Bausch & Lomb completes sale of Sports Optics business to Worldwide Sports and Recreation Inc.ROCHESTER, N.Y.--(BUSINESS WIRE)--May 1, 1995--Bausch & Lomb (NYSE/BOL) today announced it has concluded the sale of its Sports Optics Division to Worldwide Sports and Recreation, Inc., an affiliate of Pexco Holdings. Total consideration included approximately $78 million in cash paid at closing, plus future payments and securities of Worldwide Sports and Recreation, Inc. Bausch & Lomb's Sports Optics Division, headquartered in Overland Park, Kansas Overland Park is the second most populous city in the U.S. state of Kansas. It is located in Johnson County, a satellite city of Kansas City, and is near Olathe, Lenexa, Prairie Village and Leawood. In 2006, the estimated population is 167,500. , markets a full line 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, telescopes, spotting scopes A spotting scope is a portable telescope, optimized for the observation of terrestrial objects. The magnification of a spotting scope is typically on the order of 20X to 60X. and sporting glasses under well-known brand names including Bushnell(R), Jason(R), and Bausch & Lomb(R). The Sports Optics Division contributed approximately $110 million to Bausch & Lomb's 1994 sales. Worldwide Sports and Recreation is a diversified manufacturer, marketer and distributor of various sports and recreational consumer products. Its current operations include Crosman Corporation, the world's leading manufacturer of recreational airguns and accessories and Voit Corporation, a well-known marketer of sports and recreation products including inflatable in·flat·a·ble adj. Designed to be filled with air or gas before use: an inflatable mattress. n. An object or device that can be filled with air or gas, especially: a. balls, golf accessories and water sports water sports Urophilia, see there equipment. The company is also a shareholder of Marmot marmot, ground-living rodent of the genus Marmota, of the squirrel family, closely related to the ground squirrel, prairie dog, and chipmunk. Marmots are found in Eurasia and North America; the best-known North American marmot is the woodchuck, M. Mountain, Ltd., a leading marketer of technical outerwear for climbing and skiing enthusiasts. Bausch & Lomb expects to record a non-recurring after-tax gain of approximately $21 million, or $.36 per share, on the sale. The company had previously announced it will use the proceeds from the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). primarily to increase its ongoing repurchase of company stock in the open market. Commenting on the transaction, Daniel E. Gill, chairman and chief executive officer of Bausch & Lomb, said, "We're very pleased to see our Sports Optics business placed with an organization that offers such a good strategic fit. The synergies between these two organizations with leading products in the sports and recreation field, well-known and respected brand names and shared channels of distribution should assure the continued success of the business." 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. Leonard Pickett, president of Worldwide Sports and Recreation, Worldwide intends to continue to operate the business in its current location with the existing management team. CONTACT: Bausch & Lomb, Rochester Barbara M. Kelley, 716/338-5386 (office) 716/621-7141 (residence) or Worldwide Sports and Recreation Inc., Leonard Pickett, 918/493-7730 (office) |
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