The Cooper Companies

The Cooper Companies, Inc.
Public
Traded as NYSE: COO
S&P 500 Component
Industry Medical Devices
Predecessor Martin H. Smith Co., Cooper Tinsley Laboratories, Inc.
Founded 1958 (1958)
Headquarters Pleasanton, California
Area served
 Worldwide
Key people
 Robert S. Weiss, CEO & Director
Products Contact lenses, medical products and equipment for treating women
Revenue Increase US$1331 million (2011)[1]
Increase US$228 million (2011)[1]
Increase US$175 million (2011)[1]
Total assets Increase US$2625 million (2011)[1]
Total equity Increase US$1937 million (2011)[1]
Number of employees
 Increase 7400 (2011)[1]
Divisions CooperVision (CVI), CooperSurgical (CSI)
Website www.coopercos.com

The Cooper Companies, Inc. is a US based, multinational company in the medical specialities sector. With its headquarters in Pleasanton, California, it has over 8,000 employees[2] and consists of two subsidiaries, CooperVision (CVI) that provides contact lenses for both wearers and practitioners, and CooperSurgical (CSI) that provides products for health care professionals and establishments that are involved in women’s health care. Contact lens sales, in particular, soft toric lenses which correct astigmatism, make up for 80% of Cooper Company sales.[3] Cooper Companies, which is publicly traded on the NYSE Euronext (NYSE:COO) recently announced a revenue increase of 9% to $412.0 million for the fiscal third quarter ended July 31, 2013.[4] Cooper Companies has manufacturing facilities in the UK, Puerto Rico and New York and distributes from Rochester, NY, Fareham, UK and Liege, Belgium, among many other smaller distribution locations.

History

Originally founded in 1958 by predecessor, Martin H. Smith Co, and then incorporated as Cooper Tinsley Laboratories, Inc. in 1961, the company changed its name to Cooper Laboratories Inc. in 1967.[5] In 1979 Cooper Laboratories introduced their first soft contact lens in the United States. During a re-structuring in the 1980s, Cooper Laboratories was re-organised into three groups, CooperVision, CooperCare and CooperBiomedical, with a further group, Cooper Medical Devices Corp, added a year later. In 1987 the company adopted the name of Cooper Companies, with CooperVision existing as a subsidiary.[6] By the 1990s, through various acquisitions and expansions, the company had expanded into other areas of healthcare, including, among others, medical devices and ophthalmic pharmaceuticals.

The President and Chief Executive Officer & Director is Robert S. Weiss'.

Shareholders

Mutual fund holders 62.21% Other institutional 34.90% Individual stakeholders 1.13%[7]

Recalls

2011 – Contact lenses from the Avaira line were recalled following an investigation by the United States Food and Drug Administration into claims that the level of silicone oil residue on the contact lenses could cause blurred vision and discomfort.[8]

Litigation

In 2012 Cooper Companies, Inc settled $27.0 million on a claim brought by a group of stockholders after claims that Cooper Companies misled them about the problems they were facing with contact lenses produced overseas, contact lenses that were subsequently recalled.[9]

In 1988, Cooper Companies was involved in a case brought against them by Medical Engineering Corp, part of the Bristol-Myers Squibb Company, after they claimed that Cooper Companies had agreed to assume responsibility for breast implants that were manufactured while they still owned the business.[10] This was one of many lawsuits related to breast implants and the issue was resolved in 1993 when Medical Engineering agreed to pay all legal costs relating to breast implants, both in the future and still in dispute.

Products and Services

CooperSurgical:[11]

CooperVision®:[12]

  • ClearSight 1 Day
  • ClearSight 1 Day Toric
  • Hydrasoft Sphere
  • Hydrasoft Toric/Options
  • Vertex Sphere
  • Vertex Toric
  • Expressions Accents
  • Expressions Colors
  • Preference Sphere
  • Preference Toric
  • Preference Toric XR
  • Biomedics 55 Premier
  • Biomedics EP
  • Biomedics Toric
  • Biomedics XC
  • Frequency 38 Sphere
  • Frequency 55 Aspheric
  • Frequency 55 Multifocal
  • Frequency 55 Sphere
  • Frequency 55 Toric
  • Frequency 55 Toric XR
  • Proclear 1 Day
  • Proclear Multifocal
  • Proclear Multifocal Toric
  • Proclear Sphere
  • Proclear Toric
  • Proclear Toric XR
  • Toric lenses
  • Cosmetic lenses
  • Multifocal lenses

Cooperative Giving

Through its subsidiary, CooperVision, Cooper Companies is involved in various schemes and scholarship programmes in the UK, including the Park Sport initiative, a scheme run by Eastleigh Borough Council that offers different sporting activities to local families for free.[14] It also hosts a Student Research Scholarship which encourages optometry students to take part in contact lens-based research projects.[15]

See also

References

  1. 1 2 3 4 5 6 The Cooper Companies, Inc. (2011-12-16), Form 10-K for the fiscal year ended October 31, 2011, Washington, D.C.: U.S. Securities and Exchange Commission, File 001-08597, film 111266546, retrieved 2011-12-27
  2. ↑ The Cooper Companies | Overview
  3. ↑ The Cooper Companies | History
  4. ↑ New York Times
  5. ↑ The Cooper Companies | History
  6. ↑ FundingUniverse
  7. ↑ CNN Money
  8. ↑ The Cooper Companies | Article
  9. ↑ http://investor.coopercos.com/releasedetail.cfm?ReleaseID=466526
  10. ↑ The New York Times
  11. ↑ CooperSurgical | Our Products
  12. ↑ CooperVision
  13. ↑ En.silmoparis.com. September 26, 2013. Retrieved October 18, 2013
  14. ↑ Southern Daily Echo
  15. ↑ Optometry Today
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