CHARENTON-LE-PONT, France and
KIBBUTZ SHAMIR, Israel,
July 1, 2011 /PRNewswire/ -- 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 Sagnieres, 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 euro 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 investor relations and media contacts
Jeffrey Goldberger, KCSA Strategic
Communications
Managing Partner
Phone: + 1 212 896 1249 (NY)
jgoldberger@kcsa.com
Essilor investor relations and financial
communications
Veronique Gillet, SVP Investor
Relations
Sebastien Leroy, Manager
Financial Communications
Phone: +33 (0)1 49 77 42 16
invest@essilor.com
Essilor media contact
Kate Philipps, VP Corporate
Communications
Phone: +33 (0)1 49 77 45 02
corporate-communication@essilor.com
SOURCE Shamir Optical Industry Ltd.