ClearLab sale completed

1-800 Contacts has completed the transactions for the sale of its ClearLab business.

The company sold ClearLab's flat pack technology and certain other intellectual property to Menicon on June 15 and sold ClearLab's manufacturing, distribution and customer support operations to Mi Gwang Contact Lens, a Korean-based contact lens manufacturer.

Last month, a New York-based private equity group Fenway Partners announced it had acquired 1-800 Contacts for around $340m.

Menicon said this week it would manufacture the Flat Pack daily disposable lens in Singapore to export to global markets.