City Optical Pty Ltd, a subsidiary of Essilor Australia announced an expansion of its operations with the acquisition of a substantial stake in two local companies.
City Optical has acquired a 30 per cent stake in Precision Optics Pty Ltd, an independent prescription laboratory located on the Mid North Coast of New South Wales. The company currently employs 14 people, and will continue to be run by its current management team headed by Mr. Ted O’Neill and Mrs. Marian O’Neill.
It has also acquired a 33 per cent stake in Wallace Everett Technology Pty Ltd, a small but established independent prescription laboratory operating out of the Gold Coast which employs five people. It will continue to be run by its current management team headed by Mr. David Wallace.