UITHOORN, Netherlands, March 30 /PRNewswire/ -- Hoya Corporation’s Vision Care Division, a key player in the global market for ophthalmic lenses, announced today that it signed an agreement to acquire a stake in Hill Optics (Pty) Ltd, the leading manufacturer and distributor of ophthalmic lenses in South Africa.
Hill Optics was founded in 1984 by Mr. Clifford Sher and expanded rapidly to become one of South Africa’s largest lens suppliers. From 1997 onwards Hoya and Hill Optics cooperated in South Africa under an exclusive distribution agreement. Hill Optics (Pty) Ltd employs 250 people in its three branches: Johannesburg, Durban and Cape Town.
Pending the meeting of certain legal formalities Hoya Corporation’s Vision Care Division will acquire a share of 51 percent in Hill Optics (Pty) Ltd. The company will start operations as Hoya Hill Optics South Africa (Pty) Ltd. from 2 April 2006. The existing management of Hill Optics will remain in place.
The agreement with Hill Optics allows Hoya to increase sales of high-end and premium products in the South African market. Gerald W. Bottero, President and CEO of Hoya Vision Care, said: “we are excited about the future of Hoya in South Africa and expect to see higher sales of progressive lenses due to rising disposable incomes and favorable demographic trends”.
Hoya Corporation is a global leader in information technology, vision care and medical devices. With over 24,000 employees and operations in 28 countries, Hoya recorded total sales of over JPY 308 billion in 2005. Hoya was founded in 1941 and trades on the First Section of the Tokyo Stock Exchange.
Europe
Hoya Vision Care
CONTACT: For further information please contact: Harald Hagg, GeneralManager Strategic Planning and Marketing, Tel: +31-297-514370.
