Pfizer Managers Buy Laser Division, Rename It
Pfizer Inc. has sold its Pfizer Laser Systems division to an employee management group that is now running the medical laser company under the new name Premier Laser Systems, the new company announced Thursday.
Pfizer had announced plans to spin off its laser business in July, and Premier Laser Systems, still based in Irvine, was created Aug. 10. The buyout was not announced publicly until Thursday.
Financial details of the buyout were not disclosed. However, Premier President Colette Cozean said that the 45 employees will own about 25% of the company, that Pfizer retains a 10% interest and that private investors will own the remaining 65%.
Premier has raised nearly $7 million from investors to capitalize the new company, Cozean said. It expects sales of $3 million for the last five months of 1991, she said.
Premier Laser makes two different types of portable medical lasers.