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Luxottica and Essilor agree 46 billion euros merger

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Staff Writer | Monday January 16, 2017 4:10AM ET
Luxottica Essilor
Merger   Under the same roof

Italy's Luxottica and France's Essilor have agreed a 46 billion euros ($49 billion) merger to create a global giant with annual revenue of more than 15 billion euros.


The deal, one of Europe's largest cross-border tie-ups, brings together Luxottica, the world's top spectacles maker with brands such as Oakley and Ray-Ban, with Essilor, the world's leading manufacturer of ophthalmic lenses.

"Finally ... two products which are naturally complementary - namely frames and lenses - will be designed, manufactured and distributed under the same roof," Luxottica's 81-year-old founder Leonardo Del Vecchio said in a statement.

By merging, the companies will be better positioned to take advantage of strong demand in a $95 billion market expected to achieve continued growth because of an aging global population and increasing awareness about eye care in Asia and Latin America.

The companies said the deal is expected to bring annual revenue benefits and cost savings in the range of 400 million euros to 600 million euros in the medium term.

 

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