Latest News and Press releases
from the optical industry - Archived
Updated
03/11/2010
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New
Optical News / Press Releases
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it works without damaging ANY lenses at a much faster speed.
FTC Bars Transitions Optical, Inc. from Using
Anticompetitive Tactics to Maintain its Monopoly in Darkening
Treatments for Eyeglass Lenses
WASHINGTON,
March 3 /PRNewswire-USNewswire/ --
Transitions Optical, Inc., the nation's leading manufacturer of
photochromic treatments that darken corrective lenses used in
eyeglasses, has agreed to stop using allegedly anticompetitive
practices to maintain its monopoly and increase prices, under a
settlement with the Federal Trade Commission announced today.
Photochromic treatments are applied to eyeglass lenses to
protect the eyes from harmful ultraviolet (UV) light. Treated
lenses darken when exposed to UV light and fade back to clear
when the UV light diminishes.
"Transitions crossed the line between aggressive competition
and illegal exclusionary conduct when it used its monopoly power
to strong-arm key distributors into exclusive agreements and
unfairly box out rivals so they could not use distributors,"
said Richard Feinstein, Director
of the FTC's Bureau of Competition. "Its actions prevented
others from competing on the merits, and consumers were forced
to pay more for these lenses as a result. Such conduct runs
afoul of the antitrust laws and is unacceptable."
In 2008, photochromic lenses constituted 18-20 percent of all
corrective lenses purchased by consumers nationwide, with sales
totaling approximately $630 million
at the wholesale level. Over the past five years, Transitions
had more than an 80 percent share of photochromic lens sales in
the United States, and its
share exceeded 85 percent in 2008.
The FTC charges that the company illegally maintained its
monopoly by engaging in exclusive dealing at nearly every level
of the photochromic lens distribution chain. First, Transitions
refused to deal with manufacturers of corrective lenses, known
as "lens casters," if they sold a competing photochromic lens.
Further down the supply chain, Transitions used exclusive and
other agreements with optical retail chains and wholesale
optical labs that restricted their ability to sell competing
lenses.
According to the FTC's complaint, Transitions' exclusionary
tactics locked out rivals from approximately 85 percent of the
lens caster market, and potentially or completely locked out
rivals from up to 40 percent or more of the retailer and
wholesale lab market.
In settling the agency's charges, Transitions has agreed to a
range of restrictions, including an agreement to stop all
exclusive dealing practices that pose a threat to competition.
These provisions will end its allegedly anticompetitive conduct
and make it easier for competitors to enter the market.
The Photochromic Lens Industry. Transitions partners
with lens casters to produce its photochromic lenses. Lens
casters provide corrective lenses to Transitions, which then
uses proprietary methods to apply patented photochromic
materials to the lenses. Transitions then sells the now
photochromic lenses back to each original lens caster. These
lens casters, in turn, sell and distribute the lenses to
consumers through wholesale labs and retailers.
Consumers have a number of options to purchase these lenses.
They can buy their lenses from independent ophthalmologists,
optometrists, and opticians, who obtain their lenses from
wholesale labs. Consumers can also buy their lenses from optical
retail chains, as well as smaller retailers, which not only sell
lenses but also typically provide their own laboratory services.
Both wholesale labs and retailers purchase their photochromic
lenses from lens casters.
The FTC's Complaint. The complaint charges that
Transitions engaged in illegal exclusionary conduct to maintain
its monopoly in the market for the development, manufacture, and
sale of photochromic treatments for corrective lenses in
the United States. As evidence
of Transitions' monopoly power, the FTC cites the company's high
market share, the significant barriers that face any new
competitor trying to break into the business, and evidence of
Transitions' ability to control prices and to exclude
competitors.
The complaint charges that Transitions aimed its exclusionary
tactics at lens casters and also at distributors further down
the supply chain. With regard to lens casters, the complaint
states that one of Transitions' main competitors, Corning Inc.,
introduced a new plastic photochromic lens called SunSensors®
in 1999. Transitions responded by terminating its supply
relationship with the first lens caster to sell SunSensors®,
and then announced a general policy to refuse to deal with any
lens caster that did not sell Transitions' lenses exclusively.
In 2005, Transitions allegedly made good on this promise when it
terminated a second lens caster, Vision-Ease Lens, that had
developed a competing photochromic treatment for use on its own
lenses called LifeRx®.
According to the FTC's complaint, Transitions' "all or
nothing" ultimatum coerced lens casters to sell Transitions'
lenses exclusively because losing the sales generated by
Transitions' lenses could jeopardize up to 40 percent or more of
a lens caster's overall profit. The complaint charges that over
85 percent of all photochromic lens sales in
the United States are made by
lens casters that sell Transitions' lenses exclusively.
The complaint also charges that Transitions used exclusionary
tactics with retailers and wholesale labs further down the
supply chain. For example, to fight the competitive threat posed
by Vision-Ease Lens' introduction of LifeRx®,
Transitions entered into long-term, exclusive agreements with
more than 50 retailers, including most of the large optical
retail chains. Transitions also reached agreements with
wholesale labs that required the labs to promote Transitions'
lenses as their "preferred" photochromic lens and to withhold
normal sales efforts for competing photochromic lenses.
In addition, Transitions' agreements with retailers and
wholesale labs generally required customers to buy all or almost
all of their photochromic lens needs from Transitions as part of
a bundle. Because no other supplier of photochromic treatments
offers a product line as broad as that offered by Transitions,
rivals were hindered from competing for these customers, the
FTC's complaint alleges.
The Proposed Settlement. The proposed settlement is
designed to end Transitions' illegal exclusive dealing and to
restore competition by making it easier for new competitors to
enter the market. Most of the provisions of the proposed
settlement will be in effect for 20 years. Most important, the
settlement generally prohibits Transitions from putting any
agreements or policies in place that limit customers' ability to
buy or sell a competing photochromic treatment, or that require
customers to give Transitions' products more favorable treatment
than a competitor's products.
The proposed settlement order also bars Transitions from
limiting the information that its customers give to consumers
about competing photochromic treatments. It also prevents
Transitions from imposing exclusivity on individual product
brands of eyeglass lenses, ensuring that lens casters and others
can sell competing photochromic treatments on the same brands of
products that they also sell with Transitions' treatments.
The proposed settlement order also limits Transitions'
ability to offer certain types of discounts. First, it prevents
Transitions from offering market share discounts that are based
on what percentage of a customer's photochromic lens sales are
Transitions' lenses. Second, it prohibits Transitions from
offering discounts that are applied retroactively once a
customer's sales reach a specific threshold. For example,
Transitions cannot provide discounts on the first 999 units that
are contingent on the customer purchasing the one-thousandth
unit. Third, the settlement order prohibits Transitions from
bundling discounts so that customers purchasing more than one
line of photochromic lenses obtain additional discounts. These
provisions will expire in 10 years.
Finally, the settlement order prohibits Transitions from
retaliating against a customer that buys or sells Transitions'
lenses on a non-exclusive basis.
The FTC vote approving the complaint and proposed consent
order was 4-0. The order will be published in the Federal
Register shortly, and will be subject to public comment for 30
days, until April 5, 2010, after
which the Commission will decide whether to make it final.
Comments can be submitted electronically at the following link:
https://public.commentworks.com/ftc/transitionsoptical.
NOTE: The Commission issues a complaint when it has "reason
to believe" that the law has been or is being violated, and it
appears to the Commission that a proceeding is in the public
interest. The issuance of a complaint is not a finding or ruling
that the respondent has violated the law. A consent order is for
settlement purposes only and does not constitute an admission of
a law violation. When the Commission issues a consent order on a
final basis, it carries the force of law with respect to future
actions. Each violation of such an order may result in a civil
penalty of up to $16,000.
Copies of the complaint, consent order, and an analysis to
aid public comment are available from the FTC's Web site at
http://www.ftc.gov
and also from the FTC's Consumer Response Center, Room 130, 600
Pennsylvania Avenue, N.W., Washington,
D.C. 20580. The FTC's Bureau of Competition works with
the Bureau of Economics to investigate alleged anticompetitive
business practices and, when appropriate, recommends that the
Commission take law enforcement action. To inform the Bureau
about particular business practices, call 202-326-3300, send an
e-mail to
ftc.gov,">antitrust@ftc.gov,
or write to the Office of Policy and Coordination, Room 383,
Bureau of Competition, Federal Trade Commission, 600
Pennsylvania Ave, N.W., Washington, DC
20580. To learn more about the Bureau of Competition, read
"Competition Counts" at
ftc.gov/competitioncounts">http://www.ftc.gov/competitioncounts.
MEDIA CONTACT: Mitchell J. Katz,
Office of Public Affairs
202-326-2161
STAFF CONTACT: Linda M. Holleran,
Bureau of Competition
Thyroid disease linked to non-stick chemicals: study
Substances used in cookware, stain- and water-proofing
By Kate Kelland, Reuters January 21, 2010 2:02am
LONDON – Scientists have linked a chemical used in consumer goods like
non-stick pans and water-resistant fabrics with thyroid disease, raising
questions about the potential health risks of exposure to the substance.
A study by British researchers found that people with high levels of the
chemical perfluorooctanoic acid (PFOA) in their blood have higher rates of
thyroid diseases – conditions which affect the body’s metabolism.
PFOA is a common chemical, used in industrial and consumer products including
non-stick cooking pans, stain-proof carpet coatings and waterproofing for
fabrics.
The study, published in the Environmental Health Perspectives journal, did
not establish whether PFOA was causing higher levels of thyroid disease.
The researchers said the link might be complex and indirect, and added that
their work highlighted a need for further studies of the human health effects of
low-level exposures to chemicals like PFOA.
“We need to know what they (these chemicals) are doing,” said Tamara
Galloway, a professor of ecotoxicology at Exeter University, who led the
research.
Previous studies of people living near sites where PFOA is manufactured have
not found an association between exposure to these chemicals and thyroid
function, and some other scientists advised caution about drawing conclusions
from the study.
“Studies like this cannot tell us that the two things are definitely linked,”
said Ashley Grossman, professor of neuroendocrinology at Queen Mary, University
of London.
“We also don’t know whether this chemical is directly affecting the thyroid.
Thyroid disease is often caused by the body’s own immune system attacking the
thyroid gland so perhaps this chemical is having some effect on the immune
system, rather than directly on the thyroid.”
The thyroid, located in the neck, is a kind of master gland, secreting
hormones affecting metabolism. People with low thyroid function may lose hair,
gain weight and feel sluggish, while those with overactive thyroids may lose
weight and feel their hearts race. Both conditions can be treated.
The British researchers looked at 3966 American adults age 20 and above whose
blood serum was sampled between 1999 and 2006 for PFOA. They found that those
with the highest PFOA concentrations (above 5.7 nanograms per millilitre) were
more than twice as likely to report current thyroid disease than individuals
with the lowest levels (below 4.0ng/ml).
Thyroid diseases are much more common in women than men, but in terms of the
link between PFOA and thyroid disease, the researchers found no difference
between the sexes.
Galloway and colleagues stressed the need for more work but said their study
suggested it is “plausible that the compounds could disrupt binding of thyroid
hormones in the blood or alter their metabolism in the liver”.
“This new evidence does not rule out the possibility that having thyroid
disease changes the way the body handles PFOA,” they added, and its presence
“might also prove to be simply a marker for some other factor associated with
thyroid disease.”
Most Anti Reflex coated eye glass lenses,
these days, have a slick top coat that makes the lens easy to
clean. This top coat has hyrophobic properties, same as
mentioned in article and is worn by about 30% of the population
worldwide, on their nose, very close to the eyes.
Perfluorooctanoic acid (PFOA), also known as C8 and
perfluorooctanoate, is a synthetic, stable perfluorinated carboxylic acid and
fluorosurfactant ........................
These coatings are marketed as Teflon and other heavily
advertised names by major optical companies.
Some of these coatings are made with polysiloxanes and
which do not contain PFOA, and will not put consumers at risk with their
glassses.
When purchasing glasses the public should makes sure that
they get a topcoat made from polysiloxanes instead the ones containing PFOA.
through their optical supplier.
Safilo: extraordinary
shareholders' meeting approves the recapitalization
plan, December 16, 2009
The shareholders' meeting approved
the recapitalization plan and the adoption of a new
Articles of Association
Safilo Group S.p.A. extraordinary
shareholders’ meeting, held yesterday in second call,
approved the recapitalization plan for the Company and
the adoption of a new Articles of Association.
The extraordinary shareholders’ meeting approved the
proposals for:
(A) A capital increase for consideration reserved to HAL
Holding N.V. for a total amount of 12,842,735.40 Euro
(inclusive of share premium), pursuant to article 2441,
par. 4, second part of the Italian Civil Code, and
within the limit of 10% of the pre-existing share
capital, through the issue of 28,539,412 ordinary
shares, at a subscription price of 0.45 Euro per share,
of which 0.25 Euro is the nominal value and 0.20 is the
share premium. The newly issued shares will have the
same characteristics of the outstanding shares,
including option rights. The reserved capital increase
must be carried out by 31st December 2010;
(B) A rights issue for consideration for a total amount
up to a maximum of 250,041,754 Euro (inclusive of share
premium), in one or more tranches, pursuant to article
2441, par. 1 of the Italian Civil Code, through the
issue of 822,505,770 ordinary shares by means of a
rights issue, at a subscription price per share of 0.304
Euro, of which 0.25 Euro is the nominal value and 0.054
is the share premium. The newly issued shares will have
the same characteristics of the outstanding shares. The
rights issue must be carried out by 31st December 2010.
HAL Holding N.V committed to subscribe the Reserved
Capital Increase to the full amount of EUR 12,842,735.40
(inclusive of share premium) and to subscribe up to a
maximum of 64.88% of all the option rights deriving from
the rights issue, up to a maximum amount of EUR 162.2
million or n. 533,625,412 total shares.
In addition, Banca IMI S.p.A. and Bayerische Hypo- und
Vereinsbank AG (Milan branch), as underwriting banks,
committed, severally and not jointly, to underwrite the
option rights pertaining to shareholders who do not
intend to exercise them, subject to the execution by HAL
Holding N.V. of the above mentioned commitments of
subscription up to a maximum of n. 533,625,412 total
shares or an amount of EUR 162.2 million - and up to a
maximum of n. 288,880,358 shares or an amount of EUR
87.8 million.
The execution of the Reserved Capital Increase and the
Rights Issue, subject to the relevant authorizations, is
envisaged to take place in the first quarter of 2010.
The new Articles of Association will be made available
to the public and sent to Borsa Italiana S.p.A. and
Consob in accordance with existing laws.
Essilor Signs
Agreement to Acquire FGX International Holdings Limited, the US Leader in
Non-Prescription Reading Glasses
CHARENTON-LE-PONT, France, December
16
/PRNewswire-FirstCall/ -- Essilor International and FGX
International Holdings Limited today announced that they have
signed an agreement whereby Essilor will acquire FGX
International, the leading designer and marketer of
non-prescription reading glasses in the United States.
Headquartered in Smithfield, Rhode Island,
FGX International reported 2008 revenue of $256 million,
generated mainly in the US and Canada, and
has approximately 375 full-time employees. Its products, which
also include sunglasses, are sold in over 68,000 retail
locations, including mass merchandisers, drugstores, ophthalmic
retailers and department stores. FGX International has a
portfolio of highly recognized eyewear brands, including Foster
Grant(R), Magnivision(R), Angel(TM), Gargoyles(R), Anarchy(R),
SolarShield(R), PolarEyes(R) and Corinne McCormack(R), and also
holds licenses for brands such as Ironman(R), Levi Strauss
Signature(R), Body Glove(R) and C9 by Champion(R).
"This acquisition is in line with Essilor's strategy of
procuring the resources needed to provide a quality offering
that covers different eyewear market segments around the world
in order to meet a wide range of needs. It also strengthens the
company's business base and enhances its growth prospects," said
Hubert Sagnieres, Essilor's COO and CEO designate. "Demand for
non-prescription reading glasses is growing. In addition, the
market fits well with our prescription lens business and is
supported by favorable demographic trends. FGX will benefit from
our international distribution network while we will leverage
FGX's brands and expertise to deploy this new offering around
the world."
Alec Taylor, CEO of FGX International
commented "This proposed merger is of major significance to FGX
International. Essilor's global reach will be of considerable
strategic value to market our products on a worldwide basis and
will greatly enhance our competitive position. Essilor's global
footprint will allow us to expand our presence in
Europe, Asia and other parts of the
world, while continuing to focus on growing our North American
sales in over-the-counter reading glasses and popular-priced
sunglasses. We also find the Essilor culture compelling and a
good fit with ours. We believe this transaction represents a
significant value for our shareholders."
The all-cash transaction is valued at approximately
$565 million, including the repayment of FGX's net debt
of approximately
$100 million. This transaction price represents
$19.75 per FGX International share.
Under the terms of the agreement, which has been approved by
both companies' Boards of Directors, FGX International will be
merged with a wholly owned subsidiary of Essilor. In addition to
the merger agreement, certain shareholders representing
approximately 33% of FGX's outstanding stock, including
Berggruen Holdings North America Ltd and the company's senior
management, have signed support agreements committing to vote in
favor of the transaction at the special meeting of shareholders
that will be called to approve the transaction.
The transaction, which is subject to regulatory approvals and
the affirmative vote of a majority of FGX's shareholders, is
expected to close in 2010.
The transaction will be financed using Essilor's cash
reserves and existing committed credit facilities.
Based on current estimates, the transaction is expected to be
accretive to Essilor's earnings per share in 2010 (before impact
of the purchase price allocation) and accretive in 2011.
Essilor International is the world leader in ophthalmic
optical products, with 2008 revenue of EUR3,074 million.
It markets a wide range of lenses under the flagship Varilux(r),
Crizal(r), Essilor(r) and Definity(r) brands to correct myopia,
hyperopia, astigmatism and presbyopia. With around 35,000
employees, Essilor operates worldwide through 15 production
sites, 293 lens finishing laboratories and local distribution
networks.
The Essilor share trades on the NYSE Euronext Paris market
and is included in the CAC 40 index.
Codes and symbols: ISIN: FR 0000121667; Reuters: ESSI.PA;
Bloomberg: EI:FP.
Additional Information and Where to Find It
FGX International Holdings Limited ("FGX") will file with the
Securities and Exchange Commission (the "SEC") a current report
on Form 8-K, which will include the merger agreement related to
the proposed merger. The proxy statement that FGX plans to file
with the SEC and mail to shareholders will contain information
about FGX, the proposed merger and related matters. SHAREHOLDERS
ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT IS
AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION THAT
SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT THE
PROPOSED MERGER. In addition to receiving the proxy statement
from FGX by mail, shareholders will be able to obtain the proxy
statement, as well as other filings containing information about
FGX, without charge, from the SEC's website at
http://www.sec.gov
or, without charge, from FGX at
http://www.fgxi.com. This announcement is not a solicitation
of a proxy.
FGX and its directors and executive officers and certain
other members of management may be deemed to be participants in
the solicitation of proxies in connection with the proposed
merger. Information concerning such participants is set forth in
the proxy statement for FGX's 2009 annual meeting of
shareholders, which was filed with the SEC on Schedule 14A on
April 4, 2009. Additional information regarding the
interests of such participants in the solicitation of proxies in
connection with the proposed merger will be included in the
proxy statement to be filed by FGX with the SEC. FGX's press
releases and other information about FGX are available at FGX's
website at
http://www.fgxi.com.
Forward-Looking Statements
Statements in this press release that are not statements of
historical fact or that express our confidence, expectations,
objectives, intentions, plans, or strategies or that are about
the merger, or otherwise anticipate the future, are
forward-looking statements. These forward-looking statements are
not guarantees of future performance, and they are subject to
risks and uncertainties that could cause actual results to
differ materially from those contemplated by the forward-looking
statements. Forward-looking statements contained in this press
release speak only as of the date hereof. We undertake no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
EU OKs Hal Holding To Buy Italian Eyewear
Maker Safilo
BRUSSELS (Dow Jones)--The European
Commission Friday cleared Dutch investment
group Hal Holding NV to buy struggling
Italian eyewear maker Safilo Group SpA (SFL.MI).
Hal, a unit of Netherlands Antilles-based
Hal Trust (HAL.AE), owned a 2% stake in
Safilo, the maker of Gucci and Dior
sunglasses.
Hal agreed in October increase its stake
in Safilo to between 37.23% and 49.9% and to
help recapitalize the debt-laden company,
injecting around EUR283 million.
-By Adam Cohen, Dow Jones Newswires; +322
741 1486; adam.cohen@dowjones.com
(Sabrina Cohen and Chiara Vasarri in
Milan contributed to this article.)
* Some bondholders said to be hoping for better
offer
* Shares up 7.7 percent
(Adds trader, bondholder comment, details)
MILAN, Nov 27 (Reuters) - Hopes that a deal
to rescue loss-making eyewear maker Safilo
would go ahead boosted the company's shares on
Friday after investor Hal Holding again gave
bondholders more time to accept its crucial
offer.
Hal Holding said on Thursday it had pushed
back until Nov. 30 a deadline to complete a
cash tender offer for the 195 million euros
($291 million) bond expiring in 2013.
[ID:nWEA3169]
It is seeking at least 60 percent acceptance
for the offer but by Thursday afternoon only
42.45 percent had been tendered.
Hal added that a lock-up agreement on 38.76
percent of the notes would end on Monday.
The holding, which has already extended the
deadline once to Friday from an original date
of Nov. 18, said it did not anticipate the
offer period being extended again.
The plan foresees Hal buying the notes for a
price equal to 60 percent of their nominal
value as well as the restructuring of Safilo's
senior debt facilities with main financing
banks.
Shares in Safilo, which makes Gucci and Dior
sunglasses, were temporarily suspended for
excessive gains on Friday morning. They were up
7.7 percent at 0.5815 euro at 1300 GMT. Its
bond was trading around 66 and 71.
One operator said some shareholders were
betting on the deal coming through after the
deadline was extended.
Some bondholders are still hoping to get a
better price from Hal, however, dealers said.
[ID:nGEE5AO2NM]
"The price is too low and there are some who
are looking to force their hand," one dealer
said.
"There are those who have the outstanding
portion needed and intend to offer it to Hal,
but asking for a higher price in return, for
example, 65 or 70, which is the market level."
Safilo, which had 586.4 million euros
($875.3 million) in debt at the end of
September, has warned that it could default on
its debt by year-end if the recapitalisation
plan fails.
Some bondholders also think that other
players such as businessman Diego Della Valle
and rival eyewear company Luxottica (LUX.MI:
Quote,
Profile,
Research) are looking at Safilo, dealers
said.
Della Valle, who holds 2 percent of Safilo
and whose family also has a stake in rival
Marcolin (MCL.MI:
Quote,
Profile,
Research), has said he was "not at all
worried" about Safilo.
Analysts have previously linked Luxottica,
the world's biggest in its field, as a
potential industrial partner for Safilo but its
CEO has said before it was not interested in
Safilo. (Reporting by Cristina Carlevaro and
Gabriella Bruschi) ($1 = 0.6699 euro) ((Milan
newsroom +39 02 6612 9507, fax +39 02 801 149,
milan.newsroom@reuters.com))
UPDATE 1-Deadline on Safilo bond
extended - Hal website
Wed Nov 18, 2009 12:48pm
EST
* Acceptance at 43.01 pct, threshold is
60 pct
* Recapitalisation plan linked to bond
offer acceptance
* Shares ended up 0.49 percent.
(Adds details, background)
MILAN, Nov 18 (Reuters) - Hal Holding's
offer for the bond of loss-making
Italian eyewear company Safilo SpA's (SFLG.MI)
fell far short of minimum acceptance
and the offer deadline is extended to
Nov. 27, Hal Holding said on Wednesday.
Hal Holding, a Safilo shareholder, had
set a 60 percent acceptance threshold
to complete the cash tender offer for
the 195 million euros ($291.9 million)
bond, key to Safilo's recapitalisation
plan.
The offer had obtained only 43.01
percent acceptance when it expired at
1600 GMT, Hal Holding, a Dutch
investment company, said on its
website.
www.halholding.com.
The offer has been extended to 1600 GMT
on Nov. 27, the statement said.
Safilo, the maker of Gucci and Dior
sunglasses, last month announced the
recapitalisation plan linked to the
cash tender offer being completed by
Wednesday's deadline.
Before the tender offer, existing
noteholders had committed to 38.76
percent of the bond.
The plan foresees Hal buying the notes
for a price equal to 60 percent of
their nominal value as well as the
restructuring of Safilo's senior debt
facilities with its main financing
banks.
Safilo had 586.4 million euros in debt
at the end of September. The shares
closed up 0.49 percent at 0.5175 euro.
(Reporting by Cristina Carlevaro,
writing by Ian Simpson; editing by
Elaine Hardcastle) ($1=.6680 Euro)
Safilo to meet
banks to discuss options-source
Wed Jul 29, 2009 5:00am EDT
MILAN, July 29 (Reuters) - Italian eyewear maker Safilo's
management will meet creditor banks on Wednesday to discuss what options the
debt-laden company has after talks with private equity funds collapsed, a
source close to the matter said. Safilo (SFLG.MI),
which has net debt of over 600 million euros, said late on Monday private
equity funds had formally withdrawn from talks without presenting any offers
and its board would meet by Aug. 4 to consider its next move.
The maker of Gucci, Dior and Armani eyewear, which has
been looking to strengthen its balance sheet, also delayed the presentation of
its first-half results.
Bain Capital had remained the last contender for taking a
stake in Safilo after Pai Partners pulled out. [ID:nLH51280]
"In today's meeting the company will explain to banks why
Bain pulled out. They will also discuss its situation, to understand what path
to take, possibly with an industrial partner," the source said.
Safilo is not commenting on the process.
Competitors Marcolin (MCL.MI)
and Luxottica (LUX.MI)
have been mentioned as potential partners in the past and sources close to the
matter have said Safilo's banks have been pushing for an industrial partner
solution.
A source close to Marcolin has said Safilo was not
discussed at its June board meeting and analysts have deemed a deal unlikely
and prefer bigger competitor Luxottica.
Its CEO, who has said before it is not interested in
Safilo, told analysts on a conference call late on Tuesday that he had no
comment to make on Safilo when asked about the rival.
Berggruen Holdings, the biggest shareholder in eyewear
group FGX Internatioanl (FGXI.O),
has said it is interested in Safilo but did not receive a warm response.
[ID:nLE458846]
Safilo's creditor banks include Intesa Sanapolo (ISP.MI)
and UniCredit (CRDI.MI).
It has a market cap of 114 million euros.
Safilo shares were up 2.7 percent at 0.405 euros by 0900
GMT. (Reporting by Cristina Carlevaro; Editing by Greg Mahlich)
Charenton-le-Pont, France (July 17, 2009, 6:30 a.m.) –
Essilor International, the world leader in ophthalmic optics, today announced
consolidated revenue of an estimated €1,663.4 million for the six months ended
June 30, 2009, representing a reported 9.4% increase on first-half 2008.
Like-for-like, revenue was down a slight 0.7% for the period, but was up 5.3%
excluding the currency effect alone.
In a generally sluggish ophthalmic optics market, Essilor
primarily relied on new product launches to sustain its lens sales. Market share
increased worldwide, led by the Company’s extensive product portfolio, strong
distribution networks and targeted acquisitions dynamic.
In light of these factors, Essilor is confident in its ability
to maintain first-half 2009 operating margin on a par with full-year 2008.
Consolidated revenue for the first six months of 2009
€ millions
H1 2009
H1 2008
% Change (reported*)
% Change (like-for-like)
Contribution from acquisitions
Total
1,663.4
1,520.2
+9.4%
-0.7%
+6.0%
Europe
665.1
693.5
-4.1%
-4.4%
+2.0%
North America
718.1
617.9
+16.2%
-0.9%
+4.3%
Asia-Pacific
170.1
146.8
+15.9%
+13.5%
+1.3%
Latin America
60.3
60.6
-0.5%
+9.4%
+0.7%
Laboratory equipment
(1)
49.8**
1.4***
N/M
N/M
N/M
Laboratory equipment
sales continued to suffer as prescription
laboratories pushed back purchases of antireflective coating units and surfacing
machines. Nevertheless, Satisloh’s ability to align its product offering with
current conditions enabled it to gain new market share over the period.
Highlights of the quarter – Acquisitions
During the second quarter, Essilor acquired three new
prescription laboratories in the United States, ABBA Optical, Barnett & Ramel
Optical and McLeod Optical, which have aggregate revenue of $22 million. In
Canada, Nikon-Essilor subsidiary Nikon Optical Canada raised its stake in
prescription laboratory TechCite from 50% to 100%.
In June, Essilor also completed the acquisition, subject to
certain conditions precedent, of WLC, a UK-based wholesaler-distributor with
nearly €12 million in revenue.
The Company announced five other acquisitions (De Ceunynck in
Belgium, Amico in the Middle East and Apex Optical, Vision Pointe Optical and
OptiSource International in the United States), which will be consolidated in
the second-half.
Since the beginning of the year, Essilor has completed 14
acquisitions, which will bring in around €64 million in full-year revenue.
Share buybacks
As part of the program set up to offset potential dilution
from the conversion of outstanding OCEANE bonds, Essilor purchased 459,280 of
its own shares on the open market during the second quarter. Since the beginning
of the year, the program has involved the purchase of 679,698 shares for a total
of €20.2 million.
Appendices
Second quarter revenue
€ millions
Q2 2009*
Q2 2008
% Change (reported )
% Change
(like-for-like)
Contribution from acquisitions
Total
823.0
758.0
+8.6%
-0.4%
+5.5%
Europe
335.0
348.8
-3.9%
-4.6%
+2.1%
North America
345.7
303.3
+14.0%
+0.1%
+3.3%
Asia-Pacific
84.4
72.8
+15.9%
+13.3%
+0.4%
Latin America
32.5
32.3
+0.7%
+8.7%
+1.2%
Laboratory equipment**
25.4
0.8
N/M
N/M
N/M
03/11/2010
Oakley/Luxottica Group: A Merger of Enemies?
Posted on Jul 9th, 2007 with stocks:
LUX,
OO
(OO)
- Luxottica Group S.p.A. (LUX)
merger is one of the more interesting deals to
surface in quite some time. Not only are the
companies direct competitors in the production
and distribution of eyewear, they have a long
history of legal battles and open animosity
towards each other that has played out like a
soap opera over the years. Thus, it was a
surprise, to say the least, when this deal
was announced two weeks ago.
On the surface, Oakley is primarily a
manufacturing of specialty eyewear (its
sunglasses have obtained iconic status
internationally), with its products being
distributed through third-party retailers or
directly via on-line sales. Internationally,
Oakley owns less than 250 retail outlets,
while its products are sold at more than 11,000
retail outlets in the U.S. alone. Clearly, the
company should not be considered a retailer, as
much as a manufacturer and marketer of its own
products.
She also snagged $2,000
worth of sunglasses from Luxottica
According to People.com she walked away
with:
"...seven bags of swag, including shorts and hoodies from L.A.M.B., a
straw hat from Milk Boutique, a pair of Cosabella pushup bras and, according to
a source, about $8,000 worth of pieces from Lia Sophia's Rue Royal jewelry line.
She also snagged $2,000 worth of sunglasses from
Luxottica, including red and white pairs of Wayfarers not yet available in
stores. Said Lohan of her visit to the gift suite: "I cleaned it out. I got some
really cool Ray-Bans, too."
AP Luxottica Buying Oakley
for $2.1 Billion Wednesday June 20, 11:02 pm ET
Luxottica Buying Fellow Eyewear Maker Oakley for $2.1
Billion
NEW YORK (AP) -- Luxottica Group SpA said late Wednesday it will
acquire fellow eyewear maker Oakley Inc. for $2.1 billion, or $29.30
a share, in cash.
Oakley's board will recommend the offer to shareholders for
approval. The deal is expected to close in the second half of this
year, pending normal closing conditions.
Jim Jannard, chairman and founder of Foothill Ranch,
Calif.-based Oakley, said he is excited that the
companies have found a way to join forces.
"Oakley's technology and performance is one of the
world's best kept secrets and this partnership should
empower our ability to tell our story throughout the
world," Jannard said in a statement. "Oakley will
continue to be Oakley but with much greater resources
and a platform for realizing the true potential of our
brand and company."
Luxottica, based in Milan, Italy, has more than 5,800
optical and sun retail stores worldwide and makes
eyewear under brands such as Ray-Ban and Chanel.
Department
of Health and Human Services
Public Health Service
Food and Drug Administration
Atlanta District Office
60 8th Street, N.E.
Atlanta, Georgia 30309
October 31, 2006
VIA FEDERAL EXPRESS
WARNING LETTER
(07-ATL-01)
Ronald L. Zarrella, Chairman and CEO
Bausch & Lomb
One Bausch & Lomb Place
Rochester, NY 14604
Dear Mr. Zarrella:
During an inspection of your facility located at 8507 Pelham Rd.,
Greenville, SC 29615, on March 22, 2006 through May 15, 2006, investigators
from the United States Food and Drug Administration (FDA) determined that
your firm manufactures contact lens solutions. Under section 201(h) of the
Federal Food, Drug, and Cosmetic Act (the Act), 21 U.S.C. 321(h), these
products are devices because they are intended for use in the diagnosis of
disease or other conditions or in the cure, mitigation, treatment, or
prevention of disease, or are intended to affect the structure or function
of the body.
This inspection revealed that these devices are adulterated within the
meaning of section 501(h) of the Act (21 U.S.C. § 351(h)), in that the
methods used in, or the facilities or controls used for, their manufacture,
packing, storage, or installation are not in conformity with the Current
Good Manufacturing Practice (CGMP) requirements of the Quality System (QS)
regulation found at Title 21, Code of Federal Regulations (C.F.R.), Part
820. We reviewed and considered the responses from Mr. Michael Santalucia,
VP Regulatory Affairs, dated June 30, 2006, concerning our investigators'
observations noted on the FORM FDA 483, Inspectional Observations, that was
issued to Mr. Thomas H. Eggleton, VP of Operations. We also acknowledge the
recent receipt of your quarterly update dated October 12, 2006, which we
will continue to review to help us determine the adequacy of your firm's
corrections.
Based on the information we have reviewed, we acknowledge your efforts to
address the outstanding inspection deficiencies noted during our March 22 -
May 15, 2006 inspection. Also, we acknowledge that Bausch and Lomb has
recalled all MoistureLoc contact lens solution worldwide to eliminate the
serious risk to health associated with an outbreak of Fusarium keratitis.
Although the March - May 2006 inspection focused primarily on the
MoistureLoc contact lens solution, the inspection, nonetheless, identified
and documented significant QS regulation violations that were systemic and
are relevant to all products manufactured at the Greenville, SC facility.
However, during the inspection we did not find problems with the other
products currently manufactured at this facility that would warrant product
recall or field correction.
Violations noted during the inspection include, but are not limited to, the
following:
1. Failure to establish and maintain design plans that describe or reference
the design and development activities, and identify and describe the
interfaces with other groups or activities, as required by 21 CFR 820.30(b).
Specifically, the initial design plan shows Project R0151 began in 2001 and
resulted in product [redacted]. The formulation contains a different
preservative [redacted] and was cleared by the Agency in 2003. The
product was not commercialized by your firm. Project R0324 is an alternate
product project ReNu with MoistureLoc Multi-Purpose Solution containing
Alexidine, which was added to the same original design and development plan
in 2004. Initial feasibility and risk assessment show the two products with
two preservative agents [redacted] Alexidine) under one design
project . The design plan provided to our investigators dated October 25,
2001 - February 4, 2003, does not include any activities relating to the
[redacted] solution, ReNu with MoistureLoc Multi-Purpose Solution.
A discussion of your response to this observation is combined with the
review of item # 3 below.
2. Failure to adequately ensure that when the results of a process cannot be
fully verified by subsequent inspection and test, that the process shall be
validated with a high degree of assurance and approved according to
established procedures, as required by 21 CFR 820.75(a).
Specifically,
(a) Raw material specifications were not determined and firmly established
prior to process validation. For example, [redacted] was used for
pre-clinical and clinical studies however; the product formulation was
changed to [redacted] at initial validation then back to
[redacted]
(b) Your firm does not have complete validation data for ReNu with
MoistureLoc Multi-Purpose Solution [redacted]. Initial scale-up
activities at the Greenville plant were performed in 2003 on an unnamed
similar product [redacted] utilizing [redacted] in the product
formulation. [redacted] replaced [redacted] (which was used in
the original product formulation for pre-clinical and clinical studies)
after white particles were noted on soft contact lens while performing a
lens compatibility study. The [redacted] product was formulated with
and used in the validation study; however, the formulation was not
commercialized In 2004 your firm performed a limited validation study on the
currently marketed ReNu with MoistureLoc Multi-Purpose Solution utilizing
[redacted] in the product formulation. The corrective action to avoid
the appearance of white particles on the lenses was to use the [redacted]
with a European Pharmacopeia clarity test. The validation data available
shows that cleaning of the bulk mix tanks and filling lines, the filling
process, the hold time study, and purging processes were not revalidated.
Chemistry testing was limited to the compounding batches and no USP
sterility testing was performed for the scaled-up batches of ReNu with
MoistureLoc Multi-
purpose Solution. [redacted] validation data was accepted in lieu of
performing a complete re-validation of the manufacturing processes. The
validation of the product did not include an evaluation of cleaning,
purging, or filling. No hold time studies or purge evaluations were done.
Lastly, no tank or filter sterilizations were done for ReNu with MoistureLoc
although its ingredients, Alexidine [redacted] and Poloxamine, are
sterile additions.
Your firm's response to observation 6a is inadequate. Your firm has stated
that it will revise SOP 90-008, Validation Program, to perform complete
validation for any new product or formulation at the site. Your firm has
stated that it will revise SOP 90-044, Preparation of Validation Protocols
and Final Reports, to require R&D Process Development and Global Quality to
approve the protocols and reports for new or transferred products. Your firm
has also begun to perform audits to evaluate the effectiveness of the
system. This is inadequate as your firm has not completed any of these
actions and submitted documentation of them to FDA for review.
(c) The following deviations are noted in the initial validation study
[redacted]
1. The European Pharmacopeia (EP) clarity test was not performed on Lot #
234068 [redacted] that was used in the 2003 validation study. Raw
material specifications included a requirement for the EP clarity test in
2003.
Your firm's response to observation 6b1 is inadequate. Your firm has
proposed to revise SOP 60-052, In-process, Final Product, and Raw Material
Chemical Testing, to include an independent QA review and approval of the
requirement before it is released for use. You proposed to revise SOP
90-074, New Product Assessment Planning, to include the requirement for
effective raw material specifications prior to the start of the validation.
This response is inadequate as your firm has not completed these revisions
and submitted them to FDA for review.
2. Bacteriostasis/Fungistasis (B/F) testing was not performed for all
validation runs as specified in the established protocol (0308-ME-0154).
[redacted] runs were performed; however B/F testing was performed on
only one run.
Your firm's June 30, 2006, response to observation 6b2 is inadequate.
Your company has committed to write an addendum to the validation report for
the bacteriostasis/fungistasis testing explaining the deviation. In addition
to writing an addendum to the validation report for the B/F testing
explaining the deviation, the "erroneous protocol" should be revised and
updated to remove the requirement in 0308-ME-0154 for the B/F test to be
repeated for each validation lot to ensure that protocols and company policy
is consistent.
3. The first bottle out of filling on the third batch (PJ3004) was out of
specification on the lower end for Osmolality ([redacted]mOsm/Kg). At
the time of fill, the release specification was [redacted] mOsm/Kg.
The release specification was subsequently lowered to [redacted]t
mOsm/Kg. and this run was accepted.
Your firm's response to observation 6b3 is inadequate . Your firm states
that they will develop a procedure to control specifications prior to scale
up of product or manufacturing and revise SOP 90-008, Validation Program, to
state that when specification changes are identified during a validation,
the validation must be started from the beginning. However, this procedure
has not been developed and submitted to FDA for review.
3. Failure to establish and maintain procedures for verifying the device
design which confirm that the design output meets the design input
requirements, as required by 21 CFR 820.30(f). Specifically,
(a) Tasks for determining analytical in-process and finished product
specifications were not assigned in the design plan and they were not firmly
established prior to the product launch of Renu with MoistureLoc
Multi-Purpose solution. for example, the Osmolality release specifications
was lowered after beginning process validation. Your firm did not establish
specifications prior to beginning process validation. A specification change
was made after validation.
(b) Your firm does not have a test method to evaluate the degradation of
Alexidine in the ReNu with MoistureLoc Multi-Purpose Solution.
Your firm's response is partially adequate. The portion of the response that
addresses observation 1a-c of the FDA 483 is inadequate. Your firm states
that they will develop a separate Design and Development Plan procedure that
will expand and clarify Project Plan Requirements and address management and
documentation when multiple designs or formulations are moved into
development. The new procedures will require the appropriate tracking of
multiple formulations and assess them against the new procedure. This
response is inadequate as your firm has not made these changes yet and
submitted these revised procedures for review.
The portion of your firm's response that addresses observation Id, appears
adequate. Your finn states that you have a method for evaluating Alexidine.
Your company provided TP-8230, HPLC Quantitative Determination of Alexidine
[redacted] which is an assay method that quantifies the level of
Alexidine in the presence of interfering degradant peaks for Alexidine and
other formulation excipients. Your firm also provided the validation report
for this evaluation.
4. Failure to establish and maintain procedures to ensure that the device
design is correctly translated into production specifications, as required
by 21 CFR 820.30(h). Specifically, the design history file does not contain
a statement of readiness from R&D as required in established procedure
BL-POL-401, Product Development Management Process.
Your firm's response to observation le is inadequate. Your firm has stated
that it will revise BLPOL-401, Product Development Management Process for
Medical Devices, to remove the duplicative "Statement of Readiness"
requirement since your firm has a signature mechanism in place that confirms
that each team member is ready to move to the next phase of the process.
This response is inadequate as your firm has not completed the revision of
the procedure and submitted it to FDA for review.
5. Failure to establish and maintain procedures to ensure that the
design requirements relating to a device include a mechanism for
addressing incomplete, ambiguous, or conflicting requirements, as
required by 21 CFR 820.30(c). Specifically, several design inputs for
ReNu with MoistureLoc Multi-Purpose Solution [redacted] are
outstanding and were not addressed by the project team before bringing
the product to the market. For example, the following value added design
inputs remain open: qualification of a [redacted] regimen for the
[redacted]; [redacted] of cycled lenses [redacted]
with [redacted] lenses [redacted] ISO/FDA 11, Regimen Test
using [redacted] and [redacted] after [redacted]
day soak in glass vials; laboratory cleaning study to demonstrate lipid
removal with [redacted] lenses; and, a biocidal efficacy study
that demonstrates efficacy against "clinically significant
microorganisms" (non-ISO organisms). The value added design goals and
design outputs were not completed prior to finalizing the project.
Your firm's response to observation 2 is inadequate. Your firm states
that it will revise documentation and associated design control
procedures to allow for only required design inputs on the Design
Control matrix and provide training to all Project Managers and team
members, however, these revisions have not been completed and submitted
to FDA for review.
6. Failure to ensure that formal documented reviews of the design
results are planned and conducted at appropriate stages of the device's
design development, as required by 21 CFR 820.30(e). Specifically, the
post-launch product review for the ReNu with MoistureLoc Multi- Purpose
Solution has not been performed as required in the formally established
procedures, BLPRO-408, Project Post Launch Review. The review should
occur during the first year after the product is launched. ReNu with
MoistureLoc Multi-Purpose Solution was initially distributed from the
Greenville site in August 2004. No post-launch has been currently done.
Your firm's response to observation 3 is partially adequate . Your firm
has conducted and submitted a copy of the Post Launch Review for ReNu
with MoistureLoc on June 23, 2006. Your firm has also stated that it
will revise procedures to require that quality related reviews be
conducted at specific post-launch time periods after product launch and
train all personnel on the new procedures. Your firm also states that
they will conduct reviews of quality-related information for all
products that have launched within the last 24 months. This portion of
your firm's response to observation 3 is inadequate as your firm has not
completed these revisions and submitted them to the Agency for review .
Additionally, your firm should be conducting reviews for all products
lines, not only those launched in the last 24 months.
7. Failure to establish procedures for quality audits and conduct such
audits to assure that the quality system is in compliance with the
established quality system requirements of the quality system, as
required by 21 CFR 820.22. Specifically,
a) Review of the Internal Audit schedule indicated that your firm has
not conducted or established a routine auditing of your complaint
handling system.
b) Your firm does not have procedures defining the frequency by which
supplier audits will be conducted.
c) Your firm has never audited the supplier of Polyquatemium-10
[redacted] a component used to manufacture ReNu with MoistureLoc
Multi-Purpose Solution.
d) Contract laboratories/suppliers used in raw material and finished
product testing have not been audited at a defined frequency. For
example:
-Lab A was last audited on December 11, 1998.
-Supplier A was last audited on September 11, 2001.
-The last biennial audit of Lab B was conducted on December 3, 2003.
Your firm's response to observation 11 is inadequate. Your firm has
stated that it has completed audits for the supplier of
polyquaternium-10 on June 2, 2006, Lab A on May 31, 2006, Lab B on May
24-25, 2006, and Supplier A on June 8, 2006, however, you did not
provide documentation of these audits. Your firm has also stated that it
will revise BL-PRO-1701, Global Quality System Audits, assess and modify
its supplier management program, and revise metrics for the supplier
management program. Your firm has not completed these revisions and
submitted them to FDA for review.
8. Failure to establish and maintain procedures to prevent contamination
of equipment or product by substances that could reasonably be expected
to have an adverse effect on product quality, as required as 21 CFR
820.70(e). Specifically,
a) On April 19, 2006, in the upper mix room, peeling paint and paint
chips were observed on agitators located on the tops of tank
[redacted], and the solenoid above tank #[redacted]. These
tanks are currently used for the production of contact lens solutions.
Your firm's response to observation 7a is inadequate. Your firm has
installed stainless shields in between motor housings that contain
peeling paint on June 9, 2006. You have replaced painted solenoid valve
housings with plastic housings on June 10, 2006, and will make other
replacements by the end of 2006. Your firm will revise cleaning
procedures to require periodic cleaning of stainless steel shields and
revise preventative maintenance procedures to require periodic
examination of agitator motor housings for condition and repair. The
response is inadequate until the changes have been completed and
verified by FDA.
b) The cleaning, inspection, and sanitization of fill lines #[redacted]
used in the production of Opcon A, Sensitive Eyes, Boston Cleaner, and
ReNu with Moisture Loc Multi-Purpose Solution were not documented as per
SOP #40-102-19, "Weekly and Monthly Cleaning and Inspection of
[redacted] for the monthly cleaning conducted for the month of
February 2006.
Your firm's response to observation 7b is inadequate. Your firm has
stated that it will retrain all site supervisors in proper change
control and procedure management, however, this training has not been
completed with documentation submitted to FDA for verification.
9. Failure to establish and maintain procedures to adequately control
environmental conditions, as required by 21 CFR 820.70(c). Specifically,
temperature conditions within the aseptic processing area are not being
documented to ensure such conditions are consistently within established
specifications of [redacted] degrees Celsius.
Your finn's response to observation 8 is inadequate. Your firm has
stated that it has updated the Preventative Maintenance Task List to
include space to record specific temperature readings on April 27, 2006.
Your company has stated that it will conduct an audit to identify and
enhance other temperature documentation practices and will install a
continuous temperature and humidity recording system. Your firm has not
provided the updated task list to FDA and the temperature audit has not
been completed.
10. Failure to ensure that all equipment used in the manufacturing
process meets specifications and is appropriately designed, constructed,
placed, and installed to facilitate maintenance, adjustment, cleaning,
and use, as required by 21 CFR 820.70(g) . Specifically, on March 27,
2006, clean, uncapped product transfer hoses that are used in production
were observed in direct contact with a shelving unit upon which a
visible layer of a white powdery residue was observed. The shelving unit
was installed to prevent hoses from coming in contact with the
manufacturing room floor.
Your firm's response to observation 13 is inadequate. Your firm states
that it revised SOP 40-072, Routine Cleaning of the Pharmacy, Upper Mix
and Lower Mix, on May 20, 2006, to require weekly cleaning of the
shelving unit in the Upper Mix Area and trained personnel on the new
procedures on May 23, 2006. Your firm has not submitted the revised
procedures for review.
11. Failure to document maintenance activities, including the date and
individuals performing the maintenance activities, as required by 21 CFR
820.70(g)(1). Specifically, integrity testing of the vent filters on the
[redacted] Hot Purified Water (HPW) tanks was not conducted
during the six month interval between June 2005 and March 2006 per SOP #
50-095-08.
Your firm's response to observation 14 is inadequate as your firm states
that it has corrected the preventative maintenance task form to require
filter testing every4Mmonths. Your firm has stated that it will revise
SOP 50-001, Preventative Maintenance Program, to require that any
changes to the Preventative Maintenance System go through the formal
change control process as well as review changes that have been made to
the Preventative Maintenance Program to ensure they are not in conflict
with existing procedures . Your firm has not provided the task form and
has not completed the revisions to these procedures and submitted them
for review by FDA.
12. Failure to review, evaluate, and investigate any complaint involving
the possible failure of a device labeling, or packaging to meet any of
its specifications, as required by 21 CFR 820.198(c). Specifically,
a) The Fusarium Keratitis investigation did not include sterility or
biocidal testing for ReNu with MoistureLoc Multi-Purpose Solution
product lots implicated in complaints received from Hong Kong.
b) Your firm had not performed sterility testing on the returned/retain
samples in conjunction with the Fusarium investigation for complaints
received from Malaysia and Singapore.
Your firm's response to observation 9 is inadequate. Your firm states
that it has updated the complaint investigation for reports of
infectious keratitis to include modified bioburden and biocidal testing
for ReNu with MoistureLoc and ReNu MultiPlus on May 8, 2006. Your firm
states that it will also evaluate and modify complaint investigation
procedures to include modified bioburden and biocidal testing for
complaint categories. Your firm has not submitted these documents for
review.
13. Failure to establish and maintain procedures to ensure that mix-ups,
damage, deterioration, contamination, or other adverse effects to
product do not occur during handling, as required by 21 CFR 820.140.
Specifically,
a) No documentation, inspection, audit, or checklist were established or
conducted to guarantee that the trucking company transporting finished
product from the manufacturing plant to the distribution center is
protecting materials and finished product from damage and contamination
as specified in SOP #15-006-09. Additionally, the trucking company does
not have a climate control system in the trailer to monitor temperature
conditions.
b) There are no procedures indicating the amount of time finished
products are allowed to remain stored in trailers before finding a
location in the warehouse for storage. Your firm's response to
observation 12 is inadequate. Your firm has stated that it will revise
procedures to require transportation vehicles to be inspected before
loading, after reaching the distribution center and will require them to
be unloaded within [redacted] hours. However, these revisions
have not been completed and submitted for review.
14. Failure to establish and maintain procedures for the control of
storage areas and stock rooms for product to prevent mix-ups, damage,
deterioration, contamination, or other adverse effects, as required by
21 CFR 820.150(a). Specifically,
a) On April 4, 2006, your firm was unable to locate a product lot
implicated in a customer complaint, ReNu with MoistureLoc Multi-Purpose
Solution, Lot# GG5055, which was identified as being part of the current
inventory in your firm's validated inventory control systems
[redacted] and [redacted].
b) On April 24, 2006, your firm was unable to locate sixteen (16) cases
of ReNu with MoistureLoc Multi-Purpose Solution, Lot #AJ5065.
c) On May 9, 2006, your firm was unable to locate [redacted]
units of ReNu MultiPlus Multi-Purpose Solution, Lot #GC6061.
Your firm's response to observation 10 is inadequate. Your firm has
stated that it will revise SOP 70-126, Finished Goods Destruction
Notification and Obsolete Inventory/Component Disposition, to require
the tracking of lot numbers; SOP 15-057, Customer Returns Processing to
clarify the documentation review process and expand the license plate
numbering for customer return pallets ; SOP 15-117, Cancellation and/or
Deallocation of Orders/Order Lines to include steps that will be
performed by IT to modify the in-process order line status to indicate
that the line item has been cancelled.
Your firm states that it will also conduct a statistical sampling of
order accuracy before shipping, and modify the inventory system picking
and replenishment processes to provide additional checks to ensure that
only released materials are shipped, and will develop an SOP on the use
and resulting actions of the Open Order Status Report in Customer
Service. These tasks have not been completed and no documentation has
been provided to FDA for verification.
Our inspection also revealed that your contact lens solutions are
misbranded under section 502(t)(2) of the Act, 21 U.S.C. 352(t)(2), in
that your firm failed or refused to furnish material or information
respecting the device that is required by or under section 519 of the
Act, 21 U.S.C. 360i and 21 C.F.R. Part 803 - Medical Device Reporting (MDR)
regulation. Significant deviations include, but are not limited to, the
following:
Failure to submit an MDR report within 30 calendar days after receiving
or otherwise becoming aware of information that reasonably suggests that
a marketed device may have caused or contributed to a death or serious
injury, as required by 21 CFR 803.50(a)(1). Specifically, a) Your firm
failed to notify the Agency of 35 serious injury reports of Fusarium
keratitis from Singapore's Minister of Health in February 2006 relating
to ReNu with MoistureLoc Multi-Purpose Solution. None of the complaints
were reported to the Agency as of April 7, 2006.
We have reviewed your response and have concluded that it is inadequate.
A review of your complaint #S106000046, which concerns 26 of the cases
of Fusarium keratitis reported by the Singapore MoH was conducted. The
Office of Surveillance and Biometrics (OSB), CDRH, has determined that
these are MDR reportable serious injuries. On April 6, 2006, your firm
contacted CDRH/OSBIRSMB about the 35 cases from Singapore. Your firm was
told to treat the cases as a literature report and submit a single 3500A
that contained all of the information your firm had from the Singapore
MoH. Your firm was also told that if it received information on new
cases from Singapore MoH this information would need to be submitted as
a new literature report.
The rationale provided in the file for not reporting these events at
both the regulatory affairs and the corporate level is not supported by
the information available to your firm.Your response states that this
information did not reasonably suggest that the ReNu with MoistureLoc
Multi- Purpose Solution device caused or contributed to the Fusarium
infections. FDA disagrees. This information suggested that your ReNu
product may have caused or contributed to the event.
Your response also states that there was insufficient information to
submit MDRs. FDA disagrees. Bausch & Lomb was required to submit the 26
MDRs within 30 days of becoming aware or the events, regardless of how
little information you had. Bausch and Lomb states that it did not
receive adequate input from FDA as to how to submit the MDRs. However,
FDA's guidance document "Medical Device Reporting for Manufacturers" has
been available since March 1997 and can be accessed easily via FDA's
Internet site by choosing Medical Devices, MDR reporting, and then
manufacturers. This document explains that each patient event requires
submission of a separate 3500A. In addition to the guidance document
this site also provides contact information for OSB/RSMB.
b) Complaints #S105000240 - #S105000245 were initially reported to your
firm as keratitis complaints in July 2005. These complaints have not
been reported to the Agency as of May 9, 2006.
FDA agrees with Bausch & Lomb that the 6 cases of Infiltrative Keratitis
included in Complaints #S105000240 - S105000245 are not reportable. It
appears that your firm appropriately investigated these events and
attempted to obtain additional information.
You should take prompt action to correct the violations addressed in
this letter. Failure to promptly correct these violations may result in
regulatory action being initiated by the Food and Drug Administration
without further notice. These actions include, but are not limited to,
seizure, injunction, and/or civil money penalties . Also, federal
agencies are advised of the issuance of all Warning Letters about
devices so that they may take this information into account when
considering the award of contracts. Additionally, premarket approval
applications for Class III devices to which the Quality System
regulation deviations are reasonably related will not be approved until
the violations have been corrected. Requests for Certificates to Foreign
Governments will not be granted until the violations related to the
subject devices have been corrected.
Please notify this office in writing within fifteen (15) working days
from the date you receive this letter of the specific steps you have
taken to correct the noted violations, including an explanation of how
you plan to prevent these violations, or similar violations, from
occurring again. Include documentation of the corrective action you have
taken. If your planned corrections will occur over time, please include
a timetable for implementation of those corrections. If corrective
action cannot be completed within 15 working days, state the reason for
the delay and the time within which the corrections will be completed.
Your response should be sent to the attention of Serene N. Ackall,
Compliance Officer, at the address noted in the letterhead. If you have
any questions about this letter, you can contact Ms. Ackall at
404-253-1296.
Finally, you should know that this letter is not intended to be an
all-inclusive list of the violations at your facility. It is your
responsibility to ensure compliance with applicable laws and regulations
administered by FDA. As noted above, the specific violations noted in
this letter and in the Inspectional Observations, FORM FDA 483 (FDA
483), issued at the closeout of the inspection may be symptomatic of
serious problems in your firm's manufacturing and quality assurance
systems. You should investigate and determine the causes of the
violations, and take prompt actions to correct the violations and to
bring your products into compliance.
Sincerely,
/s/
Mary H. Woleske
Director
Atlanta District Office
UPDATE: Bausch &
Lomb To Cut 400 Contact Lens Jobs
Wednesday September 20th, 2006 / 20h31
(Adds details beginning with the third paragraph.)
By Jon Kamp Of DOW JONES NEWSWIRES Eye-care company Bausch & Lomb Inc. (BOL)
said Wednesday it will cut about 400 jobs at contact lens manufacturing
plants in the U.S. and Europe.
The cuts will mostly affect temporary jobs, and the Rochester, N.Y.,
company said it expects to rehire some of these workers in the new year.
The cuts will affect plants in Rochester; Waterford, Ireland; and
Livingston, Scotland.
Bausch & Lomb noted that it will "continue to adjust its temporary
workforce to meet changing business conditions," as it has done before.
The company said that it had beefed up the temporary workforce to
support a production increase for its "PureVision" silicone hydrogel
contact lens. It also said that it's "transitioning its contact lens
lines, including its one-day products, to newer designs made using more
automated, advanced manufacturing technology."
Bausch & Lomb had to pull its MoistureLoc contact lens solution from the
U.S. market in April, and pull it from shelves around the world in May,
after the solution was associated with a fungal infection of the eye
that can cause blindness.
A Bausch & Lomb filing made with the U.S. Securities and Exchange
Commission last month showed that the MoistureLoc recall has contributed
to a rough year for the company. The company said in the filing that it
expects to post $70 million to $80 million in pretax earnings this year,
down from a previous forecast of $325 million to $335 million that was
made in October 2005, before the major infection concerns surfaced.
The company has said the MoistureLoc solution itself is safe, but that
improper usage could compromise its fungus-fighting ability.
For 2007, Bausch & Lomb said it sees pretax earnings rebounding to $220
million to $270 million on sales of $2.5 billion to $2.625 billion.
The company hasn't officially reported any financial results this year
and has yet to report results for the second half of 2005 due to ongoing
internal investigations of company accounting issues. The company hasn't
specifically estimated when it will file delayed financial reports with
the SEC, but said last month that it would do so "as soon as
practicable."
New York Stock Exchange rules require the company to file its annual
report by Sept. 30 or face delisting. Bausch & Lomb said it would
request an extension from the NYSE if necessary.
Bausch & Lomb shares recently traded down 3 cents at $51.25.
-By Jon Kamp, Dow Jones Newswires; 312-750-4129; jon.kamp@dowjones.com
Wednesday September
20th, 2006 / 20h31
Carl Zeiss Vision Acquires
Optoteam
Position in Scandinavia expanded
Purchase of Optoteam effective July 1, 2006.
Aalen, Germany, 14.07.2006.
Effective July 1, 2006, Carl Zeiss Vision, one of the world’s leading
suppliers of spectacle lenses, purchased the Swedish ophthalmic business,
Optoteam.
Based in Trellebrog, Optoteam has been a distributor of Carl Zeiss Vision’s
SOLA and American Optical lenses for several years. In addition to the
distribution of spectacle lenses, Optoteam has made a name for itself as the
North European market leader in the field of safety eyewear. Optoteam has an
organisation consisting of 33 employees. Its customer portfolio includes eye
care professionals in Sweden, Norway, Finland and Denmark.
Bo Lindgren, founder of Optoteam, welcomes the acquisition as an important
step for the future:
“I am pleased to hand over Optoteam to a company with whom we have worked very
closely for many years. The resources of Carl Zeiss Vision lay the optimum
foundations for the future growth of Optoteam.”
“With the acquisition of Optoteam, we are strengthening our organisation in
the Swedish market and in other Northern European countries. The level of
expertise at Optoteam and the close relationships with customers and market
partners fits well with the strategy of Carl Zeiss Vision. We expect that
Optoteam will enhance their market position and benefit from improved growth
opportunities,” adds Flemming Andersen, Nordic Regional Manager at Carl Zeiss
Vision.
Previously Marketing Manager at Optoteam,
Patrik Gustafsson has now been appointed as Managing Director and will head
the company, supported by Market Manager Jakob Ingvaldsen. Jakob Ingvaldsen
worked on the Danish and Norwegian markets for SOLA Nordic, now Carl Zeiss
Vision, for several years.
Charenton-le-Pont, France (July 20, 2006)
-
Essilor, the world leader in ophthalmic optics, today announced its
consolidated revenue for the six months ended June 30, 2006:
€ millions
1st half 2006
1st
half 2005
%
change as reported
Like-for-like change*
Consolidated revenue
1,361.8
1,182.8
+15.1%
+8.7%
* Based on a comparable scope of consolidation and at constant exchange
rates.
In a generally buoyant environment for the ophthalmic lens
industry, Essilor enjoyed sustained demand for its high value-added lenses
and its new products, led by Varilux Physio®, the new progressive lens which
was introduced worldwide during the first six months of the year.
Organic growth
was strong throughout the period, with revenue up by 11.5% like-for-like in
the first quarter and by a very respectable 6.1% in the second quarter,
despite the high basis of comparison created by the 8.1% increase in the
year-earlier period.
Changes in the scope
of consolidation boosted reported revenue by
3.7%,
reflecting the contributions of the businesses acquired in 2005 as well as
of the first acquisitions made in 2006, which included several prescription
lens laboratories in the United States and stakes in India’s GKB Group and
in the Taiwan-based Polylite Group.
The currency effect
remained positive, at 2.7%; however, the impact was significantly lower
than in first-half 2005 due to the strengthening of the euro against the US
dollar and the Company’s other main currencies.
Revenue
by geographical segment:
€ millions
1st half 2006
1st
half 2005
%
change as reported
Like-for-like change*
Europe
606.3
563.2
+7.6%
+6.2%
North
America
595.4
490.4
+21.4%
+10.8%
Asia-Pacific
116.9
95.0
+23.0%
+13.3%
Latin
America
43.2
34.2
+26.4%
+5.8%
* Based on a comparable scope of consolidation and at constant exchange
rates.
• After a very good first quarter, growth in
Europe slowed to 2.9% like-for-like in the second quarter compared with 7.5%
in the same period of 2005.
• In North America, growth remained strong across all networks, with revenue
up 9.3% like-for-like in the second quarter.
• Asia-Pacific turned in another good performance, with second quarter
revenue up 12.4% like-for-like.
• In Latin America, after a very good start to the year revenue for the
second quarter contracted 3.4% like-for-like, partly reflecting a very high
basis of comparison in Brazil. Revenue in Argentina remained high.
Five US-based prescription lens
laboratories have joined Essilor
As part of its external growth strategy, Essilor acquired
several prescription lens laboratories during the period:
• Future Optics, Inc. based in Largo, Florida.
• Ozarks Optical Laboratories, Inc. based in Springfield, Missouri.
• Precision Optical Laboratory, Inc. based in Gallaway, Tennessee.
• Precision Optical Laboratory, Inc. based in Hartford, Connecticut.
• Homer Optical Company, Inc., the twelfth largest independent laboratory
(1) in the United States, and owner of four prescription lens laboratories
in Maryland, Pennsylvania, Virginia and New York State.
Together, these five companies represent total revenue of
some $30 million.
In all, Essilor has acquired 15 companies since January 1, representing
full-year revenue of €51 million.
(1) According to Vision Monday November 21, 2005 edition.
A
conference call will be held today at 10:00 a.m. Paris time.
The number to dial is: +44 (0)161 601 89 20.
A telephone replay will be available from 1:00 p.m. Paris time and until
July 24, 2006.
Phone number: +44 (0)207 075 32 14.
Pin code : 183580#.
Next
financial announcement:
First-half earnings will be released on September 7, 2006.
Investor Relations and
Financial Communication
Véronique Gillet
Phone: +33 (0)1 49 77 42 16
www.essilor.com
Press Release
Pearle Vision to become
leading Canadian national optical chain
MILAN, Italy, May 18 /PRNewswire-FirstCall/ -- Luxottica Group S.p.A. (NYSE:
LUX; MTA: LUX) today announced the acquisition of Shoppers Optical, a 74-store
Canadian-based optical chain owned by King Optical Group Inc. After the
closing of the transaction, Luxottica Group will manage a total of 268 optical
stores in Canada.
Valerio Giacobbi, executive vice president of Luxottica Group for North
American retail, commented: "This acquisition, when completed, will allow us
to accelerate our plans to improve coverage of the high potential US$1.4
billion Canadian optical retail sector. It will make our Group the leading
operator of optical stores in the country and the only one with full national
coverage."
Shoppers Optical operates across eight of Canada's provinces. 26 of Shoppers
Optical's stores are based in the province of Ontario, where nearly 40% of the
Canadian population lives.
"One of the key benefits of this acquisition," added Mr. Giacobbi, "is that
the profile of Shoppers Optical's customers is already extremely similar to
that of our Pearle Vision retail brand. Subject to and following closing, we
plan to convert all stores to the Pearle Vision brand, thus allowing us to
more rapidly grow its coverage of the Canadian market while providing Canadian
consumers with improved services and increased product selection."
"Pearle Vision," concluded Mr. Giacobbi, "will become the leading national
optical retail chain in Canada, with a total of 114 stores, and the vehicle
for further growth for our Group in this market.
In fact, its business model offers tremendous potential for profitable growth
thanks to the strength of the Pearle Vision brand -- historically the most
recognized optical retail brand in the U.S., now to be extended into the
Canadian market."
Shoppers Optical's business model is highly synergetic with Luxottica Group's
existing retail operations in Canada. Historically a strong business, it
already enjoys full integration of systems supporting the sales, service and
manufacturing processes. In addition, this acquisition will bring into the
organization the first full-service Canada-based central lens finishing lab
with anti-reflective coating capability, further strengthening the Group's
ability to deliver the highest level of service to the Canadian market.
The closing of the transaction, which is subject to customary closing
conditions, is expected to take place in June 2006.
About Luxottica Group S.p.A. Luxottica Group is a global leader in eyewear,
with nearly 5,500 optical and sun retail stores in North America,
Asia-Pacific, China and Europe and a strong brand portfolio that includes
Ray-Ban, the best selling sun and prescription eyewear brand in the world, as
well as, among others, license brands Bvlgari, Burberry, Chanel, Dolce &
Gabbana, Donna Karan, Prada, Versace and Polo Ralph Lauren, from January 2007,
and key house brands Vogue, Persol, Arnette and REVO. In addition to a global
wholesale network that touches 130 countries, the Group manages leading retail
brands such as LensCrafters and Pearle Vision in North America, OPSM and
Laubman & Pank in Asia-Pacific, and Sunglass Hut globally. The Group's
products are designed and manufactured in six Italy-based high-quality
manufacturing plants and in the only two China- based plants wholly-owned by a
premium eyewear manufacturer. For fiscal year 2005, Luxottica Group (NYSE: LUX;
MTA: LUX) posted consolidated net sales of euro 4.4 billion. Additional
information on the Group is available at
http://www.luxottica.com.
May 18,2006
BAUSCH & LOMB DID NOT REPORT ADVERSE EVENTS FOR
MOISTURE LOC, FDA SAYS
Bausch & Lomb failed to submit a medical device report (MDR) detailing 35
serious injury reports of Fusarium keratitis — the most common form of fungal
keratitis, an infection of the cornea — in contact lens wearers using the firm's
ReNu with MoistureLoc product in Singapore, the FDA said in a Form 483 issued to
the company May 15.
Singapore's Minister of Health reported the incidents to the company in
February, but none of the complaints had been reported to the FDA as of April 7,
the agency said. Five other complaints of Fusarium infection were reported to
the firm in July 2005 but had not been reported to the agency as of May 9. The
firm also did not report its removal of ReNu with MoistureLoc or its
Multi-Purpose solution from the market in Singapore and Hong Kong in February.
The company has been subject to a number of lawsuits from people claiming
injury from the product. A New York man filed a lawsuit against Bausch & Lomb in
federal court April 20, accusing the company of engaging in deceptive marketing
practices and failing to publicly disclose an inherent defect in its ReNu with
MoistureLoc solution that makes the product susceptible to Fusarium keratitis.
Nelson Huie has alleged the company knew of the link between the product and
increased incidences of Fusarium in Asia as early as February, but did not
suspend sales of the product in the U.S. until cases of the infection became
public
ESSILOR
A Good Start To The Year
First-Quarter Revenue Up 11.5% Like-for-Like
Charenton-le-Pont, France (April 20, 2006)
-- Essilor, the world leader in ophthalmic optics, today announced its
consolidated revenue for the three months ended March 31, 2006:
In euros millions
March
31, 2006
March 31,
2005
% Change
Like-for-like growth
Revenue
692.8
570.0
21.5%
11.5%
Europe
300.0
269.1
11.5%
9.8%
North
America
309.1
238.7
29.5%
12.4%
Asia
Pacific
60.3
47.0
28.4%
14.3%
Latine
America
23.4
15.2
54.1%
17.3%
Revenue for the first three months of 2006 was up 11.5% like-for-like and 21.5%
as reported, in comparison with a relatively weak prior-year period.
Acquisitions made in 2005 and early 2006 added 4% to reported growth, while the
currency effect was a positive 6%, primarily reflecting the increase in the US
dollar, Canadian dollar and Brazilian real against the euro compared with
first-quarter 2005.
In a generally expanding market, the Group reported significant
growth in unit sales and a favorable shift in the product mix. In particular,
the new Varilux Physio® progressive lens, which was launched in high-index
materials during the first quarter, has proven highly popular with consumers and
eyecare professionals alike.
As a result, business improved in Europe, while continuing to
enjoy robust growth in North America, Asia and Latin America.
Recent Acquisitions Essilor continued to acquire new companies in the first quarter
:
• In New Zealand, Wellington-based
Prolab was acquired and the
stake in Christchurch-based
Olab was raised to 50%. These
two prescription laboratories have combined revenue of US$4 million.
• In India, the Group acquired the assets of
Delta CNC, a laboratory based
in Ahmedabad.
• In the United States,
Uniscoat Inc., a coating facility in California, and
PerfeRx Optical Co., Inc.,
a Varilux® distributor in Massachusetts, were both acquired. The two companies
reported total revenue of US$7 million.
In all, Essilor has acquired ten companies since January 1,
representing full-year revenue of €26 million.
Source: Cooper Companies
CooperVision Files
Litigation Against CIBA Vision
LAKE FOREST, Calif., April 11, 2006 (PRIMEZONE) -- CooperVision,
Inc., the contact lens unit of The Cooper Companies, Inc. (NYSE:COO)
announced today that on April 10, 2006 it filed suit in federal
district court in Marshall, Texas, alleging that CIBA Vision's
O2Optix(tm) contact lenses infringe United States Patent Nos.
6,431,706, 6,923,538, 6,467,903, 6,857,740 and 6,971,746, all of which
are assigned to CooperVision. CooperVision is asserting two families
of patents. One family relates to innovations that control the edge
characteristics of certain types of contact lenses. The second family
of patents relates to novel designs for certain types of contact
lenses, including certain types of toric lenses used to treat
astigmatism, the blurring of vision due to an irregularity in the
shape of the cornea.
CooperVision also filed suit, on April 11, 2006, against CIBA
Vision in federal district court in Wilmington, Delaware. CooperVision
seeks a judicial declaration that its Biofinity(tm) line of silicone
hydrogel contact lenses does not infringe certain CIBA Vision patents,
United States Patent Nos. 5,760,100, 5,776,999, 5,789,461, 5,849,811,
5,965,631 and 6,951,894. The CIBA Vision patents generally relate to a
type of silicone hydrogel lens.
CooperVision manufactures and markets contact lenses and ophthalmic
surgery products. Headquartered in Lake Forest, Calif., it
manufactures in Albuquerque, N.M., Juana Diaz, Puerto Rico, Norfolk,
Va., Rochester, N.Y., Adelaide, Australia, Hamble and Hampshire
England, Ligny-en-Barrios, France, Madrid, Spain and Toronto. Its Web
address is
www.coopervision.com.
CONTACT: The Cooper Companies, Inc.
Norris Battin
888-822-2660
Fax: 949-597-0662
ir@coopercompanies.com
Bausch & Lomb girds for solution-related losses
Healthcare products company also faces accounting issues; will not meet its
10-k filing deadline.
April 12, 2006: 5:20 PM EDT
CHICAGO (Reuters) - Bausch & Lomb set out Wednesday
to assuage investor fears as retailers began pulling one of its contact lens
solutions from shelves amid a U.S. government investigation over whether it is
linked to a serious eye infection.
U.S. health authorities are looking into 109 cases of Fusarium
Keratitis, a rare but serious eye infection that could cause permanent vision
loss if left untreated.
Twenty six of those patients said they had used Bausch & Lomb products or
generic versions made by the company. Bausch & Lomb Monday said it would stop
shipping its ReNu with MoistureLoc solution in the United States, but did not
issue a recall.
Executives from the eye care company, speaking on a conference call to the
investment community, said they cannot predict the sales impact on ReNu with
MoistureLoc, which had U.S. sales of roughly $45 million in 2005.
Major retail chains such as
Wal-Mart Stores Inc.
(Research)
and Walgreen Co.
(Research)
said they were removing the product from store shelves. Walgreen took the
added measure of removing all products under the ReNu brand.
"There's a lot of customer confusion out there, which is why we decided to
remove the entire ReNu line," a Walgreen spokesman told Reuters.
Shares of Bausch
and Lomb (Research)
fell 5.3 percent to $46.44 in Wednesday morning trade on the New York Stock
Exchange, after touching a three year low Tuesday.
"We have not begun to estimate the ripple effect this will take on other
ReNu products," said Ronald Zarrella, the company's chairman and chief
executive.
Zarrella told analysts the company will start an aggressive brand-building
campaign to help contain the impact of the problems, but the damage may have
already be done.
"I think this hurts their brand a great deal," said cornea specialist Dr.
David Ritterband of the New York Eye and Ear Infirmary, in a conference call
Wednesday sponsored by Banc of America Securities. "I don't know whether they
are going to shake it."
The company may already have to mend fences with some of its retail
customers. Banc of America analyst David Maris, in a research note, said that
the company had indicated Tuesday it had no plans to accept product returns
from retailers.
"We predict Bausch & Lomb will reverse this decision in a small attempt to
placate an upset trade channel," Maris wrote in a Wednesday report.
10k delays continue
The FDA said Monday it was not aware of a direct link between the infection
and any specific product.
But the infection concerns heap new pressure on Bausch & Lomb, which has
been plagued by accounting problems. Last month the company said it would
delay filing its 2005 annual report by six weeks until around April 30 to make
adjustments following internal investigations at foreign subsidiaries.
Zarrella Wednesday said the company would not meet that April deadline, but
would not elaborate on the reasons, a move Harris Nesbitt analyst Joanne
Wuensch in a research note called "somewhat disconcerting."
She maintained her "neutral" rating on the stock.
"Amidst all the activity around ReNu, the accounting issues continue to be
a meaningful risk in our view, and should not be ignored by investors," JP
Morgan analyst Michael Weinstein wrote in a research note. He estimated a new
filing deadline of May 31.
Concern about an increased incidence of the infection among users of Bausch
& Lomb products first arose in Singapore, where authorities linked a number of
cases of the infection to ReNu products. Hong Kong officials have asked Bausch
& Lomb to pull ReNu from shelves, but the company has said testing has not
shown a problem.
Bausch & Lomb said Wednesday the problems in the United States do not
affect other markets. There are no reported incidents of fungal eye infections
in Europe or China, and the company has been in contact with health
authorities in those regions, executives said.
Bausch & Lomb's robust contact lens and lens solution business had helped
to double the company's share price since July 2002.
The company last month said the issues with ReNu would reduce first-quarter
vision care revenue in the Asia region by as much as $10 million versus
internal expectations.
Concerns in Asia have depressed sales in other markets, particularly China,
the company has said.
There are more than 35 million contact wears in the United States alone,
according to American Academy of Ophthalmology. The physician group is working
closely with the FDA and the CDC.
The US Marine Corps are now using
the patented OMS Micro Tint System in their optical departments instead of
the old fashioned, dirty and fuming lens tinting units. This will allow them
to produce better and faster tinted lenses in a cleaner environment.
March 14, 2006, 5:35PM (PZ)
Oakley Agrees to Acquire The Optical Shop of Aspen 14 Retail Locations
Cater to Luxury Eyewear Market
FOOTHILL RANCH, Calif., March 14, 2006 (PRIMEZONE) --
Oakley, Inc. (NYSE:OO) today announced it has signed a definitive agreement to
acquire all of the outstanding stock of privately held OSA Holding, Inc. and
its wholly owned subsidiary, The Optical Shop of Aspen (OSA), one of the
world's most respected retailers of luxury eyewear. Included in this
acquisition are The Optical Shop of Aspen's 14 retail locations.
"Oakley has established a renewed focus on optics and
is implementing strategies to build business platforms for sustainable growth
and profitability," said Scott Olivet, chief executive officer, Oakley, Inc.
"The Optical Shop of Aspen, along with our recent acquisition of Oliver
Peoples, strengthens our premium eyewear platform. In addition, OSA will help
build Oakley's prescription eyewear business and further develop the company's
retail capabilities."
"OSA is one of the country's most prestigious optical
retail chains, known for its unique first-class products and exceptional
service," said Cos Lykos, vice president of business development, Oakley, Inc.
"This acquisition provides us with direct access to the premium eyewear
consumer and we are very excited to add The Optical Shop of Aspen's premier
eyewear destinations to our retail lineup."
"For more than 30 years we have cultivated a loyal
consumer following based on innovative eyewear collections, outstanding
customer service and unique retail environments," said Larry Sands, founder
and chief executive officer, The Optical Shop of Aspen. "I am passionate about
the success of our business. I care about my employees, their future and the
future of this brand. I am confident this partnership will help elevate OSA to
new heights and allow us to realize the significant opportunities before us."
The Optical Shop of Aspen currently has 14 retail
stores located in Arizona, California, Colorado, Florida, New Mexico and
Missouri, and will operate as a wholly owned subsidiary of Oakley, Inc. After
the completion of the merger, Sands will continue as chief executive officer
of OSA and maintain independent ownership and operation of OSA International,
a separate wholesale company.
Specific terms of the agreement were not disclosed. The
company expects the acquisition to be closed during the second quarter of
2006. Oakley expects the acquisition to be slightly accretive to earnings in
2006.
About The Optical Shop of Aspen
Headquartered in Aliso Viejo, CA, The Optical Shop of
Aspen was founded in 1970 by Larry Sands who sought to define eyewear as a
high-end fashion accessory. The Optical Shop of Aspen stocks its stores with
innovative, high-end labels such as Cartier, Chanel, Christian Dior, Chrome
Hearts, Oakley, Oliver Peoples and Paul Smith. Optical Shop of Aspen
International, the company's wholesale division, designs, distributes and owns
the licenses to the Blinde, Chrome Hearts, Hiero, Kieselstein-Cord and Matsuda
eyewear brands. Under the direction of Optical Shop of Aspen International's
in-house design team, each collection pushes the boundaries of technology and
style, further bringing the concept of 'luxury' to eyewear. For more
information on OSA's retail stores and eyewear collections, please visit
http://www.osainternational.com/web/top/index-corp-top.html.
Essilor Total Aquisitions 2005...........
Press Release.. March 9, 2006
ACQUISITIONS
Essilor pursued its external growth in 2005, enhancing its positions in
prescription laboratories and finished-lens distribution. In all, 18
companies were acquired in 2005 for a total €115.7 million. The full-year
sales of these acquisitions represented around €92 million.
Three transactions were completed in Europe during the year:
<LI cursize="1">The acquisition of ATR Mec Optical, the Italian
distributor of Essilor subsidiary BBGR. ATR Mec owns two prescription
laboratories. <LI cursize="1">The acquisition of OMI, Essilor’s
exclusive lens distributor in Martinique, Guadeloupe and French Guiana. OMI
has a prescription laboratory in Guadeloupe.
The acquisition of a 25% stake in Ayudas para la Vision Subnormal (AVS),
a company based in Madrid, Spain that manages a visual rehabilitation center
for people suffering from visual deficiency. This transaction will enable
Essilor and AVS to develop services for the visually impaired.
Essilor made nine acquisitions in the United States:
<LI cursize="1">The Spectacle Lens Group, the ophthalmic lens
business of Johnson & Johnson Vision Care Inc., a subsidiary of US-based
Johnson & Johnson. The transaction was approved by US antitrust authorities
and completed in the third quarter of 2005. Created in 1999, The Spectacle
Lens Group has developed the Definity™ brand of progressive lenses,
featuring unique Dual Add™ technology that divides progressive add power
between the front and back surfaces.
Definity™ was introduced in select US test markets in late 2002 ands is well
respected among local eye care professionals consumers.
The acquisition is fully in line with Essilor’s strategy of offering
innovative, high value-added products.
The Dual Add™ and related technologies will enhance the Company’s research
programs to improve and personalize its offering of progressive lenses.
The industrial and marketing assets of National Optronics, based in
Charlottesville, Virginia. Founded in 1979, National Optronics designs and
manufactures precision edging systems, primarily for prescription
laboratories, based on its specific technology. National Optronics has
consolidated Essilor’s position as the worldwide leader in edging systems,
while adding a complementary technology to the Company’s portfolio.
Also in the United States, Essilor acquired majority (generally 80%) or
controlling (100%) interests in seven prescription laboratories to enhance
service to opticians:
<LI cursize="1">Vision-Craft Inc. in Detroit, Michigan. <LI cursize="1">Midland
Optical in Saint Louis, Missouri. <LI cursize="1">Jorgenson Optical
Supply Company, near Seattle, Washington. <LI cursize="1">Optical One,
in Youngstown, Ohio. <LI cursize="1">MGM in Porto Rico. <LI cursize="1">ACO
Lab Inc. in Commerce, California.
Focus Optical Labs Inc. in Chicago, Illinois.
In Canada, Essilor acquired Groupe Vision Optique (GVO), which owns
prescription laboratories in several large cities in the Province of Quebec
(Trois-Rivières, Quebec, Rimouski, Beloeil and downtown Montreal).
Separately, Essilor signed a contract with Hakim Optical, Ontario’s
leading optical chain, to acquire its Coating Lab Enterprises business,
which comprises three anti-reflective treatment centers in London and
Toronto, Ontario and in Halifax, Nova Scotia. The contract also calls for
Essilor to supply the majority of the anti-reflective treatments sold in
Hakim Optical’s stores, as well as a major proportion of their lenses.
Lastly, Essilor acquired the assets of Canada’s Optical Software Inc.,
which makes prescription laboratory management software.
In India, Essilor extended its prescription laboratory network by acquiring
a majority stake in Delta Lens Private Limited, a prescription
laboratory based in Mumbai (formerly Bombay).
In Indonesia, the Company created a prescription laboratory in partnership
with one of the country’s leading retail chains.
Lastly, in Taiwan, Essilor signed an agreement with Polylite, the
second largest company in the local corrective lens market. Under the
agreement, Essilor acquired a 12.1% stake in Polylite’s manufacturing
division and the partners set up a joint venture called Polylite Asia
Pacific Pte Ltd, owned 51% by Essilor and 49% by Polylite. The new company
combines all of Polylite’s prescription laboratories and lens distribution
operations in Taiwan, Hong Kong and China. The alliance has enabled Essilor
to enter Taiwan, a country with significant potential for progressive lenses
where the Company did not yet have any local operations. With this
transaction, Essilor also strengthened its positions in the prescription
laboratory segment in Hong Kong and China.
SUBSEQUENT EVENTS
New acquisitions
In early 2006, Essilor acquired several companies.
In India, Essilor India, a subsidiary of Essilor International, and India’s
GKB Rx Lens Private Ltd entered into a joint-venture agreement through which
Essilor India acquired a 50% interest in GKB’s prescription laboratory and
lens wholesaling business. The agreement includes an option to increase
Essilor’s stake in the future. A pioneer in the Indian ophthalmic lens
industry, GKB Rx Lens Private Ltd is has developed a network of eight
prescription laboratories, with $10 million in annual revenues.
The agreement will enable Essilor to enhance its presence in India and
leverage its multi-channel strategy in the prescription segment through a
second network that will operate alongside the seven proprietary Essilor
laboratories and the other Essilor partnerships.
With solid positions in all of the country’s leading cities, Essilor is
today number one in India’s fast growing plastic and progressive lens
market.
In the United States, Essilor acquired:
<LI cursize="1">Eye Care Express Lab Inc. of Houston, Texas, with
revenues of $3.9 million.
Accu Rx of Johnston, Rhode Island, with revenues of $5.8 million.
In Canada, Essilor acquired a majority interest in SDL, an
independent laboratory in Quebec with sales of $2.8 million. This
acquisition will allow Essilor Canada to broaden its service strategy.
In Romania, Essilor acquired Varirom, its local distributor (sales of
€2.3 million).
Oceane bond buy back On February 28, 2006, Essilor bought back 780,000 Oceane bonds due 2010,
representing 13% of the initial issue, for €57.5 million. There are now
5,259,749 Oceanes outstanding. Oceane bonds are convertible into or
exchangeable for new or existing Essilor shares and the transaction is part
of the strategy deployed since 2003 to reduce dilution from equity
instruments in the balance sheet. Until now, this active management strategy
involved buying back shares to offset dilution from stock option plans.
Because the Oceanes are convertible at a price of €53.55, the 26.80% rise in
Essilor’s share price in 2005 made conversion increasingly probable. The
Company therefore decided to buy back Oceanes to offset dilution. Compared
to share buybacks, this has the added advantage of reducing interest expense
and improving the balance sheet structure.
OUTLOOK FOR 2006
In 2006, Essilor will pursue its strategy of bringing innovative products to
the market, such as Varilux Physio® launched in early January, and making
targeted acquisitions in ophthalmic lenses.
500 Optical
Websites Now Listed..................
Montreal
March 2, 2006
This morning it happened....................I listed the 500th
optical website on my listing at
Last April, soon a year ago some optiboard members challenged me to set up a
listing of websites that everybody could use as a general refence when wearching
and looking for product or suppliers for anything in the optical trade.
I thought that this was a good idea............I had my own website and just had
to add another page. Out of self interest I also set it up to see how successful
my own site was, compared to all the others by listing them according to Alexa
traffic ratings. Best site has lowest number = ZEISS.
and
of all the optical forums = Optiboard
It was no hard job to add the sites thanks to many optiboard members, out of
which Rinselberg gets the highest rating as supply master. The big job is
the upkeep of the site which takes hours and hours of correcting and updating as
many of sites get better or worse ratings as time goes by.
My own statisrics show that this listing page has become extremely popular,
because a lot of visitors to the listing page are looking for information and or
products..............but also other website owners that want to know how they
compare to their competition. There are some websites that had poor ratings, and
then suddenly are jumping up the rankings every time I update.
Google did not like this page and cut off my website indexing that had been on
top rankings with them at 100 %, and my site disapeared on Google searches ;ast
September. However things got straightened out and they have since embraced my
site again, after finding out that traffic to my site only dropped 18% without
Google.
Anyhow, I will continue adding links whenever they pop up, or some optiboarders
e-mail them to me. This list was done without any commercial profit in mind,
just a a contribution to optiboard members to whom the need for such a listing
seemed to be important and useful.
And if you have a chance look over my own website which still ranks number 5
out of a total 500 of as today:
LUXOTTICA GROUP’S
CONSOLIDATED SALES FOR FISCAL YEAR 2005 ROSE BY 34.3%
Milan, Italy – January 31, 2006 - Luxottica Group S.p.A. (NYSE: LUX; MTA:
LUX), global leader in the eyewear sector, today announced consolidated
U.S. GAAP results for the three-month period and fiscal year ended December
31, 2005.
Financial highlights
Fourth quarter of 2005 (1) • Consolidated sales: €1,118.8 million (+18.0%)
- Retail sales: €849.6 million (+15.3%); Retail comparable store sales (2)
: +4.9%
- Total wholesale sales: €331.3 million (+28.5%)
• Consolidated operating income: €145.5 million (+39.2%); Operating
margin: 13.0%
- Retail operating income: €95.0 million (+27.6%); Retail operating margin:
11.2%
- Wholesale operating income: €73.0 million (+60.7%); Wholesale operating
margin: 22.0%
• Consolidated net income: €85.6 million (+43.2%); Net margin: 7.6%
• Earnings per share: €0.19 (US$0.23 per ADS)
Fiscal year 2005 (3)
• Consolidated sales: €4,370.7 million (+34.3%) - Retail sales: €3,298.2 million (+40.5%); Retail comparable store sales(4):
+5.5%
- Total wholesale sales: €1,310.3 million (+19.7%)
• Consolidated operating income: €602.6 million (+22.3%); Operating
margin: 13.8%
- Retail operating income: €378.4 million (+21.9%); Retail operating margin:
11.5%
- Wholesale operating income: €304.3 million (+30.5%); Wholesale operating
margin: 23.2%
• Consolidated net income: €342.3 million (+19.3%); Net margin: 7.8%
• Earnings per share: €0.76 (US$0.95 per ADS)
Andrea Guerra, chief executive officer of Luxottica Group, commented: “Fiscal
year 2005 was an exceptional year for our Group, during which we enjoyed
strong growth from both wholesale and retail operations, with sales for the
year growing by 19.7% and 40.5%, respectively. In wholesale in particular,
throughout the entire year we enjoyed significant additional growth in
profitability thanks also to improved penetration in key markets. Cash flow
generation (5) was another strong feature of our results for the year,
at €440 million.”
In 2005, Luxottica Group successfully completed the operational integration of
the former Cole National business, for which the cost synergies already
realized in 2005 will contribute to additional improvements in profitability
in the current year. As of the fourth quarter, we entered a new stage of the
integration, during which we will focus on the future growth of the
businesses, especially of the Pearle Vision retail brand.
In the fourth quarter, the Group continued to see particularly strong results
from retail operations in North America, with overall performance and
comparable store sales growth rates across the entire 5,300-store division
above those of the premium retail sector in that market. Behind a robust
quarter by LensCrafters thanks to a focus on sales of premium frames and
products, Sunglass Hut posted the third quarter in a row of double-digit
comparable sales growth, at nearly 12%, and a strong improvement in
profitability.
For the fourth quarter, the Group’s wholesale business experienced significant
additional growth and improved profitability, with sales to third parties
rising by 27.5 percent. Operating margin for the entire wholesale division for
the quarter improved to 22.0 percent, while operating margin for the year rose
by 190 bps to 23.2 percent. The performance of the wholesale business
reflected the strength of Luxottica Group’s brand portfolio, with yet again
more growth from Ray-Ban. Our key luxury brands also posted a strong quarter,
in particular Bvlgari, Chanel, Prada and Versace. Results from the October
launch of the new Dolce & Gabbana collections were also extremely strong.
Results for the fiscal year ended December 31, 2005, reflected the impact of
non-cash expenses for stock options (6) of €16.7 million.
Luxottica Group’s net debt position on December 31, 2005, reflected
significant improvement of €280.8 million to consolidated net outstanding debt
of €1,435.2 million, compared with net outstanding debt of €1,716.0 million on
December 31, 2004.
Forecast for fiscal year 2006 Luxottica Group, based on a €1 = US$1.2444 average exchange rate for the
full year, in line with the actual average exchange rate for fiscal year 2005,
forecasts the following consolidated results for fiscal year 2006 (7) :
• Sales of between €4.7 billion and €4.8 billion, or an increase of between 8
and 10 percent
• Earnings per share of between €0.89 and €0.91 (earnings per ADS of between
US$1.11 and US$1.13), or an increase of between 18 and 20 percent
Luxottica Group’s consolidated results for the fourth quarter and fiscal year
2005 were approved today by its Board of Directors.
ESSILOR PRESS RELEASE January 25. 2006
Up 8.5% Excluding Currency Effect, as
Forecast
Charenton-le-Pont,
France (January 25, 2006) - Essilor, the world leader in ophthalmic
optics, has announced consolidated sales of €2,423.5 million for the year
ended December 31, 2005. This represents an increase of 10.0% as reported
and 8.5% excluding the currency effect, in line with forecasts.
The Company's major markets
generally performed well and demand for its new products remained very
strong.
As a result, Essilor has
confirmed that 2005 will see further growth in both earnings and margins.
In € millions
(IFRS)
2005
2004
%
change
as
reported
%
change like-for-like
Contribution from acquisitions
Currency effect
Consolidated sales at Dec. 31
2,423.5
2,202.5
+10.0%
+5.2%
+3.3%
+1.5%
Consolidated 4th quarter sales
620.4
537.4
+15.5%
+5.1%
+3.5%
+6.8%
• Following a relatively slow start, consolidated sales
gradually increased during the year to levels more in line with the
Company's historic growth trend. The growth was driven by:
- A 5.2% like-for-like increase that accelerated between the
first half (4.7%) and the second (5.7%). It reflected:
• An approximately 3% rise in sales volumes.
• An improvement in the product mix, resulting from a higher percentage of
sales from progressive lenses (notably the Varilux® line), Transitions®
photochromic lenses, Crizal® Alizé™ anti-reflective lenses, and lenses made
of very high index and polycarbonate materials.
- A positive currency effect of 1.5% for the year. The first
quarter's negative currency effect gradually declined, becoming favorable
late in the year thanks to the rise of the US and Canadian dollars against
the euro and the very good resilience of the Brazilian real.
- A 3.3% contribution from companies acquired in 2004 and
2005 -mainly Midland Optical, 21st Century, National Optronics, Select
Optical and Opalite in the United States and LTL and ATR in Italy- which
added an aggregate €74 million to consolidated sales.
In 2005, Essilor continued to strengthen its global presence
and extend its prescription laboratory network, notably in the United
States, Italy, India and Taiwan. Eighteen acquisitions were finalized during
the year, including that of The Spectacle Lens Group, Johnson & Johnson's
ophthalmic lens business.
Sales
In € millions
Dec.
31, 2005
Dec.
31, 2004
%
change
as
reported
%
change
like-for-like
Europe
1,119.6
1,077.9
+3.9%
+2.3%
North America
1,025.1
897.2
+14.3%
+6.5%
Asia-Pacific
202.1
173.3
+16.6%
+12.2%
Latin America
76.7
54.1
+41.7%
+18.1%
Total
2,423.5
2,202.5
+10.0%
+5.2%
• Growth was led by North
America, the Asia-Pacific region and Latin America, while in Europe
performance varied from one country to another:
- A slight increase in
sales in Europe.
Sales were good in Germany, thanks to the upturn in demand, and in Southern
Europe. In Austria, sales were slowed considerably by lower reimbursements
for optical equipment beginning on January 1, 2005. In France, where the
market was sluggish, Essilor maintained its positions.
- Strong demand in North
America throughout the year.
In the United States, Essilor sales were lifted by a rising market and the
prescription laboratory acquisition strategy pursued in recent years. Sales
of Varilux® progressive lenses and Crizal® Alizé™ anti-reflective lenses
were very strong.
- Very sharp growth in all
emerging countries.
Essilor's strongest performance for the year was in Latin America,
especially in Brazil and Argentina. In Asia, demand was sustained in every
country, including Japan, where the Nikon-Essilor subsidiary gained new
market share. Growth was especially strong in China and India, where
ophthalmic optics markets are expanding rapidly.
Three New Acquisitions
Essilor International recently acquired a 25% stake in Ayudas
para la Vision Subnormal (AVS),
a company based in Madrid, Spain that manages a vision rehabilitation center
for people suffering from macular degeneration related to age, glaucoma or
retinopathy. The transaction will enable Essilor and AVS to develop vision
rehabilitation services and provide more appropriate solutions for the
growing number of people suffering from visual impairment.
In early 2006, Essilor of America, Essilor's US subsidiary,
acquired two other prescription laboratories:
• Eye Care Express Lab
Inc. of Houston, Texas, with revenues of $3.9 million and 24
employees.
• Accu Rx
of Johnston, Rhode Island, with revenues of $5.8 million and 37
employees.
Essilor also acquired equity stakes in companies in India and Taiwan (see
press release of January 12, 2006).
Conference call:
A conference call will be held today at 10:00 a.m. France time.
The telephone number is +44 (0)161 601 8918.
Audiocast and replay of the conference call:
Please refer to the informations on the right of this page.
Next
financial announcement:
2005 earnings will be released on March 9, 2006.
Charenton-le-Pont,
France (January 12, 2006) — Essilor, the world leader in ophthalmic
optics, is pursuing expansion in India, Taiwan, Hong Kong and China—all markets
with high growth potential—while continuing to broaden its coverage in the
United States.
In
India, Essilor India
Private Ltd, a wholly-owned subsidiary of Essilor International, and India’s GKB
Rx Lens Private Ltd have entered into a joint-venture agreement through which
Essilor India will acquire a 50% interest in GKB’s prescription laboratory and
lens wholesaling business. The agreement includes an option to increase
Essilor’s stake in the future.
Based in Kolkata, family-owned
GKB Rx Lens Private Limited is a pioneer in the Indian ophthalmic lens industry.
It serves independent opticians and eye care practitioners via a nationwide
network of eight prescription laboratories, with $10 million in annual revenues.
The agreement has enabled
Essilor to enhance its leadership in India, one of the world’s fastest growing
ophthalmic lens markets. The Company will also be able to leverage its
multi-channel strategy in the prescription segment through a second network that
will operate alongside the seven proprietary Essilor laboratories and the other
Essilor partnerships.
The joint venture will be led
by the current GKB Rx Lens management team and several Essilor India executives.
It will have access to Essilor technology to broaden its range of products.
With solid positions in all of
the country’s leading cities, Essilor is today number one in India’s fast
growing plastic and progressive lens market.
In Taiwan,
Essilor has signed a joint venture agreement with Polylite, the second largest
company in the local corrective lens market. Polylite Asia Pacific Pte Ltd,
which will be owned 51% by Essilor and 49% by Polylite, will combine all of
Polylite’s prescription laboratories and lens distribution operations in Taiwan,
Hong Kong and China, representing revenue of around $10 million in 2005.
Polylite Asia Pacific Pte Ltd will be led by the current Polylite management
team.
As part of the agreement, Essilor has also acquired a 12.1% stake in Polylite’s
manufacturing division.
The alliance has enabled Essilor to enter Taiwan, one of the
Asian countries where the Company did not yet have any local operations. The
Taiwanese market, which is characterized by a high percentage of medium/high
index materials and anti-reflective lenses, offers significant potential for
progressive lenses.
In addition, the Company has strengthened its positions in the prescription
laboratory segment in Hong Kong and China, where it already owns several
networks.
Lastly, in the
United States, Essilor of
America, Essilor International’s US subsidiary, acquired two new prescription
laboratories in late 2005. The acquisitions were in line with the strategy being
pursued for the past ten years, which focuses on serving eye care professionals
and continuously adding technological value to lenses. The two laboratories—ACO
Lab Inc. (based in Commerce, CA, near Los Angeles) and Focus Optical Labs Inc.
(Chicago, IL)—have revenues of respectively $3.8 million and $3.5 million. They
will continue to be managed by their former owners and will now distribute the
Varilux® and Crizal® brands.
Friday December 23, 04:18 AM
HK-listed Moulin Global liquidators sell Asia
distribution ops to former staff HONG KONG
(AFX) - Moulin Global Eyecare Holdings has entered into an agreement to sell
its Asian distribution business for 10 mln hkd to a company managed by Moulin
Global's former management staff, Moulin Global's provisional liquidators
said.
Provisional liquidators Roderick Sutton and Desmond Chiong Chung Seng said the
Asian business assets which are being sold off include the company's stock and
receivables in Taiwan, plant and equipment at Moulin Global's premises and
Moulin Global's cash balance in bank accounts in Taiwan.
They said Moulin Global's Asian distribution business relies heavily on
licenses held by the group for the distribution of branded products.
'While the provisional liquidators have been in discussions with the major
licensors for some time, there is uncertainty as to the continuation of the
licensing arrangements as a result of the recent events concerning the group,'
they said.
In the event the licenses are terminated, the company's current inventory on
hand would be worth little or rendered worthless.
Sutton and Chiong, executives at Australian firm Ferrier Hodgson, were
appointed by the High Court as provisional liquidators of Moulin Global in
June on behalf of more than 20 banks seeking to recover debts of more than 2.0
bln hkd.1 usd = 7.8 hkd)
ZEISS Takeover
Press Release November 1/05
NASHVILLE--Carl Zeiss Vision (CZV) has expanded its U.S. prescription
laboratory network with the purchase of Cumberland Optical Company, a
full-service laboratory based here. The purchase price was not announced.
Cumberland’s president, Sue Murray, who worked in the optical industry since
1971, will remain in charge of the lab.
Liquidators of
Moulin Selling ECCA
HONG KONG--The provisional liquidators of defunct Moulin Global Eyecare
Holdings reportedly will decide next month whether to sell or keep the San
Antonio-based Eye Care Centers of America chain, according to local newspapers
here. An executive of liquidator Ferrier Hodgson, Rod Sutton, was quoted as
saying that if 380-store ECCA were sold, a buyer would be chosen by next
month.
SAN ANTONIO--Eye Care Centers of America saw its net income slide in this
year’s third quarter ended Oct. 1; the chain posted a net loss of $400,000 for
the first nine months of 2005. In Q3, ECCA had total revenues of $101 million,
up from $98.7 million in the same period last year
__________________
Friday, Oct. 28, 2005
HOUSE PASSES BILL REGULATING CONTACT LENSES AS
DEVICES
The House has passed legislation that would regulate contact lenses as devices
in order to ensure that they meet strict manufacturing standards.
In a statement, Rep. Henry Waxman (D-Calif.) lauded the bill, S. 172, arguing
that because contact lenses are placed directly on the eye, it is important that
they be as safe as possible. Consequently, the FDA's designation of contact
lenses as cosmetics was not enough, Waxman said.
"By passing this bill, we can ensure that FDA protects consumers from unsafe
contact lenses. We can prevent serious eye injuries, even blindness. And we can
send a timely message to teenagers and their parents about the dangers of
unsupervised use of contact lenses at Halloween," Waxman added.
ESSILOR, October 20, 2005
Nine-Month 2005 Sales
Further Growth in the Third
Quarter
Charenton-le-Pont, France
(October 20, 2005) -- Essilor, the world leader in
ophthalmic optics, today announced its consolidated sales for
the nine months ended September 30, 2005:
in € millions
Sept. 30, 2005
IFRS
Sept. 30, 2004
IFRS
% Change (reported)
Sales
1,803.1
1,665.2
+8.3%
Sales rose 11.4% in the third quarter, of which
3.5% from acquisitions and 1.6% from a positive currency effect.
Like-for-like growth was 6.2% for the quarter. This strong
performance lifted growth for the first nine months of the year
to 5.2% like-for-like, compared with 4.7% in the first half.
Companies acquired in 2004 and 2005 accounted for 3.3% of the
nine-month growth, while the currency effect was a slightly
negative 0.2%.
Sales by region
in € millions
Sept. 30, 2005
IFRS
Sept. 30, 2004
IFRS
% Change (reported)
% Change
(like-for-like)
*
Europe
833.5
801.7
+4.0%
+2.3%
North America
764.1
693.8
+10.1%
+6.4%
Asia-Pacific
149.2
129.8
+15.0%
+12.2%
Latin America
56.3
39.9
+41.1%
+21.5%
* At
constant scope of consolidation and exchange rates
In the third quarter, business
was very strong in North America, Asia and Latin America,
driving like-for-like gains of respectively 7.3%, 14.2% and
24.9%, while in Europe, a 2.8% like-for-like increase sustained
the upward trend observed since the second quarter.
Growth continued to be led by progressive lenses,
especially the Varilux® line, the new generation of Transitions®
photochromic lenses and the Crizal® Alizé™ anti-reflective
lenses. In addition, September saw the launch of the new Essilor®
Anti-Fatigue™ unifocal, whose innovative design makes it more
comfortable for non-presbyopic adults to wear.
Outlook
Essilor expects consolidated sales to end the year up by 8-9%,
excluding the currency effect, with an improvement in
profitability compared with 2004.
Three new acquisitions
France
Essilor has completed the acquisition of the business assets and
goodwill of
OMI, its exclusive lens
distributor in the French West Indies (Martinique, Guadeloupe
and French Guiana). OMI is a long-standing partner with €7
million in sales and a prescription laboratory in Guadeloupe.
The acquisition has strengthened Essilor’s local presence
through its flagship Varilux® and Crizal® brands.
North America
Essilor has acquired an 80% interest in
MGM,
a Puerto Rico based prescription laboratory and Varilux®
distributor with $2 million in sales. It has also acquired the
assets of Canada’s
Optical Software Inc.,
which makes prescription laboratory management software and has
$1.2 million in sales.
Next release :
2005 Sales, January 25, 2006.
Investor
Relations and Financial Communication
Véronique Gillet
Phone: +33 (0)1 49 77 42 16 www.essilor.com
October 5, 2005
OMS Opto Chemicals
"Hooker
Pad" to prevent AR coated lenses from slipping in Edger
Problem solved, No more slippage on AR coated lenses
Being turned on ................by hearing and reading about all the slippage
and lenses turning of axis, these problems popping up when cutting AR coated
lenses that contain an added slick coat ..............I came up with the
perfect solution yesterday and have another invention on my back.
I developed a self adhesive plastic pad (24 mm
square) that is applied on the coated (or uncoated) and slippery lens surface.
It adheres to the lens surface with full blockage of any sideway's or rotary
movement, as if it would be part of the lens itself. Adhesion is provided to
lateral and roary movements only and can be lifted off the surface without
problems.
This pad serves as a base for whatever system of mounting the lens on the the
beveledger is used. Leap pads will have a solid grip to it, and the system is
totally preventing turning and slipping of the lens. As an added benefit the
pad is re-usable an undefinit amount of times.
Optiboard members are the first to learn about a new
happening....press releases will go out today. Lens AR coaters and the AR
Council should be happy that one of the major problems mounting those slippery
lenses has been solved.
Positive Results For Macular
Degeneration.................
Press Release
Source: Acuity Medical
Acuity Medical Macular
Degeneration Device Shows Positive Results in FDA Trial Proving Safety and
Efficacy
Tuesday October 11, 11:46 am ET
BRIGHTON, Mich., Oct. 11 /PRNewswire/ -- Acuity Medical has successfully
completed a proof of concept FDA-compliant trial of its TheraMac(TM) device
for the treatment of dry age-related macular degeneration (AMD). AMD is the
leading cause of legal blindness effecting more than 50 million people
worldwide. The trial showed that in two weeks 26% of the eyes treated had
improved vision by 10 letters or more, the equivalent of two lines on the eye
chart. There were zero serious adverse events.
TheraMac(TM) produces minute amounts of electrical biocurrent that is
delivered to the retina through a probe touching the skin around the eye. The
biocurrent facilitates increases in membrane permeability, improves cellular
functionality and stimulates cellular repair. The total time for treating one
eye is approximately 15 minutes.
Macular degeneration, which is caused by the deterioration of the central
portion of the retina, is diagnosed as either dry or wet. TheraMac(TM) is for
use with the dry non-bleeding form, which makes up 90% of the cases. Currently
there is no approved treatment for dry AMD.
According to Robert Gale Martin, M.D., Principal Investigator for Acuity
Medical's TheraMac(TM), "The initial results were extremely encouraging. The
clinical impression was that TheraMac(TM) dramatically improved patients who
had eyes with dry age-related macular degeneration. I feel that it's
imperative that double blind cross-over scientific studies be carried out to
confirm these initial clinical impressions."
Prior to the FDA trial, an open label study was conducted on 404 patients.
After one week of treatments, 85% of the eyes treated improved one or more
lines on the Snellen eye chart, 68% improved two or more lines and 48%
improved three or more lines.
There were zero serious adverse events. In 2002, TheraMac(TM) received CE
Marking in Europe.
Acuity Medical, located in Brighton, Michigan, is a therapeutic technology
company that is developing treatments for all aspects of macular diseases. For
more information, contact Tom McColley at (810) 229-5828 or at
tom.mccolley@acuitymedical.com.
ESSILOR Press Relase
First-Half 2005
Strong Demand in the Second Quarter
Net Income Up 19%
Charenton-le-Pont, France (September 8, 2005)
-- The Board of Directors of Essilor International, the world leader in
ophthalmic optical products, today announced the financial results for the
six months ended June 30, 2005:
€ millions
June
30, 2005
IFRS
June
30, 2004
IFRS
%
Change
Sales
1,182.9
1,108.3
6.7%
Contribution from operations (1)
As a % of sales
210.2
17.8%
177 .7
16.0%
18.3%
Operating income
196.4
170.2
15.4%
Net
income after minority interests
As a % of sales
145.7
12.3%
122.3
11%
19.1%
Earnings per share (in €)
1.43
1.21
18.5%
(1) Operating income before share-based payments,
restructuring costs and other non-recurring items, and goodwill impairment.
Sales up 6.7% to €1,182.9 million
Consolidated sales at June 30, 2005 were up 7.9% excluding
the currency effect, and 4.7% like-for-like. Acquisitions made in 2004 and
first-half 2005 added 3.2% of sales growth, while the currency effect eased
to a negative 1.1% following the rise in the dollar against the euro.
Organic growth
was led by:
• A very good second quarter, with like-for-like sales growth of 8.1%,
following the turnaround in Europe and very good demand in other regions.
• An increase in sales of high value-added lenses combined with a
significant rise in volumes.
• New product launches, the most important of which were the new range of
Transitions® photochromic lenses made of 1.67 high index and polycarbonate
materials, the rollout of the Crizal® Alizé™ antireflective/smudge-proof
treatment in Asia and the worldwide launch of Varilux® Ellipse™ small-frame
progressive lenses.
The strength of the current
product mix reflects the success of new lenses developed through recent
Essilor innovations. Their success has also demonstrated the depth of
consumer demand for constant improvements in visual comfort.
Acquisitions
Between January 1 and August 31, Essilor pursued its external growth
strategy with the acquisition of 12 companies (or their assets) representing
a total investment of €102 million. The acquisitions were primarily designed
to improve local service to opticians and optometrists and to enter new
markets in Asia. In addition, the acquisition of Johnson & Johnson’s
ophthalmic lens business will enhance Essilor’s progressive lens portfolio.
Sales by region
€ millions
June
30, 2005
IFRS
June
30, 2004
IFRS
%
Change (reported)
At constant scope of consolidation and exchange rates
Europe
563.2
541.2
4.1%
2.0%
North America
490.4
457.2
7.3%
5.9%
Asia-Pacific
95
84.4
12.7%
11.2%
Latin America
34.2
25.5
33.9%
19.6%
Contribution from operations (Operating income before
share-based payments, restructuring costs and other non-recurring items, and
goodwill impairment) up 18.3% to €210.2 million
Contribution from operations as a percentage of sales gained 1.8 points,
reaching an exceptional level of 17.8%. The increase reflected:
• A sharp improvement in the product mix as well as productivity gains in
manufacturing operations that drove an 8.4% increase in gross margin to
€678.8 million.
• Slower growth in operating expense, which rose 4.5% to €468.6 million.
Operating income up 15.4% to €196.4 million
This new item represents contribution from operations less other
income/expense and proceeds from asset disposals, which totaled an aggregate
€13.8 million. Of this, €6.2 million concerned costs related to stock
options and discounts on shares purchased into the corporate savings plan.
Net
income after minority interests up 19.1% to €145.7 million VisionWeb, Bacou-Dalloz and, since the change to IFRS,
Transitions are accounted for by the equity method. Following Bacou-Dalloz’s
improved performance, net income of companies accounted for by the equity
method rose sharply to €11.6 million, versus €1.8 million in 2004, adding to
the growth in net income after minority interests. Earnings per share rose
18.5% to €1.43.
Change
in the share base: 900,000 shares canceled
Essilor canceled 900,000 shares on August 31 to offset the impact of the
November 2004 stock option grants.
Outlook
2005
Based on the excellent first-half performance, Essilor expects 2005 results
to be in line with its long-term growth objectives, with an increase of
approximately 9% in sales, excluding the currency effect.
Note that while second-half earnings should be good, margins are not
expected to be as high as in the first half, notably because operating
expense is forecast to be higher in the second half.
Next sales release Third quarter 2005 sales : October 20.
Hundreds of Thousands of Optical Stores and Optical Labs Endanger
Employees Health by Emitting Toxic Fumes Inside Their Locations World
Wide
Hot glycol ether fumes are ingested on a daily basis in optical
businesses, without owners or health authorities being aware of it.
(PRWEB) July 26, 2005 -- Most optical stores and prescription
laboratories (estimating about 80% in North America) are doing lens
tinting operations by means of conventional lens tinting units, which
use a chemical heat transfer media to heat the dyes and the dye
remover chemicals (neutralizer).
Specially the dye removers are made with ether or ethylene glycols
that are heated to near the boiling point, therefore emitting very
toxic fumes, endangering employees to liver and kidney damage as well
as brain cells. Customers to these stores and residents of a building
that has central air conditioning are exposed to these fumes. (This
presents no problem if a ventilation hood is placed over the tinting
unit and the fumes vented outside into fresh air.) These tinting units
are on hot mode from early morning to closing time for fast access and
tinting.
The largest offenders are some of the well known optical chain stores
in the USA and Canada which advertise 1 hour service and are located
in central air conditioned buildings or shopping malls, because they
can not vent the fumes outside.
Some of these optical chains, are not only emitting fumes from daily
heated tinting units but also from lens hard coating machines that
emit fumes of butyl alcohol and other toxic chemicals into the central
air conditioning systems.
This is all due to optical chemical manufacturers and suppliers that
hand out MSDS sheets that do not mention the danger of toxic fumes
when these chemicals are heated. Without heat they would not work.
OSHA and other health governing agencies do not seem to be aware of
these conditions or they would have made these workplaces safe for the
employees, customers and residents of these buildings.
OMS Opto Chemicals has recently developed a non toxic water based tint
remover that will not emit any toxic fumes and does work as fast or
faster than the conventional glycol products, and furthermore it can
be used for every type of lens without damaging any surfaces. This
product has been formulated purely from surfactants (soap family) with
water as its carrier. Any evaporation can be replaced with plain tap
water until it stops working and a new batch has to be used.
For further information contact Chris Ryser, President OMS
OMS Optochemicals, 177108 Canada Inc.
97 Columbus , Pointe Claire, Quebec, Canada, H9R 4K3
Tel: +1- 514-426-3055 Fax:+1 - 514-426-1138
# # #
First-Half 2005 Sales - New Acquisitions
First-Half Sales Up 7.9% At
Constant Exchange Rates
Sharp Upturn in Business in Europe In the 2nd Quarter
New Acquisitions
Charenton-le-Pont, France (July
21, 2005) -- Essilor, the world leader in ophthalmic
optics, today announced its consolidated sales for the six
months ended June 30, 2005:
In € millions
June 30, 2005
IFRS
June 30, 2004
IFRS
% Change Reported
% Change Excl. Currency Effect
Consolidated Sales
1,182.6
1,108.3
+6.7%
+7.9%
The decrease in first-quarter
2004 sales under IFRS compared with the reported French GAAP
figure of €1,134 million primarily reflects the fact that under
IFRS, cash discounts granted to customers and certain sales
commissions are deducted from sales.
Essilor had a very good second
quarter, when sales increased by a like-for-like 8.1% and lifted
growth for the half to 4.7%. As expected, sales
recovered vigorously in Europe, while remaining on an upward
trend in other regions. In addition, prior-year comparatives
were high.
Sales growth was supported by new product launches during the
period, including the worldwide introduction of a new line of
Transitions® photochromic lenses in high-index materials, the
Asian launch of the Crizal® Alizé™ anti-reflective, smudge
resistant coating and the global launch of the Varilux® Ellipse™
small-frame progressive lens.
Changes in
the scope of consolidation, which added 3.2% to reported growth,
mostly concerned the companies acquired in 2004 and in early
2005 (notably Vision-Craft Inc. and Midland Optical in the
United States).
The
currency effect remained negative, but significantly eased
during the second quarter to just 1.1% as of June 30,
primarily as a result of the dollar’s renewed strength against
the euro.
Sales by region (IFRS):
In € thousands
June 30, 2005
June 30, 2004
Reported Change
Like-for-like
Change *
Europe
563,153
541,242
+4.0%
+2.0%
North America
490,448
457,176
+7.3%
+5.9%
Asia-Pacific
94,872
84,364
+12.5%
+10.9%
Latin America
34,173
25,529
+33.9%
+19.6%
* Constant
scope of consolidation and exchange rates
All of the regions contributed to growth for the
period:
• After a lackluster first quarter, when sales declined a
like-for-like 3.4%, operations in Europe reported an excellent
second quarter, with a sharp upturn in the main country markets
and a return to normal business levels in Germany.
• Operations in North America continued to enjoy sustained
growth throughout the first half, particularly the US
prescription laboratories.
• Sales rose sharply in Latin America and in the Asia-Pacific
region, with an especially good performance in India and China.
The stronger Brazilian real compared with first-half 2004
increased reported Latin American sales by 14.3% for the period.
Full-year outlook
Thanks to the expected faster growth in business in the second
quarter, which was led by the quality of the Group’s product
mix, Essilor has reported an encouraging increase in sales for
the first six months of 2005. This performance means that the
Group can look forward to the second half of the year with
confidence.
New
Acquisitions
The BBGR subsidiary has
finalized the acquisition of its Italian distributor, ATR MEC
Optical, taking to the next level its strategy of expanding its
presence in the leading European country markets. A family-owned business started in 1984, ATR MEC
Optical began marketing the BBGR lens range more than five years
ago. In 2004, it reported nearly €11 million in sales, with
around one hundred employees. The company, which also has two
prescription laboratories in Milan and Rome, primarily serves
independent opticians and buying groups. It will keep its
current management team. The acquisition will enable BBGR to
become an integrated player in the Italian market.
Essilor of America has
acquired majority interests in two prescription laboratories
that distribute Varilux® products. -
Jorgenson Optical Supply
Company, located near Seattle, Washington, has
55 employees and reported $7.6 million in sales in 2004. The
acquisition will enable the Group to improve its services to
opticians and optometrists in Washington, where it previously
did not have any operations.
- Optical
One, which had sales of $8.6 million in the
fiscal year ended March 31, 2005, is based in Ohio and has 53
employees. It will strengthen Essilor’s presence in the region
alongside Select Optical, which was acquired in 2004.
In addition, Essilor has received
the
approval necessary from the U.S. Federal Trade Commission to
complete the acquisition, previously announced on June 8, 2005,
of the ophthalmic lens business of The Spectacle Lens Group
division of Johnson & Johnson Vision Care, Inc.
Essilor expects to complete the acquisition in the next few
days.
Essilor extends its
prescription laboratory network in India. Essilor has acquired a majority stake in
Delta Lens
Private Limited, a prescription laboratory based
in Mumbai (formerly Bombay), with sales of nearly $2 million.
Delta Lens is recognized for its service excellence and is
present in the high-end segment of the market. Delta Lens will
maintain its current management team. This complements Essilor’s
laboratory presence in the important Mumbai market started with
the acquisition of Vijay Vision in 2004.
Next earnings
release First-half 2005 earnings: September 8.
Liquidators
Appointed at HK Eyewear Firm Moulin
Thu Jun 23, 2005 08:06 AM ET
By Alison Leung
HONG KONG (Reuters) - A Hong Kong court on Thursday appointed provisional
liquidators at Moulin Global Eyecare Holdings Ltd. (0389.HK:
Quote,
Profile,
Research) , the world's third-largest eyewear
maker, in a last-ditch bid to save the firm after it was crushed under debts
incurred in an aggressive expansion.
A winding-up petition was made by nearly 30 bank creditors, led by HSBC Holdings
(0005.HK:
Quote,
Profile,
Research) (HSBA.L:
Quote,
Profile,
Research) , representing more than HK$2 billion
(US$256 million) of the firm's debt, one of the liquidators said.
Hong Kong-based Moulin, which teamed up with a San Francisco venture capital
firm last December to acquire U.S. chain Eye Care Centers of America in a US$450
million deal, has said it had unaudited total bank borrowings of about HK$5.3
billion.
Moulin would be Hong Kong's biggest corporate collapse since consumer
electronics firm Akai Holdings, which was ordered to be wound up in 2002 after
failing to repay HK$13 billion debt.
"The main problem was they embarked on a very aggressive acquisition and without
properly lining up the funding for it," said David Webb, a Hong Kong corporate
governance advocate and editor of Webb-Site.com.
Analysts were dismayed to see the 45-year-old eyeglass empire, which churns out
over 15 million pairs of frames a year in China for brands like Sisley and
Paloma Picasso, falling apart just six months after it revealed its ambition to
eventually spin off its U.S. retail division.
"It's hard to believe such a big company with a long history could fall so
easily," said one analyst who declined to be named.
ACCOUNTING IRREGULARITIES
Liquidators said it would take 1-2 months to assess the firm's position, look at
options and talk to potential investors.
"The focus will be finding investors and attempting a corporate rescue," said
Roderick Sutton, executive director of Ferrier Hodgson, appointed one of the
firm's liquidators. Liquidators would also look into accounting irregularities
at the firm, Sutton told reporters following the court hearing.
Moulin said earlier this week it had HK$15 million in working capital as of June
15.
It also said a number of apparent accounting irregularities were found and its
cash position had been overstated by HK$40 million previously due to double
counting.
"Because of the accounting issue, the banks had lost confidence in the process
but still want to see a corporate rescue," Sutton said.
Moulin, founded by Chairman Ma Bo Kee, said earlier this week it had received
letters from 16 bank creditors demanding repayment of a total HK$946 million.
Ma and his family have cut their stake in Moulin to 19 percent from 31 percent
in the past two months as a result of pledging shares as securities to
creditors.
Moulin ran into financial trouble soon after buying Eye Care Centers of America
and twice failed to raise funds in capital-raising bids earlier this year.
Market watchers said a restructuring would not be easy and all existing
investors would be affected.
"Because there will be a very large restructuring of the debt and a large amount
of new equity will have to be issued, most of the market capital will be wiped
out," said Webb, who also sits on the Hong Kong Stock Exchange board.
Moulin, once a favorite among fund managers, had a market value of HK$2.8
billion on April 15 before trading in the stock was suspended after its plan to
sell US$41 million in convertible bonds failed.
The capital-raising failed in part because Moulin was unable to publish its 2004
results on time as its auditors resigned. (US$1=HK$7.8)
Essilor To Acquire Johnson & Johnson Vision Care Inc.'s
Ophtalmic Lens Business
Charenton-le-Pont,
France (June 8, 2005) — Essilor today announced that it has signed an
agreement with Johnson & Johnson Vision Care Inc. to acquire The Spectacle Lens
Group, Johnson & Johnson Vision Care Inc.’s ophthalmic lens business.
The transaction is subject to
approval by US antitrust authorities and is expected to close in the third
quarter.
Created in 1999, The Spectacle
Lens Group has developed the Definity™ brand of progressive lenses, featuring
unique Dual Add™ technology that divides progressive add power between the front
and back surfaces.
Definity™ was introduced in
select US test markets in late 2002 and is well respected among local eye care
professionals and consumers. To help speed further development, Essilor will
continue to manufacture Definity™ progressive lenses and distribute them in the
United States through its traditional marketing and distribution networks.
The acquisition is fully in
line with Essilor’s strategy of offering innovative, high value-added products.
The Dual Add™ and related technologies will enhance the Company’s research
programs to improve and personalize its offering of progressive lenses.
Investor Relations and
Financial Communication
Véronique Gillet
Phone: +33 (0)1 49 77 42 16
www.essilor.com
Charenton-le-Pont,
France (June 8, 2005) – Essilor,
the world leader in ophthalmic optics, today announced that it
has completed the acquisition of the industrial and marketing
assets of National Optronics, a lens processing equipment
manufacturer based in Charlottesville, Virginia.
Founded in 1979, National
Optronics designs and manufactures precision edging systems,
primarily for prescription laboratories, based on its specific
technology. In 2004, it reported $16 million in revenues, with
120 employees.
National Optronics will
consolidate Essilor’s position as the worldwide leader in edging
systems, as well as add a complementary technology to Essilor’s
portfolio of edging techniques that is particularly well suited
to polycarbonate, high-index and high base curve lenses. In
addition, Essilor intends to step up the international
development of National Optronics, whose know-how, quality and
dedication to customer service are widely recognized in the US
ophthalmic industry.
National Optronics will keep its
current management team in place, and will continue to lead its
North American business as usual.
Investor Relations and Financial
Communication
Véronique Gillet
Phone: +33 (0)1 49 77 42 16 www.essilor.com
Unique Stabilization Technology Helps Keep Lenses in Place Throughout the Day
JACKSONVILLE, Fla., April 27 /PRNewswire-FirstCall/ -- VISTAKON(R), a
division of Johnson & Johnson Vision Care Inc., today announced the
availability of ACUVUE(R) ADVANCE(TM) Brand Contact Lenses for ASTIGMATISM,
the first silicone hydrogel daily wear contact lens for individuals with
astigmatism, a common vision problem experienced by millions of children,
teenagers, and adults.
ACUVUE ADVANCE for ASTIGMATISM utilizes a breakthrough stabilization
technology which harnesses the natural pressures of a blinking eye to balance
the lens in place while the eye is open and quickly realign the lens if it
rotates out of position, providing patients with astigmatism with consistent,
all-day vision and comfort. Most currently available soft contact lenses worn
by individuals with astigmatism are prone to rotating with the eyelids'
movements, causing wearers to experience some blurriness or fluctuation in
vision. The new lenses also feature HYDRACLEAR(TM), a proprietary technology
that combines an oxygen-rich material with a moisture-rich wetting agent that
gives the lenses a moist, smooth feel.
Astigmatism is a vision condition that occurs when surfaces of the eye,
such as the cornea, have an oval shape -- like an egg. This shape prevents
light from focusing properly on the back of the eye, the retina. People with
astigmatism will usually have blurred vision, and in some cases may also
experience headaches, eyestrain, or fatigue.
"Almost all types of astigmatism can be optically corrected," explained
Dr. Susan Resnick, an optometrist at a New York City based specialty contact
lens practice. "A comprehensive optometric exam will include testing to
diagnose and determine the degree of astigmatism and the appropriate vision
correction."
The stability, comfort, and quality of vision throughout the day of ACUVUE
ADVANCE for ASTIGMATISM was demonstrated in a two-week, masked, multi-center
clinical trial of 435 men and women between the ages of 18-39 who were contact
lens wearers and had been diagnosed with astigmatism.
Participants were fit with either ACUVUE ADVANCE for ASTIGMATISM or one of
two currently available soft toric lenses (Bausch & Lomb Soflens66(R) Toric,
ACUVUE(R) Brand TORIC). Patients were instructed to wear the lenses on a daily
basis for two weeks. On average, study lenses were worn 12-13 hours a day. At
the conclusion of the study, patients and doctors filled out a questionnaire
to evaluate the performance of each lens.
In the study, ACUVUE ADVANCE for ASTIGMATISM was the top-rated lens by
both eye care professionals and patients on nearly all vision measures,
including quality of vision at the end of the day, during night driving, and
while playing or watching sports. Patients also reported fewer incidences of
the ACUVUE ADVANCE for ASTIGMATISM lenses moving in and out of place than did
wearers of the toric lenses.
Additionally, patients wearing ACUVUE ADVANCE for ASTIGMATISM were
significantly more likely than wearers of the other lenses studied to remain
comfortable with their lenses throughout the day, including time spent in
front of computers and televisions, and in heated, and air-conditioned, or
smoky environments. Patients fitted with ACUVUE ADVANCE for ASTIGMATISM
reported that they needed to use rewetting drops significantly less often than
those wearing other lenses.
ACUVUE ADVANCE for ASTIGMATISM is indicated for daily wear vision
correction. As with all contact lenses, eye problems, including corneal
ulcers, can develop. Some wearers may experience mild irritation, itching or
discomfort. Lenses should not be prescribed if patients have any eye
infection, or experience eye discomfort, excessive tearing, vision changes,
redness or other eye problems. Consult the package insert for complete
information. For further information, talk to your eye care professional or
call 1-800-843-2020 or visit http://www.acuvue.com.
Johnson & Johnson Vision Care Inc.
Johnson & Johnson Vision Care, Inc. includes The Spectacle Lens Group
division and the VISTAKON division. The Spectacle Lens Group division
designs, develops, manufactures and markets spectacle lenses, with a focus on
Progressive Addition Lens products for presbyopes. The VISTAKON division
specializes in disposable contact lens brands, including ACUVUE(R) ADVANCE
Brand Contact Lenses with HYDRACLEAR(TM), ACUVUE(R) ADVANCE(TM) Brand Contact
Lenses for ASTIGMATISM for people with astigmatism, ACUVUE(R) Brand and
ACUVUE(R) 2 Brand; 1-DAY ACUVUE(R) Brand; ACUVUE(R) Brand BIFOCAL Contact
Lenses for people with presbyopia; ACUVUE(R) Brand TORIC, and ACUVUE(R) 2
COLOURS(TM) Brand Contact Lenses.
ACUVUE(R), ACUVUE(R) ADVANCE(TM), HYDRACLEAR(TM), and VISTAKON(R) are
trademarks of Johnson & Johnson Vision Care, Inc.
Essilor Canada has acquired Groupe Vision Optique (GVO), which owns prescription laboratories in several
large cities in the Province of Quebec (Trois-Rivières, Quebec, Rimouski, Beloeil and downtown Montreal). GVO has annual sales of C$6 million (around €4
million) and 70 employees.
The initiative will expand Essilor’s service capabilities in Quebec by
broadening their reach and delivering high-quality local service for all of Essilor products.
Separately, Essilor Canada has
signed a contract with Hakim Optical, Ontario’s leading optical chain, to
acquire its Coating Lab Enterprises business, which comprises three
anti-reflective treatment centers in London and Toronto, Ontario and in Halifax,
Nova Scotia. The contract also calls for Essilor to supply the majority of the
anti-reflective treatments sold in Hakim Optical’s stores, as well as a major
proportion of their lenses.
Press Release
Source: Essilor
Essilor: Transition to IFRS Thursday April 21, 1:56 am ET
CHARENTON-LE-PONT, France, April 21 /PRNewswire-FirstCall/ -- The main effects
of the transition to IFRS on Essilor's consolidated financial statements are
described in a note, which will be inserted in the 2004 Annual Report
published at the time of the Annual Shareholders' Meeting.
The identified effects on equity and net income are fairly limited, in
terms of both adjustments to 2004 data and application in 2005. However, IAS 32 and IAS 39 will not be applied as from the transition date (January 1,
2004), but only from January 1, 2005. With respect to IAS 39, it is difficult,
at this point in time, to estimate the impact of this standard on the 2005
consolidated financial statements.
Opening equity at the IFRS transition date (January 1, 2004) will be
slightly below the previously reported figure, due mainly to the cancellation
of cumulative actuarial gains and losses on employee benefit plans and
adjustments to deferred taxes. In the opening balance sheet at January 1,
2005, these adjustments will be offset by the reclassification in equity of
the equity component of the 2003 convertible bonds, in accordance with IAS 32.
2004 net income will be around fifteen million euros higher than previously
reported, due to the fact that goodwill is not amortized under IFRS.
Cancellation of the 2004 amortization charge will more than offset the
recognition of compensation costs related to share-based payments, stock
options and the employee stock ownership plan.
Reclassifications between various income statement captions will have the
effect of increasing or decreasing key balances, but will have no impact on
net income.
In particular, 49%-owned Transitions will be accounted for by the equity
method in the IFRS income statement.
Other changes include the reclassification as a deduction from sales of
cash discounts granted to customers and certain sales commissions, and the
inclusion in income from operations of items previously reported as
non-operating income and expense.
Essilor will publish a full set of IFRS financial statements for 2004 as
soon as all the necessary detailed information is available, including details
of the IFRS adjustments to the accounts of Bacou-Dalloz which is accounted for
by the equity method.
The complete note on IFRS is available on www.essilor.com in the Shareholders / Investors section.
Essilor International is the world leader in ophthalmic optical products,
offering a wide range of lenses under the flagship Varilux®, Crizal®, Airwear®
and Essilor® brands to correct myopia, hyperopia, presbyopia and astigmatism. Essilor operates worldwide through 17 production sites, 183 lens finishing
laboratories and local distribution networks. The Essilor share trades on the Euronext Paris market and is included in the CAC 40 index (ISIN: FR
0000121667; Reuters: ESSI.PA; Bloomberg: EF FP).
Source: Essilor
March 25, 2005
Investment Firm Acquires
Assets of Rodenstock North America
COLUMBUS, Ohio--After struggling for months with financial difficulties,
Rodenstock North America (RNA) has sold its operating assets to Lazear Capital
Partners, an investment banking company based here. The purchase price was not
disclosed.
SOLA Acquires Northeast Lens
Corporation
SAN DIEGO--SOLA International [NYSE: SOL] has purchased Northeast Lens
Corporation, a wholesale lens-processing lab in Newton, MA. In announcing the
acquisition, Barry Packham, president of SOLA North America, said, “We are
very excited to be able to expand our distribution base to the crucial
Northeast region through the acquisition of this outstanding lab”.
Merger betweem Carl Zeiss
Opthalmic Lens Division and Sola completed
The new parent company name will be Carl Zeiss Vision, with workforce of 9,000
people and revenues of around 800 million euros per annum
March 17, 2005
(un-confirmed as yet)
March 15, 2005
>
> Oklahoma Optometry Board Allows ODs to Perform Surgery with a Scalpel
>
What began in Oklahoma must end in Oklahoma
>
>
> As expected, the Oklahoma Board of Examiners in Optometry last week
> voted to make permanent a regulation that allows optometrists to
> perform surgery with a scalpel. Now we begin implementation of the
> legislative phase of the Oklahoma Surgery by Surgeons campaign.
>
> Oklahoma's governor and legislature have 45 days to take action. They
> can either do nothing and this dangerous regulation will become law,
> or they can vote to accept or reject it.
>
> The Academy, the Oklahoma Academy of Ophthalmology, and the Oklahoma
> State Medical Association have already begun turning up the heat with
> a series of radio advertisements and press releases urging the
> governor and legislature to reject the rule for the sake of patient
> safety. Our message is gaining traction! However, it is quite
> expensive. Please help support it with an immediate contribution
> online to the Surgical Scope Fund, or send a check to the address
> below.
>
> Almost a decade ago, Oklahoma optometrists got their foot in the door
> with the nation's first-ever law allowing ODs to perform laser
> surgery. Now, they are poised to bust the door wide open with a vague
> law that allows them to perform more than 100 surgical procedures.
> It's up to us to slam the door shut.
>
> The optometry lobby has worked to duplicate Oklahoma's laser surgery
> law in other states and in the VA. But the Academy—united with the
> American Medical Association, the Osteopathic Association, American
> College of Surgeons and the American Society of Cataract and
> Refractive Surgeons and backed by a well-endowed Surgical Scope
> Fund—has succeeded in keeping Oklahoma on the fringe. Still, new
> threats are emerging across the nation, in New Mexico, Texas and
> Alaska.
>
> What began in Oklahoma must end in Oklahoma. Give to the Surgical
> Scope Fund TODAY.
>
> If you have any questions, please contact Denna Suko at
> dsuko@aaodc.org or 202.737.6662.
>
(Montreal, February
28,2004)
Specsavers Opts To
Use OMS Micro-Tints
Specsavers has more than 500 optical retail stores in Europe (UK, Ireland, Holland and
Sweden)
Specsavers is the fastest
growing optician in the Netherlands
Specsavers has by now 65 optical retail stores in
the Netherlands
Specsavers have decided to start
using the Micro Tint System in their stores, starting in the Netherlands. Using
this high tech lens tinting system will allow Specsavers optical stores to tint
and UV protect customers lenses faster and better. Specsavers opticians will be
able to tint lenses while the customer’s wait. Opticians in Europe in general do
not provide tinting services in their stores and have to send lenses out to a
central optical lab. This will provide Specsavers with a unique advantage.
The OMS Micro Tint System is the only
tinting system that tints in seconds and does not emit toxic fumes. and
therefore does not need a special exhaust system to protect the health of
employees and customers from ingestion of hot glycol fumes in optical stores.
The original contact was
made because the high tech Micro Tint System is not only faster and cleaner in
the tinting process than the conventional way of tinting, but also because the
chemicals are 100% water based and do not emit toxic fumes.
Conventional lens tinting units are a
health hazard. Many government rules prohibit the tinting of optical lenses by
way of conventional tinting units and chemicals, because of emitting toxic
fumes, without special exhaust systems in a central air- conditioned and heated
environment.
All
details on MICRO TINTS can be seen on the highest traffic ranking optical website of OMS Opto Chemicals
at http://optochemicals.com
OPTICAL INDUSTRY NEWS,
PRESS RELEASES AND
ARCHIVES
March 29, 2005
Advanced Medical Optics
Adds to Its Market-Leading Portfolio of Refractive IOLs With FDA Approval
of the ReZoom Multifocal Refractive LensPR
Newswire - Monday, March 28, 2005, SANTA ANA, Calif., March 28, 2005 /PRNewswire-FirstCall via COMTEX/ --
Advanced Medical Optics, Inc. (AMO) (NYSE: AVO), a global leader in
ophthalmic surgical devices and eye care products, today added to its
market-leading portfolio of refractive intraocular lenses (IOLs) with the
announcement that the U.S. Food and Drug Administration (FDA) has approved
the ReZoom(TM) multifocal refractive IOL for cataract patients.
The ReZoom(TM) IOL is a new design and next generation acrylic three-piece multifocal IOL. The ReZoom(TM) IOL Balanced View Optics(TM) distribute
light over five optical zones for enhanced restoration of visual function,
providing distance, intermediate and near vision for reduced spectacle
dependence. This allows the lens to match its performance characteristics
with the lifestyle demands of the patient.
"The ReZoom(TM) multifocal lens adds to our portfolio of refractive IOLs that already includes innovative technologies such as the Verisyse(TM) phakic IOL and the Tecnis(R) Multifocal lens, which is currently being
evaluated in a clinical trial in the U.S.," said AMO President and CEO Jim Mazzo. "With our expansive portfolio of refractive IOLs, AMO's strategy is
to lead in building the burgeoning global refractive marketplace."
Both the ReZoom(TM) and Tecnis(R) Multifocal IOLs have CE Mark approval in
Europe for treatment of presbyopia.
About Advanced Medical Optics (AMO)
AMO is a global leader in the development, manufacturing and marketing of
ophthalmic surgical and eye care products. The company focuses on
developing a broad suite of innovative technologies and devices to address
a wide range of eye disorders. Products in the ophthalmic surgical line
include intraocular lenses, phacoemulsification systems, viscoelastics, microkeratomes and related products used in cataract and refractive
surgery. AMO owns or has the rights to such ophthalmic surgical product
brands as ReZoom(TM), Phacoflex(R), Clariflex(R), Array(R), Sensar(R), CeeOn(R), Tecnis(R) and Verisyse(TM) intraocular lenses, Sovereign(R) and Sovereign(R) Compact(TM) phacoemulsification systems with WhiteStar(TM)
technology, Amadeus(TM) and Amadeus(TM) II microkeratomes, Healon(R) and Vitrax(R) viscoelastics, and the Baerveldt(R) glaucoma shunt. Products in
the contact lens care line include disinfecting solutions, daily cleaners,
enzymatic cleaners and lens rewetting drops. Among the contact lens care
product brands the company possesses are COMPLETE(R) Moisture PLUS(TM), COMPLETE(R) Blink-N-Clean(R), Consept(R)F, Consept(R) 1 Step, Oxysept(R) 1
Step, UltraCare(R), Ultrazyme(R), Total Care(R) and blink(TM) branded
products. Amadeus is a licensed product of, and a trademark of, SIS, Ltd. AMO is based in Santa Ana, California, and employs approximately 3,000
worldwide. The company has operations in about 20 countries and markets
products in approximately 60 countries. For more information, visit the
company's Web site at www.amo-inc.com.
SOLA Stockholders approve ZEISS merger,
03/04/2005
SAN DIEGO--SOLA International
(NYSE:SOL) stockholders voted overwhelmingly during a special meeting
on Monday to approve the agreement and plan of merger among SOLA, Carl Zeiss TopCo GmbH and Sun Acquisitions. Under the agreement Sun Acquisitions, a
Delaware corporation and an indirect wholly owned subsidiary of Carl Zeiss TopCo,
would acquire all of SOLA's outstanding shares for $28 per share. SOLA reported
that 99.9 percent of the shares voted were in favor of the approval and adoption
of the merger agreement, representing 73.1 percent of the total shares
outstanding.
LUXOTTICA GROUP REACHES 98.5 PERCENT
HOLDING IN OPSM GROUP, STARTS
COMPULSORY
ACQUISITION OF ALL REMAINING
SHARES
Milan, Italy - February 8, 2005 - Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), the worldwide leader
in the eyewear sector, today announced the start of the
compulsory acquisition process for all remaining shares in OPSM Group Limited (ASX: OPS) not already owned by Luxottica Group.
On January 4, 2005, Luxottica Group launched through its
wholly-owned subsidiary Luxottica South Pacific Pty Ltd an
off-market takeover offer for all the Australian Stock
Exchange-listed OPSM Group shares it did not already own. At
the close of the offer on February 7, 2005, Luxottica Group
held 98.5 percent of OPSM Group shares, which is in excess
of the compulsory acquisition threshold.
Leonardo Del Vecchio, chairman of Luxottica Group,
commented: “We are pleased with the positive response to the
offer by OPSM Group shareholders.”
“Today OPSM Group is already a leading optical retailer
in Australia and enjoys a strong foothold in the important
Hong-Kong market. We now look forward to maximizing
opportunities for OPSM Group and the entire organization in
both the Australian market and the Asia-Pacific region.”
Luxottica Group anticipates that the Australian Stock
Exchange will suspend trading in OPSM Group shares on or
shortly after February 15, 2005, and delist OPSM Group
shares from the Australian Stock Exchange on the third
business day of the suspension. The compulsory acquisition
process is expected to complete on or shortly after March
23, 2005.
The total value of the offer for the shares not
previously held by Luxottica Group is approximately A$103
million, or approximately €62 million (at an exchange rate
of €1 = A$1.66). Luxottica Group had offered A$4.35 per
share in cash for each OPSM Group share, which was adjusted
to A$4.20 to reflect OPSM Group’s declaration of a dividend
of A$0.15 per share.
Midland Optical Joins Essilor US Network
February 15, 2005 – Charenton-le-Pont,
France) -- Essilor of America, Essilor's US subsidiary, has acquired a
majority interest in Midland Optical, a
prescription laboratory headquartered in St. Louis, Missouri.
An authorized distributor of Varilux® brand
products, Midland Optical generates $16.5 million in sales and employs 150
people. It caters to independent eye care professionals located primarily in
Missouri and Illinois.
As a result of this acquisition, Essilor will
further strengthen its line of value-added products in the north-central region
of the United States.
Midland Optical will retain its current executive
team.
February 7, 2007
One of the major and fastest growing
optical retail chains in Europe has decided to switch to the Micro Tinting
System in their stores to be able to give their customers instant tinting
service and be ahead of their competition.
An official Press release will be made
will be made at the end of this month.
January 26, 2005
Consolidated 2004 Sales
Up
10.4% excluding currency effect Four New Acquisitions
Charenton-le-Pont (January 26, 2005) -- Essilor, the world leader in ophthalmic optics, today announced its
provisional consolidated sales for the year ended December 31, 2004:
in €
millions
2004
2003
% change
Consolidated sales
2,258.6
2,116.4
6.7%
Excluding the currency effect, sales increased by 10.4%, exceeding the target announced at the
beginning of the year.
On a
like-for-like basis, sales were up 5.8%. Excluding Germany(1), the rise was 8.5%, well above the company’s historic growth trend.
Companies acquired in 2003 and 2004 contributed €96.5 million to sales,
adding 4.6 points to growth. A total of 12
acquisitions were made in 2004.
The
currency effect, limited to a negative 3.6 points,
resulted mainly from the dollar’s decline during the period.
The year
was shaped by:
Sharp
growth in all regions, including Europe other than Germany(1).
The
demonstrated success of new products launched in late 2003 and 2004, led
by the Crizal® Alizé™ anti-reflective lenses, the Varilux® Ellipse™
progressive lenses for small frames, the Varilux® Ipseo™ personalized
progressive lenses and the 1.74 ultra high-index lenses.
A new
improvement in the product mix and an increase in sales of high-value
added products, whose volumes rose by more than 10%.
Sales by region
in
€ millions
December 31, 2004
December 31, 2003
%
change
%
change like-for-like
Europe
1,117.9
1,048.0
6.7%
2.0%
North
America
909.4
869.2
4.6%
7.7%
Asia-Pacific
177.1
149.7
18.3%
18.1%
Latin
America
54.2
49.5
9.6%
14.7%
Excluding Germany(1), like-for-like sales increased by 7.4% in Europe, driven by excellent results in France, the United Kingdom and the countries of Eastern and Southern Europe. The
multi-network strategy once again demonstrated its effectiveness.
In North America, results were very good in both Canada and the
United States. As demand for ophthalmic lenses continued to recover, Essilor gained new market share, led by new products and strong business development
initiatives.
The Asia-Pacific region reported the highest growth. In Japan especially, Nikon-Essilor increased its market share, and in emerging
markets like China and India,
the company significantly strengthened its positions.
Lastly,
in Latin America, sales improved in Brazil, Argentina and the region’s other markets.
Four
new acquisitions Essilor made several acquisitions in late 2004 and early 2005. Together, these
companies represent nearly $24 million in full-year sales.
Essilor of America, Essilor’s US subsidiary, acquired a majority stake
in 21st Century Optics, a prescription
laboratory based in Long Island City, in the New York City borough of
Queens. A distributor of Varilux® and Crizal® brand products, 21st
Century Optics has annual sales of $15.5 million. The company has
retained its current management team.
In
India, Essilor strengthened its presence in the region of Mumbai with
the acquisition of Vijay Vision Private Limited,
a prescription laboratory with annual sales of €1 million.
In
France, Essilor acquired Delamare-Sovra, a
manufacturer of surfacing consumables with annual sales of €3 million.
In January 2005, Essilor of America acquired a majority stake in Vision-Craft Inc., a prescription
laboratory that distributes the Varilux® brand in and around Detroit,
Michigan. Vision-Craft has annual sales of $4.3 million.
Final results
Audited 2004 results will be released on March 10, 2005.
(1) Demand in Germany declined sharply in 2004 following the elimination of reimbursements for
ophthalmic lenses by the national health care system.
Investor Relations and Financial Communication Phone: +33 (0)1 49 77 42 16
January 13, 2005
- Luxottica to Sell Dolce & Gabbana by Year’s End
Luxottica Group has signed an
agreement with Marcolin for a distribution shift of Dolce & Gabbana Eyewear and D&G Dolce & Gabbana Eyewear, to the benefit of all customers.
The main advantage of this agreement is that from October 1, 2005, Luxottica Group will start selling a significant part of products
manufactured and distributed by Marcolin. In addition, an agreement to
provide after-sale service was concluded.
Even though Marcolin’s title over the licence agreement will continue
until December 31, 2005, Luxottica Group will take over the sale of Dolce
& Gabbana Eyewear and D&G Dolce & Gabbana Eyewear lines, paying to the
licensor on behalf of Marcolin, royalties on the turnover realized over
the reference period. Marcolin will not pay to Dolce & Gabbana a portion
of the last quarter guaranteed minimum turnover, estimated at around 1.8
million euros.
This agreement will not include all markets since Marcolin will continue
to distribute Dolce & Gabbana Eyewear and D&G Dolce & Gabbana Eyewear
lines in UAE, Qatar, Oman, Syria, Bahrain, Jordan, Japan, Korea, Australia
and New Zealand, through its exclusive distributors, until December 31,
2005.
“For sure we will start selling Dolce & Gabbana collections by the year’s
end,” says Luxottica Canada.
January 13, 2005
Highmark to Acquire
Viva Int’l Group
Highmark Inc., one of the largest health
insurers in the United States, announced last December a definitive agreement to
acquire the privately held eyewear manufacturer Viva International Group.
The leading health, vision, dental and life insurer said its addition of Viva
International Group to its family of subsidiaries will enhance its position in
the health care specialty business, making it one of the largest fully
integrated vision care providers in U.S.A.
Mitchell Barkley, the recently named CEO of Viva International Group, says Viva
will operate as a separate company within the Highmark group. Harvey Ross, Viva’s founder and chairman, will remain as a consultant to the company for a
period of several years. He is happy with this agreement offering to the eyewear
distributor a platform for expanded services and a tremendous opportunity for
continued growth. Don Coulson, Viva’s national sales manager in Canada, shares
his enthusiasm. “This acquisition is a good thing for the company which will go
full steam ahead.”
Beginning in 2005, Viva will be distributing Givenchy, Fila, Furla, Etro and Escada in North America per agreements with DeRigo S.p.A.
“Fila, Furla and Escada will be the first brands to be distributed in Canada,”
says Coulson.
December 6, 2004
ZEISS TAKES OVER SOLA
CARL ZEISS OPTICAL BUSINESS TO MERGE WITH SOLA
Monday, December 6, 2004. Carl Zeiss Optical, Inc. has announced the
merger of the Carl Zeiss optical business with SOLA International. This
was accomplished by first carving out of Carl Zeiss AG a limited liability
company consisting of the Zeiss eyeglass business. This new entity, which
is equally owned by Carl Zeiss AG and a funding group, the EQT III fund,
then executed an agreement to purchase all of SOLA's common stock for
$28.00 per share in cash. The total purchase price is approximately $1.1
billion and represents a premium of approximately 30% to SOLA's December
3, 2004 closing price. The conclusion of the transaction, which has been
given unanimous approval by SOLA's Board of Directors, requires approval
by SOLA shareholders and antitrust authorities. The merger is scheduled
for the first quarter of 2005.
In FDA'S Daily Report November 30, 2004
CLINICAL TESTS FOR IIP'S RETINA IMPLANTS SUCCESSFUL
IIP Technologies' Retina Implant has successfully been put through a clinical
test in which 19 of 20 patients who took part in a study by four European
clinics reported that visual perception had been triggered by electrical
stimulation.
The learning Retina Implant is an adaptive visual prosthesis — an
"artificial retina" — that bridges and replaces the defective information
processing function in patients with retinal degenerations. The device enables
some blind people to regain modest visual perception and restore orientation
even in unfamiliar surroundings.
In the test involving patients suffering from retinitis pigmentosa, a
section of the prosthesis was inserted into the eye for less than an hour to
see whether and under what conditions visual perception could be triggered by
electrical stimulation of the retina. The visual perceptions described by the
patients and the stimulation parameters required to trigger these perceptions
represent a good basis for the further development of a visual prosthesis that
can be implanted permanently.
The relevant ethical committee has authorized a further clinical test with
patients affected by macular degeneration. This test will be carried out over
the next few months in collaboration with the University Eye Clinic in Hamburg
and is expected to be completed next year.
PRESS RELEASE
November 18, 2004
US NAVY AND ARMY OPTS TO USE OMS MICRO-TINTS
After 9 month of testing the OMS
Micro Tint System the US Navy has decided and opted to use Micro Tints as
their new in office tinting system in their different naval bases, for
sunglasses and other tinted lenses, supplied by them to Navy pilots and other
personnel.
The original contact was made
because the Micro Tint System is not only many times faster in the tinting
process than the conventional way of tinting but also because the chemicals are
water based. Therefore the system works without smell and toxic fumes as happens
with all conventional tinting systems.
New government rules prohibit
the tinting of optical lenses by way of conventional tinting units and chemicals
in a central air conditioned and heated environment. In new buildings
including shopping centers the use of conventional tinting unit systems is now
prohibited.
Furthermore the black Micro Tint
color used in Navy pilots sunglasses has a unique, near even straight absorption
curve which guarantees a perfect color reproduction which none of the other
tinting products on the market can provide.
The only licensed distributor
in the USA is BNA Optical in Nashville TN, Tel: 615-383-7036, Toll
Free:800-528-9127, Fax 615--269-7197, Toll Free: 800-369-2329
PRESS Release November 17, 2004
Luxottica Group Announces the Successful Completion of the Tender Offer for Cole
National Group Senior Subordinated Notes Due 2012 Wednesday
November 17, 12:20 pm ET
MILAN, Italy, Nov. 17 /PRNewswire-FirstCall/
-- Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) today announced the successful
completion of the tender offer for Cole National Group's 8-7/8 percent Senior
Subordinated Notes due 2012. As of the expiration time of the tender offer, noteholders had validly tendered $150 million of Notes, representing 100
percent of the aggregate principal amount outstanding.
Cole National Group will
pay the holders of the tendered Notes a total of $181.7 million in cash,
including accrued and unpaid interest.
On October 29, 2004, Cole
National Group gave notice to holders of its $125 million 8-5/8 percent Senior
Subordinated Notes due 2007 that it was calling all outstanding 2007 Notes for
redemption on November 29, 2004. Upon redemption, Cole National Group will pay
holders of the 2007 Notes an amount in cash equal to 101.4375 percent, plus
accrued and unpaid interest, per $1,000 principal amount of Notes.
Luxottica Group is
financing the two transactions with existing and available credit facilities.
The two series of Notes represent all of Cole National Corporation's
outstanding high-yield debt. Cole National Group is a wholly owned subsidiary
of the recently acquired Cole National Corporation, now a wholly owned
subsidiary of Luxottica Group.
September 25, 2004
Coole National Corp. (ticker: CNJ, exchange: New York Stock Exchange) News
Release - 9/24/2004
uxottica Group Receives FTC Clearance for Cole National
Acquisition,
Closing Set for October 4
MILAN, Italy and CLEVELAND, Sept. 24 /PRNewswire-FirstCall/ -- Luxottica Group S.p.A. (NYSE: LUX)(MTA: LUX), and Cole National Corporation (NYSE: CNJ), today jointly announced that the U.S. Federal Trade Commission (FTC)
cleared Luxottica Group's proposed acquisition of Cole National.
"Today
is a happy day for Luxottica Group," said Leonardo Del Vecchio, chairman
of Luxottica Group, "as we prepare to welcome Cole National into our
family and to begin in earnest with the integration of our North American
retail operations."
"We believe, as we have throughout this process, that the transaction
will be positive for all of the constituencies of the combined companies:
customers, suppliers, employees and stockholders. We are especially
pleased that the FTC has permitted it to go forward unconditionally."
The transaction will close on October 4, 2004. In accordance with the
terms of the January 2004 Luxottica Group - Cole National Merger
Agreement, as amended, at the closing, shares of Cole National's common
stock will be converted into the right to receive US$27.72 per share,
including the stipulated four percent per annum from July 22, 2004, the
date of Cole National's stockholder approval of the merger, through the
closing date.
Promptly following the closing date, Citibank, N.A., the paying agent
appointed by Luxottica Group, will mail to Cole National stockholders
transmittal instructions for the delivery of the shares of Cole National
common stock to Citibank, N.A. and for receiving the US$27.72 per share in
exchange for such shares.
About Luxottica Group S.p.A.
Luxottica Group is the world leader in the design, manufacture,
marketing and distribution of prescription frames and sunglasses in mid-
and premium- priced categories. The Group's products are designed and
manufactured in its six facilities in Italy and one in the People's
Republic of China. The lines manufactured by Luxottica Group include over
2,450 styles in a wide array of colors and sizes and are sold through 20
wholly-owned subsidiaries in the United States, Canada, Italy, France,
Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland,
Mexico, Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan
and Australia; two 75%-owned subsidiaries in Israel and Poland; a
70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the
Netherlands, Turkey and Singapore, one 49%-owned subsidiary in the Arab
Emirates and one 44%-owned subsidiary in India.
In September 2003, Luxottica Group acquired OPSM, the leading eyewear
retailer in Australia. In March 2001, Luxottica Group acquired Sunglass
Hut International, a leading sunglass retailer with approximately 1,900
stores worldwide. This followed the acquisitions of Bausch & Lomb sunglass
business, which includes the prestigious Ray-Ban(R), Revo(R), ArnetteTM and Killer Loop(R) brands, in June 1999, and LensCrafters, the largest
optical retail chain in North America, in May 1995. For fiscal 2003, Luxottica Group posted net sales and net income respectively of euro
2,824.6 and euro 267.3 million. Additional information on the company is
available on the web at http://www.luxottica.com .
About Cole National
Cole National Corporation's vision business, together with Pearle
franchisees, has 2,179 locations in the U.S., Canada, Puerto Rico and the
Virgin Islands and includes Cole Managed Vision, one of the largest
managed vision care benefit providers with multiple provider panels and
nearly 20,000 practitioners. Cole's personalized gift business, Things
Remembered, serves customers through 722 locations nationwide, catalogs,
and the Internet at http://www.thingsremembered.com . Cole also has a 21%
interest in Pearle Europe, which has 1,508 optical stores in Austria,
Belgium, Denmark, Estonia, Finland, Germany, Italy, Kuwait, Norway, the
Netherlands, Poland, Portugal and Sweden.
Safe Harbor Statement
Certain statements in this press release may constitute
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Such statements involve risks,
uncertainties and other factors that could cause actual results to differ
materially from those which are anticipated. Such risks and uncertainties
include, but are not limited to, risks that the merger will not be
completed, legislative or regulatory developments that could have the
effect of delaying or preventing the merger, fluctuations in exchange
rates, economic and weather factors affecting consumer spending, the
ability to successfully introduce and market new products, the ability to
effectively integrate recently acquired businesses, the ability to
successfully launch initiatives to increase sales and reduce costs, the
availability of correction alternatives to prescription eyeglasses, as
well as other political, economic and technological factors and other
risks referred to in their filings with the Securities and Exchange
Commission. These forward-looking statements are made as of the date
hereof, and Luxottica Group and Cole National do not assume any obligation
to update them.
SOURCE Luxottica Group S.p.A.; Cole National Corporation
-0- 09/24/2004
/CONTACT: Luca Biondolillo, Director, Corporate Communications, or
Alessandra Senici, Manager, Investor Relations, +39-02-8633-4665,
Investorrelations@luxottica.com, both of Luxottica Group S.p.A.; Joseph
Gaglioti of Cole National Corporation, +1-330-486-3100; or Victoria Weld or
Ruth Pachman, +1-212-521-4800, both of Kekst and Company; In the U.S.:
Alexander Fudukidis of Breakstone & Ruth International, +1-646-536-7012,
Afudukidis@breakstoneruth.com /
/Web site: http://www.luxottica.com
http://www.thingsremembered.com /
(LUX CNJ)
CO: Luxottica Group S.p.A.; Cole National Corporation
ST: Ohio, Italy
IN: FAS REA
SU: TNM
MN
-- NYF027 --
6907 09/24/2004 11:37 EDT http://www.prnewswire.com
Cole National Corp. (ticker: CNJ, exchange: New
York Stock Exchange) News Release - 7/22/2004
Cole National Stockholders Vote to Approve Merger With Luxottica Group
CLEVELAND, Jul 22, 2004 /PRNewswire-FirstCall via COMTEX/ --
Cole National Corporation (NYSE: CNJ) today announced that its
stockholders voted to approve the merger agreement with Luxottica Group S.p.A. (NYSE: LUX), as amended, at the
reconvened annual meeting of its stockholders held this
afternoon. The merger was approved by approximately 99.5% of
the Cole National shares voting on the proposal, representing
approximately 78 % of the outstanding shares of Cole National
common stock.
Larry Pollock, President and Chief Executive Officer of
Cole National, stated: "I am delighted that our shareholders
have shown such strong support for Cole National's proposed
merger with Luxottica. This transaction is in the best
interests of all Cole National's constituents -- from our
shareholders to our associates, franchisees and doctors of
optometry. We look forward to working with Luxottica in the
near term to close this transaction and over the longer term
as partners in our combined company."
Pursuant to the terms of an amendment to the Luxottica merger agreement dated July 14, 2004, Cole National
stockholders will receive $27.50 per share in cash, plus an
additional amount equal to 4% per annum from today through the
closing date of the merger, upon completion of the
transaction.
The amended Luxottica merger agreement is subject to
receipt of regulatory approvals and other customary
conditions. As previously announced, Cole National and Luxottica have committed to the Federal Trade Commission not
to close the transaction before September 30, 2004, without
its consent.
About Cole National
Cole National Corporation's vision business, together with
Pearle franchisees, has 2,178 locations in the U.S., Canada,
Puerto Rico and the Virgin Islands and includes Cole Managed
Vision, one of the largest managed vision care benefit
providers with multiple provider panels and nearly 20,000
practitioners. Cole's personalized gift business, Things
Remembered, serves customers through 727 locations nationwide,
catalogs, and the Internet at http://www.thingsremembered.com.
Cole also has a 21% interest in Pearle Europe, which has 1,496
optical stores in Austria, Belgium, Denmark, Estonia, Finland,
Germany, Italy, Kuwait, Norway, the Netherlands, Poland,
Portugal and Sweden.
Safe Harbor Statement Certain statements in this press
release may constitute "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. Such
statements involve risks, uncertainties and other factors that
could cause actual results to differ materially from those
which are anticipated. Such risks and uncertainties include,
but are not limited to, risks that the Luxottica merger will
not be completed, legislative or regulatory developments that
could have the effect of delaying or preventing the Luxottica merger, fluctuations in exchange rates, economic and weather
factors affecting consumer spending, the ability to
successfully introduce and market new products, the ability to
effectively integrate recently acquired businesses, the
ability to successfully launch initiatives to increase sales
and reduce costs, the availability of correction alternatives
to prescription eyeglasses, as well as other political,
economic and technological factors and other risks referred to
in their filings with the Securities and Exchange Commission.
These forward-looking statements are made as of the date
hereof, and Luxottica and Cole National do not assume any
obligation to update them.
Contact:
Cole National Corporation or Kekst and Company
Larry Hyatt Victoria Weld/Ruth Pachman
330-486-3100 212-521-4800
SOURCE Cole National Corporation
Larry Hyatt of Cole National Corporation, +1-330-486-3100; or
Victoria Weld, or Ruth Pachman, both of Kekst and Company, +1-212-521-4800,
for Cole National Corporation
http://www.thingsremembered.com
News provided by COMTEX. User agreement applies
First-Half 2004 Sales Up 13.6%
Excluding Currency Effect
Three New Prescription Laboratories Acquired
In the United States and Australia
Charenton-le-Pont, France
(July 21, 2004) -- Essilor, the world leader in ophthalmic optics,
today announced its provisional consolidated sales for the six months
ended June 30, 2004:
In € millions
First-Half
2004
First-Half
2003
%
Change
Sales
1,133.1
1,031.2
9.9%
Like-for-like growth was 7.6%. Trends in the worldwide optical market were positive in
the first half of the year. Demand for high-tech lenses continued to grow
at a sustained pace, driving a significant improvement in the Essilor product mix.
Recently introduced products, such as the Crizal® Alizé™ anti-reflective
treatment, the Varilux® Ellipse® small-frame progressive lenses and the Varilux® Ipseo™ line of personalized progressive lenses, all reported
strong sales in every country market, while the 1.74 ultra-high index Essilor lens was successfully launched in Europe.
Changes in the scope
of consolidation, which added 6 points to reported
sales growth, mostly relate to the companies acquired in 2003 and to Dunlaw Optical, Spectrum Optical and Tri Supreme, purchased in early 2004.
After taking into
account the negative 3.8% currency effect, sales rose by a
reported 9.9% in the first half.
Sales by region
In € millions
First-Half
2004
First-Half
2003
Like-for-like
growth
Europe
558.1
505.7
5.3%
North America
463.3
429.5
8.8%
Asia-Pacific
86.2
73.9
13.7%
Latin America
25.5
22.1
19.0%
Highlights by region were as follows:
> Europe enjoyed strong demand throughout the period despite the expected
decline in business in Germany (down 15%). Excluding Germany, sales would
have been up 7.4% like-for-like. In particular, France reported very good
results for the half, as did the United Kingdom and countries in Southern
and Eastern Europe.
> In the United States sales continued to expand at a fast pace.
> Sales remained robust in the Asia-Pacific region, with Japan returning
to growth.
> Latin America reported sustained growth, with an upsurge in Argentina.
Chemical
Nano Technology 
Department
of Health and Human Services
Luxottica Group has signed an
agreement with Marcolin for a distribution shift of Dolce & Gabbana Eyewear and D&G Dolce & Gabbana Eyewear, to the benefit of all customers.
Highmark Inc., one of the largest health
insurers in the United States, announced last December a definitive agreement to
acquire the privately held eyewear manufacturer Viva International Group.
