Following numerous rumours, in mid October, Essilor International finally announced that it will purchase 50 per cent of Israeli based Shamir Optical for USD$130 million and it will consolidate Shamir into its operations once the transaction is complete.
According to reports, Mr. Amos Netzer, chief executive officer of Shamir Optical industries said, “This venture places Shamir Optical in a position to accelerate the development of new products and to strengthen its presence in the market place by using Essilor’s R&D capabilities, notably in coatings, and its worldwide distribution network. The transaction will create synergies and provide Shamir Optical with additional resources to invest in its development.”
Mr. Hubert Sagnieres, Essilor International Chief Executive Officer, said, “Shamir Optical’s range of products fits closely with Essilor’s. Thanks to our existing network, respective expertise and the potential for vertical cost synergies, our partnership will allow us to grow the worldwide optical business with innovative, new value-added products and services and to expand our offer to eye care professionals around the world. Shamir Optical will continue to produce and promote its brands, products and services as a separate business entity.”
The deal is expected to be finalised towards the middle of 2011.
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