EssilorLuxottica buys remaining 50% stake in Shamir Optics


French-Italian eyewear firm EssilorLuxottica has acquired Kibbutz Shamir’s remaining 50% stake in ophthalmic lens know-how firm Shamir Optical Trade Ltd. in a deal estimated within the a whole bunch of tens of millions of {dollars}. EssilorLuxoticca will now have 100% possession of Shamir Optical. Earlier than merging with Luxoticca, Essilor acquired a 50% stake within the firm (37% from Kibbutz Shamir and 13% from the general public) in 2011 for $130 million.

A letter seen by “Globes” despatched by Shamir administration to opticians mentioned the acquisition is an, “Wonderful milestone for Shamir optics as a result of now we are able to make the most of distinctive alternatives to strengthen complementary distribution networks, well-known manufacturers, and our main optical merchandise and options, which can enable Shamir to guide the market with swift business choices, and fast service and response to the market’s wants. This determination is the logical step that continues our longstanding partnership with EssilorLuxottica. It permits us to proceed to strengthen the cooperation between our business and R&D groups to be able to leverage areas of excellence and to proceed to broaden Shamir’s presence available in the market and speed up the launching of modern merchandise and options for the advantage of our prospects and customers. At current there isn’t any change in our routine actions and procedures.”

Shamir optical was based in 1972 and at this time operates in 23 international locations by 18 worldwide optical laboratories and has over 2,500 staff. In 2005, the corporate started buying and selling on Nasdaq however was delisted after Essilor acquired its 50% stake in 2011. The corporate was valued at $225 million when it held its IPO and $260 million when Essilor purchased its stake.

Shamir Optical CEO Yagen Moshe will proceed to guide the corporate and he’ll report on to EssilorLuxottica CEO Francesco Milleri. Shamir Optical can even stay a separate model with improvement and manufacturing remaining at Kibbutz Shamir within the Higher Galilee.

Lately, Shamir Optical has developed a spread of modern lenses utilizing new applied sciences together with the prevention of vapor formation on spectacles. Income has been rising in recent times, even throughout the Covid pandemic, partly because of entry into new markets in Asia.

Shamir is among the nation’s wealthiest kibbutzim. The kibbutz additionally holds a 60% stake in Shalag Industries (TASE: SALG), which focuses on carded thermos-bond and air by bonded nonwoven know-how and has a market cap of NIS 430 million.







Luxottica can be getting into Israel’s retail sector after signing a franchise settlement with Harel Wizel’s Fox-Wizel (TASE:FOX) retail chain to open Sun shades Hut shops in Israel.

Printed by Globes, Israel enterprise information – en.globes.co.il – on August 3 2022.

© Copyright of Globes Writer Itonut (1983) Ltd., 2022.


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French-Italian eyewear firm EssilorLuxottica has acquired Kibbutz Shamir’s remaining 50% stake in ophthalmic lens know-how firm Shamir Optical Trade Ltd. in a deal estimated within the a whole bunch of tens of millions of {dollars}. EssilorLuxoticca will now have 100% possession of Shamir Optical. Earlier than merging with Luxoticca, Essilor acquired a 50% stake…