CooperVision Closing Plant, Cuts 570 Jobs

PLEASANTON, Calif. (AP) -- CooperVision Inc., the contact lens unit of Cooper Cos., on Thursday said it will cut 570 jobs as it closes a soft contact lens manufacturing plant in Norfolk, Va.

CooperVision will record pretax restructuring charges of $25 million, including $6 million in the third quarter and $7.5 million in the fourth quarter. The rest will be taken in fiscal 2010.

The plant closing will result in annual savings of $14 million starting in 2011.

The closing of the plant, resulting from manufacturing efficiencies gained in the past year, will take place over the next 15 months.

The facility makes about 7 percent of annual lens production, and CooperVision will relocate manufacturing to Puerto Rico, the U.K. and Australia.

No additional hires will be made.

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