Kibbutz Shamir and Essilor Announce the Completion of the Acquisition Of 50% of Shamir Optical by Essilor
01 July 2011 - 4:00PM
Business Wire
Regulatory News:
Shamir Optical Industry Ltd. (Nasdaq: SHMR) (“Shamir Optical”),
Kibbutz Shamir and Essilor International (NYSE Euronext: EI)
(“Essilor”) today announced the successful acquisition of 50% of
Shamir Optical by Essilor, further to announcements of October 15,
2010. The closing follows the approval of the transaction by Shamir
Optical’s shareholders at a special meeting held on April 26, 2011
in accordance with Israeli law and the satisfaction of all closing
conditions, including the approval of the Nazareth District Court
in Israel and required regulatory approvals.
Shamir Optical is a fast growing provider of innovative products
and technology to the ophthalmic lens industry. Shamir Optical,
which will continue to be led by its current management team, will
be fully consolidated in the accounts of Essilor from July 1st.
Shamir Optical reported 2010 revenues of $158 million, generated
mainly in Europe and in the United States.
“The venture with Essilor will bring a significant acceleration
in the development of Shamir Optical,” said Amos Netzer, Chief
Executive Officer of Shamir Optical.
“The addition of Shamir Optical is fully consistent with our
strategy of expanding our product offering in the mid-tier segment.
We welcome the completion of this important acquisition, which will
strengthen our growth profile“ said Hubert Sagnières, Chief
Executive Officer of Essilor.
Shamir Optical’s shares are being delisted from the Nasdaq
Global Market and the Tel Aviv Stock Exchange.
About Shamir Optical
Shamir Optical is a leading provider of innovative products and
technology to the spectacle lens market. Shamir Optical's leading
lenses are marketed under a variety of trade names, including
Shamir Creation™, Shamir Piccolo™, Shamir Office™, Shamir
Autograph™ and Shamir Attitude™. Shamir Optical is one of the
world's pre-eminent research and development teams for progressive
lenses, molds, and complementary technologies and tools. Shamir
Optical developed software dedicated to the design of progressive
lenses. This software is based on Shamir Optical's proprietary
mathematical algorithms that optimize designs of progressive lenses
for a variety of activities and environments. Shamir Optical also
has created software tools specifically designed for research and
development and production requirements, including Eye Point
Technology software, which simulates human vision.
About Essilor
The world’s leading ophthalmic optical 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 4% of annual revenue to research and development, in a
commitment to continuously bringing new, more effective products to
market. Essilor’s flagship brands are Varilux®, Crizal®, Definity®,
Xperio®, Kodak® and Foster Grant®. It also develops and
markets equipment, instruments and services for eyecare
professionals.
Essilor reported consolidated revenue of €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.
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.
For more information, please visit www.essilor.com.
Shamir Optical Industry Ltd. (MM) (NASDAQ:SHMR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Shamir Optical Industry Ltd. (MM) (NASDAQ:SHMR)
Historical Stock Chart
From Nov 2023 to Nov 2024
