Optical Prism September Optical_Prism_september_online - Page 47

Glimpses HOYA COMPLETES ACQUISITION OF PERFORMANCE OPTICS HOYA Corporation has announced the completion of the acquisition of Performance Optics, LLC, including its subsidiaries VISION EASE and Daemyung Optical. NEW LOOK VISION GROUP TO ACQUIRE IRIS New Look Vision Group has announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Iris, le groupe visuel (1990) Inc. Founded in 1990 by Dr. Francis Jean in Baie- Comeau, Que., and based in Laval, Que., Iris has grown to become a leading optometrist-based retail eye care provider across Canada with a network of 150 locations, comprising 53 corporate, 77 jointly owned and 20 franchise locations. The Iris banner is recognized nationally with locations in Quebec (82), British Columbia (36), Alberta (16), Ontario (15) and New Brunswick (1). Adjusted pro forma system-wide revenues of Iris for the twelve months ended Sept. 30, 2016, amounted to approximately $110 million while adjusted pro forma consolidated revenues for the same period amounted to approximately $60 million. The combined entity will have estimated annual system-wide revenues exceeding $315 million, es- timated consolidated annual revenues exceeding $265 million and a store network in excess of 375 locations reinforcing New Look Vision Group’s position as the largest Canadian retail optical company and the eighth largest in North America. The acquisition of Iris is expected to close on or about October 1, 2017, subject to customary closing conditions. Performance Optics is a global ophthalmic lens manufacturer specializing in polycarbonate, photochromic, polarized and high index eyeglass lenses. The acquisition complements the HOYA Life Care portfolio, further expanding both HOYA's geographic reach and product offering for its HOYA Vision Care division. Performance Optics is a global eyeglass lens manu- facturing company employing over 2,000 people around the world. With manufacturing facilities in the United States, South Korea, China, Thailand and Indonesia, Performance Optics serves the global needs of eywear customers. "Performance Optics' subsidiaries, VISION EASE and Daemyung Optical, have capabilities and cultures of innova- tion, quality and service that strongly complement HOYA's footprint and long-standing reputation in the eyewear industry," said John Weber, CEO of Performance Optics. "By joining forces, we will better meet our customers' global needs across geographies." "The closing of the Performance Optics acquisition is another key milestone for our Life Care segment," said Augustine Yee, Chief Legal Officer and Global Head of Corporate Development and Affairs at HOYA Corporation. "Performance Optics will now join HOYA Vision Care in their efforts to promote and support Eyecare and Industry Professionals with high-quality products, service and support. We also look forward to augmenting our global research & development capabilities with the creation of a new technology center of excellence outside of Thailand and Ja  F6&66WFV&W"#rCp