Connect with us

Headlines

Essilor Announces New Achievement on Path to Luxottica Merger

mm

Published

on

It’s known as a “hive down.”

CHARENTON-LE-PONT, FRANCE – The Essilor International board of directors announced that the “hive down” of Essilor’s activities is expected to be completed by the end of 2017.

Translegal.com explains that hive down is a British term meaning “the transfer of part of a company’s business to a newly created subsidiary.”

The hive down was previously approved by Essilor’s shareholders during their general meeting on May 11, according to a press release.

In the hive down, Essilor will contribute its activities and equity holdings to a subsidiary that was formerly named Delamare Sovra and has been renamed “Essilor International.”

Advertisement

According to the release: “The hive down of Essilor’s activities is a condition precedent to the contribution by Delfin of its Luxottica shares to Essilor. Once the other conditions precedent to complete the contribution of the Luxottica shares to Essilor are satisfied, Essilor will be renamed ‘EssilorLuxottica’ and will become a holding company at the top of the combined group, holding Essilor International and Luxottica.”

The governance of Essilor International will be similar to the current governance of Essilor. Hubert Sagnières will be CEO of the company, and Laurent Vacherot will be deputy CEO.

“The hive down constitutes another significant step towards the completion of the combination of Essilor and Luxottica,” Essilor states.

Luxottica, based in Milan, Italy, is the largest eyewear firm in the world, with a brand portfolio that includes names such as Ray-Ban and Oakley. Its retail division includes many well-known names, including LensCrafters, Sunglasses Hut and Pearle Vision.

Essilor, which makes lenses as well as instruments and equipment, is based in France. Its brand portfolio includes names such as Varilux, Crizal, Transitions and Foster Grant.

Advertisement

SPONSORED VIDEO

Crizal® Sapphire™ HR: Invisible Shield of Protection

Your patients’ main concerns of anti-glare, scratch resistance, and easiness to clean are covered. Crizal Sapphire HR, the latest and most advanced product in the Crizal No-Glare range, is now widely available across lab networks and through all major managed vision care providers. Crizal Sapphire HR is available with Essilor’s advanced lens designs such as Varilux® progressive lenses and Eyezen® enhanced single vision lenses. Click here to learn more. *External laboratory tests and internal technical tests – 2020. Compared to the competitor most known lens-brands by consumers (2019 external brand tracking in 11 countries). The word ’overall’ refers to anti-reflective coatings important criteria, ranked through an external quantitative consumer study – 2019.

Promoted Headlines

Advertisement

Advertisement

Subscribe

INVISIONMAG.COM
BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Advertisement

Most Popular