US giant buys Devon skills

The deal includes $3.2m in cash and 155,084 shares of the American company's common stock. In addition 1-800 Contacts has agreed to pay a per unit royalty to the former shareholders of VisionTec for a period of 10 years.
1-800 Contacts president Brian Bethers said his business began funding R&D into the UK company last year and commented that he had been 'extremely impressed' by the Devon-based business.
VisionTec will now trade as ClearLab UK, an affiliate of ClearLab International, the manufacturing division of 1-800 Contacts.
The acquisition will add daily disposable contact lenses to Singapore-based ClearLab International's range of frequent replacement lenses manufactured and marketed internationally.
ClearLab International President Graham Mullis, said: 'There are very few opportunities to purchase new and innovative technology in the contact lens industry, and the acquisition of VisionTec will expand the ClearLab manufacturing group.
'The proprietary manufacturing technology, Free Forming, will enable the company to produce highly consistent, quality lenses, at competitive prices. The acquisition also brings together an impressive development and manufacturing team with over 170 years of relevant contact lens experience.'
He said the team had launched many successful global contact lens products with major companies such as Hydron, Biocompatibles and Igel.
VisionTec founder Dr Alan Cooke will continue as managing director of ClearLab UK. He and the existing management team will continue to build the expertise and skill base in Plymouth to produce a range of high-comfort spherical and toric daily disposable contact lenses manufactured from a polymer called Hioxifilcon.VisionTec, Plymouth's daily disposable contact lens technology company, has been bought by 1-800 Contacts, the giant multi-million dollar US contact lens retailer.
The deal includes $3.2m in cash and 155,084 shares of the American company's common stock. In addition 1-800 Contacts has agreed to pay a per unit royalty to the former shareholders of VisionTec for a period of 10 years.
1-800 Contacts president Brian Bethers said his business began funding R&D into the UK company last year and commented that he had been 'extremely impressed' by the Devon-based business.
VisionTec will now trade as ClearLab UK, an affiliate of ClearLab International, the manufacturing division of 1-800 Contacts.
The acquisition will add daily disposable contact lenses to Singapore-based ClearLab International's range of frequent replacement lenses manufactured and marketed internationally.
ClearLab International President Graham Mullis, said: 'There are very few opportunities to purchase new and innovative technology in the contact lens industry, and the acquisition of VisionTec will expand the ClearLab manufacturing group.
'The proprietary manufacturing technology, Free Forming, will enable the company to produce highly consistent, quality lenses, at competitive prices. The acquisition also brings together an impressive development and manufacturing team with over 170 years of relevant contact lens experience.'
He said the team had launched many successful global contact lens products with major companies such as Hydron, Biocompatibles and Igel.
VisionTec founder Dr Alan Cooke will continue as managing director of ClearLab UK. He and the existing management team will continue to build the expertise and skill base in Plymouth to produce a range of high-comfort spherical and toric daily disposable contact lenses manufactured from a polymer called Hioxifilcon.VisionTec, Plymouth's daily disposable contact lens technology company, has been bought by 1-800 Contacts, the giant multi-million dollar US contact lens retailer.
The deal includes $3.2m in cash and 155,084 shares of the American company's common stock. In addition 1-800 Contacts has agreed to pay a per unit royalty to the former shareholders of VisionTec for a period of 10 years.
1-800 Contacts president Brian Bethers said his business began funding R&D into the UK company last year and commented that he had been 'extremely impressed' by the Devon-based business.
VisionTec will now trade as ClearLab UK, an affiliate of ClearLab International, the manufacturing division of 1-800 Contacts.
The acquisition will add daily disposable contact lenses to Singapore-based ClearLab International's range of frequent replacement lenses manufactured and marketed internationally.
ClearLab International President Graham Mullis, said: 'There are very few opportunities to purchase new and innovative technology in the contact lens industry, and the acquisition of VisionTec will expand the ClearLab manufacturing group.
'The proprietary manufacturing technology, Free Forming, will enable the company to produce highly consistent, quality lenses, at competitive prices. The acquisition also brings together an impressive development and manufacturing team with over 170 years of relevant contact lens experience.'
He said the team had launched many successful global contact lens products with major companies such as Hydron, Biocompatibles and Igel.
VisionTec founder Dr Alan Cooke will continue as managing director of ClearLab UK. He and the existing management team will continue to build the expertise and skill base in Plymouth to produce a range of high-comfort spherical and toric daily disposable contact lenses manufactured from a polymer called Hioxifilcon.