Bausch & Lomb agrees to sell dental implant business.ROCHESTER, N.Y.--(BUSINESS WIRE)--July 23, 1996--Bausch & Lomb (NYSE NYSE See: New York Stock Exchange :BOL BOL Bolivia (ISO Country code) BOL Books Online BOL Bole (SIL code, Nigeria) BOL Bill Of Lading BOL Beginning Of Line BOL Best Of Luck BOL Buzz Out Loud BOL Bruin Online BOL Beginning Of Life ) has signed an agreement to sell its dental implant dental implant n. An artificial tooth that is anchored in the gums or jawbone to replace a missing tooth. dental implant business, Steri-Oss(R) Inc., to the Finisterre Fund, a health care investment company. Senior management at Steri-Oss will also participate in the purchase, becoming part owners of the company once the sale is complete. Bausch & Lomb expects to record a non-recurring after-tax gain on the sale, which is scheduled to close by year's end, subject to financing. Additional financial details of the transaction are not being disclosed. Steri-Oss, which is located in Yorba Linda, California Yorba Linda is a community in Orange County, California, approximately 13 miles northeast of Downtown Santa Ana, and 40 miles southeast of Downtown Los Angeles. As of the 2000 census, the city had a total population of 58,918. , is a leading manufacturer of dental implants. The product line primarily consists of surgical and prosthetic pros·thet·ic adj. 1. Serving as or relating to a prosthesis. 2. Of or relating to prosthetics. prosthetic serving as a substitute; pertaining to prostheses or to prosthetics. devices used in the replacement of missing teeth. The subsidiary has been a viable business averaging nearly 30% annual revenue growth since it was acquired by Bausch & Lomb in 1993. "We are well positioned to achieve our goal of global leadership in the dental implant industry," said Kenneth A. Darienzo, president of Steri-Oss. "We are excited about our future with the Finisterre Fund. It is a great opportunity for everyone involved." "Under Ken Darienzo's management team, Steri-Oss has seen significant growth as a subsidiary of Bausch & Lomb. The business continues to have good growth and earnings potential," said William H. Waltrip, Bausch & Lomb's chairman and chief executive officer. "However, it is not strategically linked to our core vision-care businesses. The sale of Steri-Oss allows Bausch & Lomb to further concentrate its resources on bringing more innovative vision-care products to the marketplace to meet the needs of consumers." Henry Wendt, former chairman of SmithKline Beecham and managing partner of the Finisterre Fund commented: "Steri-Oss is a strong, well-positioned company with a major market share in a rapidly expanding sector of the health care industry. The company has an excellent management team and is a significant platform for the acquisition of related businesses and technologies in the medical products arena." The Finisterre Fund, located in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is a private equity firm investing exclusively in high growth segments of the health care industry. Steri-Oss operations will remain intact. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Wendt, the company will continue to operate the business in its current location with the existing management team. Bausch & Lomb Incorporated is a global vision care company dedicated to helping consumers see, look and feel better through innovative technology and design. Its core businesses include soft and rigid gas permeable gas permeable gas adj (lenses) → luftdurchlässig contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl , lens-care products, premium sunglasses and ophthalmic pharmaceutical products. The company is advantaged with some of the most respected brands in the world starting with its name, Bausch & Lomb(R), and including Ray-Ban(R), Arnette(TM), Curel(R), SofLens66(TM), Boston(R), and ReNu(R). Founded in 1853 in Rochester, N.Y., where it continues to have its headquarters, the company has annual revenues of approximately $2 billion and employs approximately 13,000 people in 35 countries. Bausch & Lomb products are available in more than 100 countries around the world. CONTACT: Holly Echols - B&L Richard Gumer - Finisterre Fund 716-338-8064 office 212-969-7957 office 716-473-7104 home or 800-405-5314 pager Douglas Rogers - Finisterre Fund or 212-969-7944 office Barbara Kelley - B&L or 716-338-5386 office Henry Wendt - Finisterre Fund 716-621-7141 home 707-433-5489 office or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Angela Panzarella 716-338-6025 office 716- 594-2779 home |
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