Coopervision will spin off a subsidiary.

The Palo Alto-based medical-products concern said it plans to spin off, as a separate company, its optometrically related products business that makes contact-lens products. Coopervision said the move, designed to maximize shareholder value, reflects its diversification beyond eye-care products. The spun-off company will retain the name of Coopervision; the existing company will be renamed Cooper Cos.