PRESS RELEASE – APRIL 2018
Acquisition of Contact Lens Precision Laboratories Ltd (CLPL) by SEED Co., Ltd (SEED)SEED Co., Ltd would like to announce the recent acquisition of Contact Lens Precision Laboratories Ltd (CLPL). As of 9th April 2018, CLPL is now a wholly owned subsidiary of SEED.
Contact Lens Precision LtdAs an optical manufacturer, CLPL produces specialty and custom lenses. The company sells to over 40 countries and has manufactured and marketed contact lenses for over 50 years from the UK. Their brand names “Ultra Vision” and “Kerasoft” are the leading custom-made soft contact lenses on the market, globally acknowledged by prescribing opticians and those who wear contact lenses, but a particularly renowned name in Europe and the United States. SEED has plans to develop higher quality contact lenses by utilising CLPL’s advanced design and optical analysis technology. SEED also intends to expand its UK and Irish sales, two of the largest disposable contact lens markets in Europe, in which the company had previously experienced only limited sales results. CLPL also plans to utilise SEED’s skills and specific knowledge on the mass production of disposable contact lenses in the specialised soft lens industry. CLPL has strengths in the latter, so they can expand specialty lens manufacture but apply greater price competitiveness. It will also allow CLPL to take advantage of SEED’s marketing network, particularly in Asia.
SEED and CLPLThe decision to join forces was driven by the understanding that both companies need effective mass production to fuel the demand for small-sized custom and specialty lenses. SEED and CLPL will therefore shortly establish a “100 days Committee”, to further enhance a strong and mutually beneficial business collaboration and also form concrete action plans for each relevant area of business. Diane Angell and John Clamp, Joint Chief Executive Officers of CLPL and Ultra Vision respectively, will continue as Joint CEO of CLPL and Ultra Vision after CLPL becomes a subsidiary of SEED. Both CEOs will continue to leverage their expertise as manufacturers of custom and specialty lenses, to ultimately expand the joint businesses. SEED will in turn send a number of non-executive directors to CLPL and Ultra Vision and exchange junior engineers with Ultra Vision.
Future Plans in EuropeSEED currently promotes sales of their products in The Netherlands, Germany, Italy, Switzerland, Portugal, Denmark, Norway and Sweden. They have previously only tested the market in the UK but the acquisition will allow SEED to accelerate a full-fledged sales campaign in the UK and also initiate sales in Ireland. This acquisition will not impact SEED’s consolidated financial results for the fiscal year end in March 2018. After closer examination, SEED will announce the impact to the forecast of SEED’s consolidated financial results of FY2019, when the summary of financial statement is announced in May 2018.
SEED only supply contact lenses to registered Eye Care Professionals