CooperVision Inc., the contact lens unit of Cooper Cos., said it will cut 570 jobs as it closes a soft contact lens manufacturing plant in Norfolk, Va.
CooperVision will record pretax restructuring charges of $25 million, including $6 million in the third quarter and $7.5 million in the fourth quarter. The rest will be taken in fiscal 2010.
The plant closing will result in annual savings of $14 million starting in 2011.
The closing of the plant, resulting from manufacturing efficiencies gained in the past year, will take place over the next 15 months.
The facility makes about 7 percent of annual lens production, and CooperVision will relocate manufacturing to Puerto Rico, the U.K. and Australia.
Source: Yahoo Finance
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