COOPERVISION, INC. COMPLETES ACQUISITION OF COASTVISION, INC.
ROCHESTER, N.Y., April 1 /PRNewswire/ -- CooperVision, Inc., a wholly-owned subsidiary of The Cooper Companies, Inc. (NYSE: COO), today announced that it has completed the acquisition of all of the outstanding capital stock of CoastVision, Inc. CoastVision, Inc. manufactures and markets a range of contact lens products, primarily custom soft toric contact lenses which are designed to correct astigmatism. The purchase of CoastVision expands CooperVision's customer base for its existing product lines, while also allowing it to enter into the specialty market of custom soft toric contact lenses -- one of the fastest growing segments of the contact lens market over the past few years. CoastVision had net sales approximately $9.6 million in fiscal year 1992. A. Thomas Bender, president of CooperVision, said, "We are very excited by this opportunity to expand and diversify our product line into additional niche markets. CoastVision is a perfect fit with CooperVision, both in terms of our respective products and markets, and our mutual commitment to providing the highest quality product to the eye care professional." CooperVision develops, manufactures and markets a range of hard and soft contact lenses in the United States and Canada. Sales of soft contact lenses represent 97 percent of CooperVision's total lens sales, of which 80 percent are conventional daily or flexible wear lenses and 20 percent are frequent replacement lenses. In fiscal 1992, CooperVision's total revenues were $27.9 million. The Cooper Companies, Inc., through CooperVision, Inc. and its other subsidiaries, develops, manufactures and markets healthcare products, including a range of contact lenses, ophthalmic pharmaceutical products and diagnostic and surgical instruments and accessories. In addition, since June of 1992 Cooper has been providing healthcare services through the ownership and operation of three psychiatric facilities and the management of three other such facilities. -0- 4/1/93 /CONTACT: Marisa A. Heine, or Peter C. Harkins of D.F. King & Co., Inc., 212-269-5550, for CooperVision, Inc./ (COO)
CO: CooperVision, Inc.; CoastVision, Inc. ST: New York IN: SU: TNM
LD-KW -- NY115 -- 2283 04/01/93 17:41 EST
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|Date:||Apr 1, 1993|
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