1-800 Contacts to sell ClearLab unit to Japanese, Korean firms

May 29 (Reuters) - Contact lens provider 1-800 Contacts Inc. CTAC.O said it has agreed to sell ClearLab, its international contact lens manufacturing unit, to Japanese and Korean contact lens manufacturers as part of a strategic review.

Under the agreements, ClearLab's flat pack technology and certain other intellectual property will go to Japan's Menicon Co. Ltd. and ClearLab's manufacturing, distribution and customer support operations will go to Korea's Mi Gwang Contact Lens Co. Ltd 066850.KQ.

At closing, the two transactions will provide 1-800 Contacts with $32 million in cash and $6.5 million in Mi Gwang's stock and may also result in a tax benefit of up to $13 million. (Reporting by Ratul Ray Chaudhuri in Bangalore)