The Cooper Companies

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The Cooper Companies, Inc.
Public
Traded asNYSECOO
S&P 500 Member
IndustryMedical Devices
Founded1958 (1958)
HeadquartersPleasanton, California
Area served
Worldwide
Key people
Albert G. White III, President & CEO
ProductsMedical Devices
Number of employees
Increase 12,000 (2011)[1]
DivisionsCooperVision (CVI), CooperSurgical (CSI)
Websitewww.coopercos.com

The Cooper Companies, Inc. is an American company in the medical specialities sector. With its headquarters in Pleasanton, California, it has over 8,000 employees[2] and consists of two subsidiaries, CooperVision (CVI) that provides contact lenses for both wearers and practitioners, and CooperSurgical (CSI) that provides products for health care professionals and establishments that are involved in women’s health care. Contact lens sales, in particular, soft toric lenses which correct astigmatism, make up for 80% of Cooper Company sales.[3] Cooper Companies has manufacturing facilities in the UK, Puerto Rico and New York and distributes from Rochester, NY, Fareham, UK and Liege, Belgium, among many other smaller distribution locations.

History[edit]

Founded in 1958 by predecessor, Martin H. Smith Co, and then incorporated as Cooper Tinsley Laboratories, Inc. in 1961, the company changed its name to Cooper Laboratories Inc. in 1967.[4] In 1979 Cooper Laboratories introduced their first soft contact lens in the United States. During a re-structuring in the 1980s, Cooper Laboratories was re-organised into three groups, CooperVision, CooperCare and CooperBiomedical, with a further group, Cooper Medical Devices Corp, added a year later. In 1987 the company adopted the name of Cooper Companies, with CooperVision existing as a subsidiary.[5] By the 1990s, through various acquisitions and expansions, the company had expanded into other areas of healthcare, including, among others, medical devices and ophthalmic pharmaceuticals.

In May of 2018, Albert G. White III was named as Chief Executive Officer.

Shareholders[edit]

Mutual fund holders 62.21% Other institutional 34.90% Individual stakeholders 1.13%[6]

Recalls[edit]

2011 – Contact lenses from the Avaira line were recalled following an investigation by the United States Food and Drug Administration into claims that the level of silicone oil residue on the contact lenses could cause blurred vision and discomfort.[7]

Litigation[edit]

In 2012 Cooper Companies, Inc settled $27.0 million on a claim brought by a group of stockholders after claims that Cooper Companies misled them about the problems they were facing with contact lenses produced overseas, contact lenses that were subsequently recalled.[8]

In 1988, Cooper Companies was involved in a case brought against them by Medical Engineering Corp, part of the Bristol-Myers Squibb Company, after they claimed that Cooper Companies had agreed to assume responsibility for breast implants that were manufactured while they still owned the business.[9] This was one of many lawsuits related to breast implants and the issue was resolved in 1993 when Medical Engineering agreed to pay all legal costs relating to breast implants, both in the future and still in dispute.

Cooperative Giving[edit]

Through its subsidiary, Cooper Corp, Cooper Companies is involved in various schemes and scholarship programmes in the UK, including the Park Sport initiative, a scheme run by Eastleigh Borough Council that offers different sporting activities to local families for free.[10] It also hosts a Student Research Scholarship which encourages optometry students to take part in contact lens-based research projects.[11]

See also[edit]

References[edit]

  1. ^ The Cooper Companies, Inc. (2011-12-16), Form 10-K for the fiscal year ended October 31, 2011, Washington, D.C.: U.S. Securities and Exchange Commission, File 001-08597, film 111266546, retrieved 2011-12-27
  2. ^ The Cooper Companies | Overview
  3. ^ The Cooper Companies | History
  4. ^ The Cooper Companies | History
  5. ^ FundingUniverse
  6. ^ CNN Money
  7. ^ The Cooper Companies | Article
  8. ^ http://investor.coopercos.com/releasedetail.cfm?ReleaseID=466526
  9. ^ The New York Times
  10. ^ Southern Daily Echo
  11. ^ Optometry Today Archived 2013-10-19 at the Wayback Machine

External links[edit]