BAUSCH & LOMB ANNOUNCES PLAN TO DIVEST SPORTS OPTICS BUSINESS; COMPANY REASSESSES STRATEGIES FOR CONSUMER ORAL CARE BUSINESS.ROCHESTER, N.Y.--(BUSINESS WIRE)--Bausch & Lomb (NYSE/BOL) announced today a number of actions to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp the company's strategic focus on core businesses and to improve long- term profitability. These measures include a decision to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. its sports optics business and to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. its consumer oral care business. Bausch & Lomb has signed a letter of intent to sell its sports optics business, which consists of binoculars binoculars Optical instrument for providing a magnified view of distant objects, consisting of two similar telescopes, one for each eye, mounted on a single frame. In most binoculars, each telescope has two prisms, which reinvert the inverted image provided by the eyepiece , riflescopes and telescopes marketed primarily in the U.S. and Canada. The parties hope to complete the transaction during the 1995 first quarter. If completed, the sale would result in a significant after-tax gain. Bausch & Lomb will use the cash proceeds to increase its ongoing repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of company stock in the open market and to retire debt. Bausch & Lomb also reported today it has evaluated a range of strategic options related to its consumer oral care business, which consists of the Interplak line of plaque removal devices and the Clear Choice brand of mouth wash. Additionally, the company has recently taken a series of actions to fundamentally restructure its oral care operations. Having completed a reassessment Reassessment The process of re-determining the value of property or land for tax purposes. Notes: Property is usually reassessed on an annual basis. You may request a "reassessment" if you disagree with your assessment. of the prospective returns for this business, the company concluded that the value of the goodwill was impaired. As a consequence, Bausch & Lomb's results for the 1994 fourth quarter and full year will include a charge to earnings of $75.0 million, with no associated tax benefit, to reduce unamortized goodwill which was recorded when Bausch & Lomb entered the oral care business through an acquisition in 1988. CONTACT: Bausch & Lomb, Rochester Franklin T. Jepson 716/338-6025 716/461-2534 (residence) |
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