Ophthalmic optics company Essilor and eyewear manufacturer Luxottica Group recently announced their plans to merge into one company reportedly operating across all segments of the eyewear industry.
According to a press release issued by Essilor, the new company called EssilorLuxottica would encompass more than 140,000 employees with sales in more than 150 countries and a posted combined net revenues of more than €15 billion.
Under terms of the agreement, Luxottica's current executive chairman Leonardo Del Vecchio, would serve as executive chairman and CEO of EssilorLuxottica, while Essilor chairman and CEO Hubert Sagnières, would serve as executive vice-chairman and deputy CEO of EssilorLuxottica with equal powers as the Chairman and CEO.
Closing of the deal is expected to occur in H2 2017, subject to satisfaction of all conditions.
Click here to read the full press release.