Initiatives Spur Economic Development; Approximately 700 Additional Jobs Expected at
Enlarged Juana Diaz Facility and New Manufacturing Site in Ponce
SAN RAMON, CALIF., June 6, 2023—CooperVision, one of the world’s leading contact lens manufacturers, has announced a multi-year investment plan totaling $500 million to expand its operations in Puerto Rico. The company is launching the plan to enlarge its production facilities in Juana Diaz and to establish a global manufacturing site in Ponce, further affirming its four-decade commitment to the island.
"Our $500 million investment signals a commitment to customers, to our 2,000 local employees who are part of the great CooperVision family, and especially to the people of Puerto Rico, where we have operated and prospered since 1984. The planned investments represent a significant expansion of our global manufacturing footprint and continued positive impact on the island’s economy,” said CooperVision Executive Vice President of Global Operations Rolando Torres, during a press conference where he was joined by Secretary of the Department of Economic Development and Commerce Manuel Cidre Miranda.
In Juana Diaz, the company will convert a 22,000-square-foot warehouse for production use, installing new, high-volume, automated contact lens manufacturing cells. A second initiative will add 120,000 square feet to the current manufacturing floor, accommodating additional new manufacturing cells for substantially increased local production volumes. The third project in Juana Diaz expands CooperVision's main building by 100,000 square feet for warehousing and new packaging lines.
In Ponce, CooperVision is acquiring the former facilities of Roche Diagnostics, converting the location into a world-class, 115,000-square-foot hub that expands capacity to manufacture innovative soft contact lenses shipped globally, including MiSight® 1 day. Representing approximately $100 million of the total $500 million investment, the 14-acre site—with sustainable design and advanced technologies—is expected to employ 400 people in its initial operating phase. Currently available in more than 30 countries, MiSight® 1 day is the first and only soft contact lens approved* by the U.S. FDA and China NMPA to slow the progression of myopia in children aged 8-12 at the initiation of treatment. †1
“We continue to take strategic actions to maintain our global success and improve our competitiveness. The growth in local production volumes, capital investment, and job creation have been constant and forceful drivers for economic development in Puerto Rico. Today’s announcement accelerates this trajectory and deepens our longstanding commitment to the island,” said Torres. “Puerto Rico’s selection for the CooperVision expansion followed considerable study and analysis of multiple options, highlighting the extraordinary talent who lives here.”
In addition to its Puerto Rico sites, CooperVision operates major manufacturing centers in Costa Rica, Hungary, the United Kingdom, and elsewhere in the United States.
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* U.S. Indications for Use: MiSight® 1 day (omafilcon A) soft (hydrophilic) contact lenses for daily wear are indicated for the correction of myopic ametropia and for slowing the progression of myopia in children with non-diseased eyes, who at the initiation of treatment are 8-12 years of age and have a refraction of -0.75 to -4.00 diopters (spherical equivalent) with ≤ 0.75 diopters of astigmatism. The lens is to be discarded after each removal. China Indications for Use: MiSight® 1 day is indicated for the correction of myopia for patients with non-diseased phakic eyes, who at the initiation of treatment are 8-12 years of age and have a refraction of -0.75 D to -4.00 D with ≤ 0.75 diopters of astigmatism. It has the dual focal design with alternative multiple rings, which allows part of the light passing through the optical zone to focus in front of the retina, forming myopic defocus with the expectation to slow the change of axial length of the patients. Fitting and evaluation of the product should be in medical institutions by ophthalmologists with an intermediate title or above and with regular monitoring. It must be used in strict accordance with the IFU requirements.
† Compared to a single vision 1-day lens over a 3-year period.
1 Chamberlain P, et al. A 3-year Randomized Clinical Trial of MiSight Lenses for Myopia Control. Optom Vis Sci. 2019;96:556-567
About CooperVision
CooperVision, a division of CooperCompanies (NYSE:COO), is one of the world’s leading manufacturers of contact lenses. The company produces a full array of daily disposable, two-week and monthly soft contact lenses that feature advanced materials and optics, and premium rigid gas permeable lenses for orthokeratology and scleral designs. CooperVision has a strong heritage of addressing the toughest vision challenges such as astigmatism, presbyopia, childhood myopia, and highly irregular corneas; and offers the most complete portfolio of spherical, toric and multifocal products available. Through a combination of innovative products and focused practitioner support, the company brings a refreshing perspective to the marketplace, creating real advantages for customers and wearers. For more information, visit www.coopervision.com.
About CooperCompanies
CooperCompanies ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, Calif., Cooper has a workforce of more than 15,000 with products sold in over 130 countries. For more information, please visit www.coopercos.com
Forward-Looking Statements
This earnings release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding anticipated investments and planned expansions of production facilities. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.
Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are: adverse changes in the global or regional general business, political and economic conditions including the impact of continuing uncertainty and instability of certain countries, man-made or natural disasters and pandemic conditions, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items; a major disruption in the operations of our manufacturing and distribution facilities or raw material supply chain; disruptions in supplies of raw materials; and other events described in CooperCompanies’ Securities and Exchange Commission filings, including the “Business”, “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2022, as such Risk Factors may be updated in annual and quarterly filings.
CooperCompanies cautions investors that forward-looking statements reflect our analysis only on their stated date. CooperCompanies disclaims any intent to update them except as required by law.
Media Contact
Mike McDougall, APR, Fellow PRSA, FAAO
McDougall Communications for CooperVision
mike@mcdougallpr.com or +1-585-545-1815