Ray-Bans net cool $640M
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April 28, 1999: 9:47 a.m. ET
Bausch & Lomb selling sunglass business to Italian maker Luxottica
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NEW YORK (CNNfn) - Bausch & Lomb said Wednesday it agreed to sell its famed Ray-Ban brand and the rest of its sunglass business to Italian eyewear maker Luxottica for $640 million cash.
The brands being sold, in addition to Ray-Ban, are Revo, Arnette and Killer Loop. They will join the other brand names in Luxottica's stable, which include Vogue, Giorgio Armani, Anne Klein and Brooks Brothers. The Italian company, whose stock is traded in New York, also owns LensCrafters, one of the largest optical store chains in the United States.
The sale comes after Bausch & Lomb said in November it was considering selling its eyewear business to focus on its vision care, pharmaceutical and surgical products operations. The company, based in Rochester, N.Y., said it expects to record a profit of about $120 million, or $2.10 a share, from the sale.
It said it will try to sell its remaining non-core operations, including the Miracle Ear hearing aid business and the Charles River laboratories unit, by the end of the year.
The sale of the sunglasses unit is subject to approval by regulators. The companies said they expect to complete the deal by June 30.
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Bausch & Lomb
Luxottica
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