The Cooper Companies Announces Agreement to Divest Aime

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PLEASANTON, Calif.— The Cooper Companies, Inc. (NYSE:COO) announced that CooperVision has reached an agreement to sell Aime, its rigid gas permeable contact lens and solutions business in Japan, to Nippon Contact Lens Inc. Financial terms of the transaction were not disclosed.

Commenting on the transaction, Robert S. Weiss, Cooper's president and chief executive officer said, "The decision to divest Aime is consistent with CooperVision's strategy to focus on its core soft contact lens business. Additionally, Aime has declining revenue and lower than average company margins. The business was obtained in 2010 as part of a very successful acquisition which included obtaining the rights to sell Biofinity in Japan."

The divestiture is subject to numerous conditions to closing and is expected to close during Cooper's fourth quarter of fiscal 2013. Cooper expects the related charge to negatively impact its fiscal 2013 GAAP earnings per share by $0.25-$0.35. This charge will be excluded from its fiscal 2013 non-GAAP earnings per share. Post divestiture, Cooper expects the transaction to be neutral to earnings per share. Aime revenues for fiscal 2012 and the first quarter of fiscal 2013 were $32.9 million and $7.2 million, respectively, the company said.