UPDATE 1-Cooper Cos to close Norfolk lens plant, cut 570 jobs
* To relocate ops to Puerto Rico, UK
* Also to move part of Adelaide activities to UK
* Sees related pretax charges of $25 mln
* Sees annual cash savings of $14 mln
* Shares rise 1 pct
Aug 13 (Reuters) - Eye-care company Cooper Cos Inc's (COO.N) said its CooperVision unit will close its soft contact lens plant in Norfolk, Virginia, citing efficiencies achieved over the last year, cut 570 jobs and take related charges.
Cooper said it intends to relocate the lens manufacturing from Norfolk to Juana Diaz, Puerto Rico, and Hamble, UK over the next 15 months.
It also intends to transfer part of its contact lens manufacturing operations in Adelaide, Australia, to Hamble, UK, over the coming four months.
The company will take a pretax charge of about $25 million through 2010 related to the restructuring and expects about $10 million of it to be cash-related with minimal cash impact in fiscal 2009.
The restructuring is expected to result in cash savings of $14 million starting 2011, it said.
Cooper does not see any additional hires in either Puerto Rico or the United Kingdom.
Cooper had cut 685 manufacturing jobs in the past year.
Shares of the Pleasanton, California-based company were up 1 percent at $28.03 in morning trade Thursday on the New York Stock Exchange. (Reporting by Vidya L Nathan in Bangalore; Editing by Gopakumar Warrier)
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