Essilor Announces Acquisition of LensTech and Plans for X-Cel Optical
|February 1, 2013 12:27 AM
Essilor International (ESSI: PA) announced yesterday that it has acquired
LensTech Optical, a wholesale optical laboratory in Greenwood, Ind. that generates annual revenue of $6 million. The purchase price was not disclosed.
Essilor said in a statement that it plans to provide LensTech, now an Essilor partner lab, with new technologies that will speed the distribution of its flagship brands, including Varilux and Crizal, in Indiana and other markets the lab serves in the Midwest.
An Essilor spokesperson confirmed that lab’s management team, consisting of Bill Harding, Greg Dallas and Greg Kyle, will remain in place.
Essilor also revealed additional details about its recent acquisition of an 80 percent share in X-Cel Optical, an ophthalmic lens manufacturer based in Sauk Rapids, Minn., which was previously
reported in VMail.
“The development of the X-Cel Optical product line, which fits very well with Essilor’s, will be led by the Group’s various distribution networks in the U.S., comprising both proprietary and independent laboratories, and around the world,” said Essilor. “The X-Cel Optical offer may also be moved upmarket, using Essilor’s leading-edge technologies, in particular the Crizal range of surface coatings, as a lever.”
According to Essilor, the partnership with X-Cel will enable Essilor to optimize its sourcing strategy. Additionally, Essilor and X-Cel Optical may also share their engineering skills and capabilities to optimize their production processes, the company said.
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