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Bausch sees another deal
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October 22, 1997: 12:48 p.m. ET
Bausch & Lomb picks up its second acquisition in the last two days
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NEW YORK (CNNfn) - Bausch & Lomb can see clearly now that it will become the world's largest eye care company with its acquisition of Storz Instrument Co., announced Wednesday.
B&L said it has agreed to acquire Storz for $380 million in cash. The St. Louis, Mo.-based Storz, a subsidiary of American Home Products Corp. (AHP), makes ophthalmic surgical instruments and diagnostic equipment.
It was the second deal in as many days for B&L, which said Tuesday it will acquire Chiron Corp. for $300 million in cash.
Chiron (CHIR) is based in Claremont, Calif., and makes products used in cataract and refractive eye surgery. It had sales of $211 million in 1996.
This may not be the last of such deals for Bausch & Lomb, CEO William Carpenter said.
"We intend to continue to expand our presence in ophthalmic surgery, primarily through aggressive pursuit of additional acquisition opportunities, rather than by internal development," he said.
B&L looks for both acquisitions to be completed by early next year, pending regulatory review. The company expects both Storz and Chiron to continue operating in their current locations under the existing management.
Bausch & Lomb (BOL), based in Rochester, N.Y., becomes the largest eye care company in the world with the acquisition of Storz, a company founded in 1782 as a knife-making business.
B&L's core businesses include contact lenses and lens care products, sunglasses and ophthalmic pharmaceutical products. It has annual revenues of about $2 billion, and 13,000 employees in 35 countries.
-- by staff writer Randy Schultz
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