The deal is worth $160M+.

MILAN, ITALY – Luxottica Group has acquired Barberini S.p.A., a manufacturer of optical glass sun lenses.

The transaction is valued at about 140 million euros (US $163.6 million).

With the deal, Luxottica "consolidates its strategy of focusing on excellent production facilities and 'made in Italy' quality," according to a press release. Barberini lenses have been "key to the success over time of the iconic models of Ray-Ban and Persol and an essential component for many luxury eyewear collections," Luxottica stated.

With annual net sales of about 85 million euros, Barberini controls its entire manufacturing chain, from raw material to finished lenses, with industrial sites in Abruzzo, Italy); a plant in Germany for glass melting; and advanced technologies for the production of polarizing films for sun lenses.

"Luxottica welcomes to its industrial system worldwide excellence in the production of optical glass lenses," said Leonardo Del Vecchio, executive chairman of Luxottica. "With the acquisition of Barberini we add another gem to our brands, a name that is well known throughout the industry and synonymous with top quality, innovation and ‘made in Italy’. Barberini will allow us to strengthen our technological leadership in sun and ophthalmic lenses and opens great development opportunities for the future."

The transaction is subject to customary closing conditions and is expected to be finalized by the third quarter of 2018.

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