UPDATED Oct. 13, 2016, with details on acquisition amount.
Hoya Corp. (TYO:7741) said today it inked a deal to buy Performance Optics and its subsidiaries Vision Ease and Daemyung Optical for roughly $476 million.
The ¥48.98 billion acquisition includes Performance Optics’ ophthalmic lens manufacturing business, which includes polycarbonate, photochromic, polarized and high index eyeglass lenses, according to Tokyo-based Hoya.
“The acquisition of Performance Optics expands Hoya’s customer reach, particularly through Vision Ease’s presence in the Americas and its strengths in polycarbonate products and technologies. Performance Optics provides Hoya with additional capabilities in polycarbonate, photochromic and polarized lens technologies, as well as an expansion of our global footprint in high index lens casting to reinforce our position as a global technology leader in lens manufacturing. Importantly, we also will augment our global research & development capabilities, creating a new technology center of excellence outside of Japan,” Hoya Vision Care CEO Girts Cimermans said in a press release.
Performance Optics employs 2,000 people worldwide and has manufacturing facilities in the U.S., Korea, Thailand and Indonesia
“Performance Optics’ subsidiaries, Vision Ease and Daemyung Optical, have capabilities and cultures of innovation, quality and service that strongly complement Hoya’s footprint and long-standing reputation in the eyewear industry. By joining forces, we will better meet our customers’ global needs across geographies,” Performance Optics CEO John Weber said in prepared remarks.
“Our acquisition of Performance Optics continues Hoya’s strategic initiatives in the life care segment. Performance Optics enables Hoya to become a more broad-based leader in Vision Care, our largest division,” Hoya Corp chief legal officer Augustine Yee said in a prepared statement.
Hoya shares closed down -1.4% at ¥4,050 apiece ($39.36) in Tokyo Oct. 13.
($1 = ¥102.9)
Material from Reuters was used in this report.
