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Ocular Sciences Puerto Rico Inc history
Ocular Sciences Puerto Rico Inc company history timeline
The Institute of Caribbean Studies, established in 1958 as part of the Faculty of Social Sciences, is the first interdisciplinary research center in the region with the "Greater Caribbean" as its field of inquiry.
The senior staff of the Institute is composed of the Director and three full-time investigators. Its premier publication, Caribbean Studies, was started in 1961 and includes original works and books reviews in English, Spanish and French.
In 1983 Fruth struck out on his own and launched O.S.I.
O.S.I. became a contact lens manufacturer in September 1992 when it traded stock to acquire its primary supplier, a U.K. company called Precision Lens Laboratories Ltd. (PLL). Of particular importance was PLL's recently developed patented lens molding technology.
In 1995, in order to better compete with Johnson & Johnson's Acuvue line of contact lenses, O.S.I. introduced 55 percent water content lenses.
In 1995 O.S.I. generated sales in excess of $68 million and net income grew to 8.8 million.
In July 1996 O.S.I. was reincorporated in Delaware as Ocular Sciences, Inc. in preparation for becoming a publicly traded company.
In 1998 the company generated nearly $152 million in sales, and net income grew by a third to $30.6 million.
Next, in March 2000 Fruth attempted to sell Ocular to Wesley Jessen VisionCare Inc. as a way to take the company to the next level.
Appointing Stephen Fanning CEO in 2001
To bolster its position in Japan and gain a direct sales channel in the country, Ocular acquired assets from Seiko Contact Lens, a contact lens distributor, in 2002 at a cost of $21.7 million.
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