaction were not disclosed. CONTACT: For Further Information Contact: Media Contact: Media Contact: Barbara M. Kelley or Holly Echols 716/338-5386 (office) 716/338-8064 (office) 716/621-7141 (residence) 716/473-7104 (residence) 1-800-701-1816 (pager) or Investor Contact: Franklin T. Jepson 716/338-6025 (office) 716/461-2534 (residence) |
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