Abbott (No. 14 on the DiversityInc Top 50 Companies for Diversity list) has announced that it will sell Abbott Medical Optics, its vision care business, to Johnson & Johnson (No. 8) for $4.325 billion in cash.
"We've been actively and strategically shaping our portfolio, which has recently focused on developing leadership positions in cardiovascular devices and expanding diagnostics," said Miles D. White, chairman and chief executive officer, Abbott. "Our vision care business will be well-positioned for continued success and advancement with Johnson & Johnson, and I'd like to thank our employees for building a successful business."
Abbott's vision business has products in areas including cataract surgery, laser vision correction (LASIK) and corneal care products (contact solution, eye drops, etc.).
The net impact of this transaction is not expected to impact Abbott's overall targeted ongoing earnings per share in 2017. This targeted earnings per share excludes the expected gain on this transaction and any costs related to the transaction. The transaction is expected to close in the first quarter of 2017 and is subject to customary closing conditions, including regulatory approvals.
Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 74,000 people.
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