France's Essilor Pays $1.73 bn for Two Sun Lens Firms
Essilor, the world's biggest maker of corrective eye lenses, on Monday said it has signed a deal to buy US group Transitions Optical and Italian manufacturer Intercast, for $1.73 billion (1.30 billion euros).
Transitions Optical posted sales of $814 million in 2012 and is a specialist in photochromic lenses, which darken automatically when exposed to certain types of light.
Essilor, a French group, said its purchase of 51 percent of the US company would allow it to "boost expansion in the photochromic segment, which is growing twice as fast as the optical industry, notably in Asia, Latin America and Europe".
It added that Intercast, which recorded revenues of $34 million in 2012, would add to its "positioning in the sun lens segment, which enjoys significant growth potential".
Source: Agence France Presse
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