Business Briefs

Carl Zeiss Meditec acquires majority holding in IOLTech

JENA, Germany — Carl Zeiss Meditec AG has closed the transaction of acquiring a 62.69% shareholding in the French ophthalmic surgery specialist IOLTech, the company announced in a press release. The preconditions for the closing, such as the approval of the transaction by the German anti-trust authority, have been fulfilled completely, according to the announcement. Carl Zeiss Meditec and IOLTech's main shareholder, Philippe Tourrette, first announced the signature of an agreement relating to this transaction in December.

IOLTech specializes in the production and distribution of IOLs. The purchase price paid to the majority shareholder is based on a value of about US$142.9 million for 100% of the IOLTech shares, equivalent to US$119.24 per IOLTech share. This represents a premium of 15.6% on the average weighted IOLTech share price in the 3 months prior to the announcement of the takeover decision.

Carl Zeiss Meditec AG intends a complete takeover of IOLTech, according to the press release. By the end of February, Carl Zeiss Meditec was expected to submit a cash bid of the same price (US$119.67 per share) to the remaining IOLTech shareholders. If holding at least 95% of IOLTech's voting rights after this bid, Carl Zeiss Meditec AG will file a buy-out offer followed by a mandatory squeeze out of the remaining shareholders of IOLTech. The terms of both bids, however, are subject to the approval of the French securities commission AMF (Autorité des Marchés Financiers).

First quarter sales and earnings up for Carl Zeiss Meditec

JENA, Germany — Carl Zeiss Meditec announced in a press release a 6.1% increase in sales in the first quarter of the financial year. Total sales amounted to US$80.4 million (previous year: US$75.8 million). The press release stated the company successfully compensated for the adverse currency effects resulting from the ongoing weakness of the U.S. dollar. Had exchange rates remained constant, sales would have increased by 11.9% in comparison to the previous year, to US$84.8 million.

Before interest and tax earnings also improved by 10.9% from the previous year. Consolidated net income rose by 16.7%.

Diagnostic systems for ophthalmologists accounted for just under three quarters of Carl Zeiss Meditec's sales (US$59.5 million). About 17% of the first quarter sales were attributable to laser therapy systems (US$13.2 million). Services accounted for almost 10% of the Company's sales.

Nidek opens new facility in Italy

PADOVA, Italy — Nidek Technologies SRL, a wholly owned subsidiary of Nidek Co. Ltd., has announced the official inauguration of its new R&D and manufacturing facility. The president and founder of Nidek, Mr. Hideo Ozawa and other local dignitaries hosted the opening ceremonies and festivities at the new facility. The new facilities are located in the suburb of Albignasego, Italy, some 4 km south of the city of Padova. The state-of-the-art facilities were built in 2004, as larger facilities were needed for the research and development and manufacturing activities as Nidek Technologies continued to grow and expand in European and global markets.

Norwood Eyecare expands into Spain, Austria, Czech Republic, Slovakia and Taiwan

ATLANTA — Norwood Abbey Limited subsidiary Norwood EyeCare announced that as part of the global expansion of its ophthalmic product line it has appointed distributors for its Norwood EyeCare epi-keratome system for epi-LASIK in Spain, Austria, Czech Republic, Slovakia and Taiwan. These join existing distributors in Italy, Belgium, Netherlands, Luxembourg, Ireland, the United Kingdom, Mexico, Korea and Turkey.

The European distributors are responsible for territories within Europe that account for more than 200,000 procedures annually. Spain is the largest market in Europe with an average of 180,000 vision correction procedures annually. Taiwan has approximately 35,000 procedures annually.

In 2003, the worldwide ophthalmology market was US$17.8 billion of which laser vision correction is a key subset. As stated in an ophthalmic industry report, in recent years laser vision correction has witnessed a resurgence based on an improved economy and the introduction of wavefront-guided technology procedures that have allowed physicians to customize or individualize a patient's treatment.

Norwood appoints European business manager

ATLANTA — In a separate press release Norwood Abbey Limited announced it has appointed Julian Robert Maughan as Business Manager for European sales and marketing of its subsidiary Norwood EyeCare, the innovative ophthalmic devices company. Mr. Maughan brings to his new assignment more than 20 years of experience in marketing ophthalmic laser systems and other surgical technologies.

"Mr. Maughan's extensive track record in introducing innovative ophthalmic technologies and his experience with global distribution will be instrumental as we continue to expand throughout Europe," explained Michael J. Crocetta Jr., president of Norwood EyeCare.

Ziemer Ophthalmics appoints high-tech products manager

PORT, Switzerland — Ziemer Ophthalmic Systems of Switzerland announced in a press release the appointment of Dr. Werner Barth as its new manager, high-tech medical product marketing. Dr. Barth brings 12 years experience in the Swiss medical technology industry, where he has previously worked for HMT, Volpi and Sulzer Orthopedics.

Alcon posts 39.9% fourth quarter earnings growth

HUNENBERG, Switzerland — In a press release, Alcon Inc. reported global sales of US$952.7 million for the fourth quarter of 2004, an increase of 11.9% over global sales in the fourth quarter of 2003, or 8.5% excluding the impact of foreign exchange fluctuations. Reported net earnings for the fourth quarter of 2004 increased 39.9% to US$187.3 million, or US$0.60 per share on a diluted basis, compared to US$133.9 million, or US$0.43 per share, for the fourth quarter of 2003.