Monrovia, CA—An 8-year lease on a 26,000-square-foot building next to its current facility in Monrovia, CA, will allow STAAR Surgical Co. to consolidate its finished goods inventory and shipping departments and prepare for future growth, according to the company.
The new facility, which STAAR expects to be under lease by November, will be connected to the company’s current 44,000-square-foot facility via two direct hallways and will add 57 parking spots.
“With the new building, we have gained flexibility in our working processes that will help drive enhanced efficiencies and productivity,” said Barry G. Caldwell, president and chief executive officer of STAAR. “For example, the sales, marketing, research and development, and regulatory functions will be positioned in the same work area to enhance communications and working relations.”
The company began the consolidation project more than 2 years ago and expects to complete it by the end of 2013. The manufacturing of its implantable contact lens ([ICL] Visian Implantable Collamer Lens) and preloaded IOLs will move to Monrovia from Nidau, Switzerland, and Ichikawa City, Japan, respectively, and the process associated with the raw material of the collagen copolymer used in the ICL will move from Aliso Viejo, CA.
The company expects the changes to add to the expanding gross margin percentage as well as reduce the company’s tax rate from 50% in 2011 to 10% in 2014. The cost savings over 7 years is expected to exceed $100 million, according to STAAR.
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