CHARENTON-LE-PONT, France--(BUSINESS WIRE)-- Regulatory News: Essilor (Paris:EI.PA - News) is pursuing its development in China with the signing of two new partnership agreements that represent approximately €22 million in additional revenue.
Essilor has acquired a majority interest in Jiangsu Youli Optics Co. Ltd., a manufacturer of ophthalmic lenses in Danyang that generates around €15 million in revenue a year. Youli Optics (formerly Governor Optical Co. Ltd.) has nearly 1,000 employees and operates three plants that produce lenses for the domestic market and for export.
The Company has also acquired a majority stake in another lens manufacturer, Jiangsu Seeworld Optical Co. Ltd., which has nearly €7 million in annual revenue and over 300 employees.
Following the partnership agreements signed with Wanxin and ILT, these two new transactions illustrate Essilor’s commitment to extending its presence in the mid-range segment in China, while also making its offering more competitive in the rest of Asia.
In Europe, the Company has also acquired a majority holding in Reize, which generates approximately €11 million in revenue and is a major player in the Swiss market, where it is BBGR’s long-time distributor. With 60 employees and a prescription lens laboratory equipped with the latest high-tech machines, Reize will continue to be led by the current management team.
About Essilor
The world’s leading ophthalmic optics company, Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. Its corporate mission is to enable everyone around the world to access lenses that meet his or her unique vision requirements. To support this mission, the Company allocates around €150 million to research and development every year, in a commitment to continuously bring new, more effective products to market. Essilor’s flagship brands are Varilux®, Crizal®, Definity®, Xperio®, Optifog™, and Foster Grant®. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of more than €3.9 billion in 2010 and employs 42,700 people in around 100 countries. It operates 14 plants, 332 prescription laboratories and several research and development centers around the world.
For more information, please visit www.essilor.com.
The Essilor share trades on the NYSE Euronext Paris market and is included in the CAC 40 index.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg: EI:FP.
Contact:
Essilor
Investor Relations and Financial Communications
Véronique Gillet/Sébastien Leroy, +33 1 49 77 42 16
or
Corporate Communication and Press
Kate Philipps, +33 1 49 77 45 02
