MONROVIA, Calif., Aug. 22, 2012 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses for the eye, today announced that it has signed a lease on a 26,000 square foot building immediately adjacent to its current facility in Monrovia, California. The new building will allow the Company to accommodate the needs associated with its previously announced manufacturing consolidation to Monrovia, as well as provide space for additional growth. The lease is for an eight year period beginning approximately at the end of November 2012, assuming all contingencies are met. There will be some cash charges during the fourth quarter for tenant improvements prior to taking possession, which will not affect the P&L.
"We are pleased that we are able to expand our operations within the same building complex here in Monrovia. Since our decision to consolidate manufacturing in California, we have been looking for additional space to accommodate our finished goods inventory and shipping departments within the same area as our current facility," said Barry G. Caldwell, president and CEO of STAAR. "This new building is ideal and offers significant advantages, allowing us more options for future growth while keeping all the Monrovia functions in basically the same facility for at least the next eight years."
STAAR's current facility in Monrovia is 44,000 square feet. The new building is directly adjacent to the current building, which will allow connection of the two buildings via two direct hallways. In addition, the new building comes with an additional 57 parking spots.
"With the new building, we have gained flexibility in our working processes that will help drive enhanced efficiencies and productivity," Mr. Caldwell continued. "For example, the sales, marketing, R&D and regul
|SOURCE STAAR Surgical Company|
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