Global vision care company EssilorLuxottica has announced the purchase of a South Korea company dedicated to the development, manufacturing, and sale of ophthalmic lens materials.
EssilorLuxottica’s said the purchase of PUcore would enhance its research and development (R&D) and production capabilities for the manufacturing of innovative high index, thinner, and lighter ophthalmic lenses, and ensure long term sustainable sourcing.
The EssilorLuxottica acquisition include’s PUcore’s R&D unit, a materials production facility, and a sales office in the Republic of Korea. As part of the transaction, the Group will also acquire an intellectual property portfolio in relation to the formulations of products and production processes.
“In line with our commitment to elevating standards in the research, development, and manufacturing of ophthalmic lenses, this addition will allow us to widen our portfolio of patents, technologies and know-how and extend our expertise upstream in the value chain,” EssilorLuxottica’s Chairman and CEO Francesco Milleri, and Paul du Saillant, Deputy Chief Executive Officer, said in a media statement.
“By continuing to improve the production and formulation of high index monomers, we will raise the bar for the performance and sustainability of the processes and supplies used across the entire ophthalmic industry.”
The transaction is expected to close by the end of the year, pending regulatory approvals.
