Essilor Expands in Sun Lens Production with the Acquisition of Polycore

Mon Jul 8, 2013 1:30am EDT

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Essilor Expands in Sun Lens Production with the Acquisition of Polycore

Regulatory News:

Essilor International (Paris:EI) has announced the acquisition of a 50% stake in Polycore Optical, one of the world’s leading sun lens producers.

Founded in 1976, Singapore-based Polycore develops and manufactures a wide range of plano sun lenses and prescription sun and clear lenses, which are sold in Asia, Europe and the United States. The company, which has 2,200 employees and revenue of around €30 million, is an Essilor supplier. It has two production plants, in Indonesia and in Malaysia, and three prescription laboratories, including an export laboratory, in Indonesia and the Netherlands.

Commenting on the acquisition, Hubert Sagnières, Essilor’s Chairman and Chief Executive Officer, said : "This agreement is in line with our eye protection and visual health strategy. Polycore’s production capacity and facilities will add to Essilor’s existing sun lens capabilities, mainly located in our BNL plants in France and at Gentex in the United States. This new partnership will allow us to offer a wider, more comprehensive range of sun products and materials, and to increase the penetration of high-performance sun lenses."

Based in France, BNL manufactures premium tinted or polarized sun lenses, mainly in polycarbonate. The Gentex subsidiary has a plant in the United States that is recognized for its expertise in the production of sun lens, particularly for curved frames.

With their ability to enhance visual comfort and clarity by protecting the eye, sun lenses form an integral part of Essilor’s mission of improving the vision of 4.2 billion people in the world, of whom 2.5 billion do not have corrective eyewear. The sun lens segment is growing around twice as fast as the corrective lens market.

In the prescription clear lens segment, the acquisition will also allow Essilor to step up its expansion in Indonesia, where one of Polycore’s prescription laboratories serves the domestic market. With fewer than one in five Indonesian residents benefitting from effectively corrected vision, the market is one of the world’s most underpenetrated. There is significant growth potential, especially for medium and high index lenses.

Polycore is fully consolidated as from July 1, 2013.

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 more than €150 million to research and innovation every year, in a commitment to continuously bring new, more effective products to market. Essilor’s flagship brands are Varilux®, Crizal®, Definity®, Xperio®, OptifogTM and Foster Grant®. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of approximately €5 billion in 2012 and employs around 50,700 people. It operates in some 100 countries with 22 plants, more than 400 prescription laboratories and edging facilities, as well as several research and development centers around the world.
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The Essilor share trades on the NYSE Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg: EI:FP.

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