Specialty-lens maker to buy Ocular Sciences

Lake Forest, CA-Cooper Companies, the world's fourth-largest contact lens manufacturer, has set its sights on moving up a notch with the $1.2 billion purchase of Ocular Sciences, who now occupies fifth place.

Under the deal, specialty lens maker Cooper will get Ocular Sciences in a merger for stock and cash equal to $44 per share of Ocular Sciences' common stock. Cooper, which expects to post revenues in fiscal 2004 of $385 million, will pay $600 million in cash and 10.3 million new Cooper shares. Ocular Sciences projected $342.4 million in revenue for 2004.

Together, the new company expects operational synergies generating $40 million to $50 million in annual pre-tax profits and combined revenues of $930 million to $943 million in 2005.