Cooper Eyes Growth in Asia, New Products
By VITA REED
Lake Forest-based The Cooper Cos. says it’s banking on new products, global expansion and acquisitions for growth this year.
The maker of contact lenses, surgical gear and diagnostic products said it expects sales of $380 to $400 million for the fiscal year that began in November, up 27% from a year earlier.
Cooper has targeted global expansion in contact lenses as a priority this year, according to Chief Executive Thomas Bender.
Other planned activities include:
& #149; Expanding U.S. distribution of Proclear Toric contact lenses to correct astigmatism. Proclear Torics are already in distribution in Europe and Japan.
& #149; Globally launching Proclear Aspheric, a line of lenses for patients with dry eyes.
“It’s geared to the older contact lens wearer,” Bender said, adding dry eyes often prompt older people to stop wearing contacts.
& #149; Introducing Enhancement Colors, a disposable cosmetic contact lens designed to accentuate the eyes’ natural color.
& #149; Launching frequent-replacement contact lenses in Japan in the first quarter through Rohto Pharmaceutical Co., Cooper’s Japanese marketing partner.
According to Bender, Japan makes up some $700 million of the worldwide yearly contact lens market of $3.1 billion.
“We’re (now) weak in the Far East,” he said. “For the next three to five years, in the worst-case scenario, we want to hold market share in Europe and North America and grow in the Far East.”
Cooper derives some 96% of its contact lens sales from North America and Europe.
The company counted a market value of $815 million at recent check.
The company employs about 200 people in OC, the vast majority at a Huntington Beach plant.
