ESLOF - EssilorLuxottica buys controlling stake in Giorgio Fedon & Figli

EssilorLuxottica (OTCPK:ESLOF) announced that it has entered into a preliminary sale agreement for the acquisition of 90.9% shares of the company Giorgio Fedon & Figli S.p.A. for about €29.4M. The company said the transaction for eyewear cases and leather bag maker represents a step forward in its vertical integration strategy, aimed at achieving the highest quality standards along the entire value chain and optimizing the service for the benefit of all industry players. "Thanks to cutting-edge technologies and dedicated innovations, the acquisition will allow to better fit the eyewear and spectacles with the cases and packaging to ensure maximum protection and integrity of the product, for the benefit of the final consumer. Furthermore, EssilorLuxottica will also leverage on the company to pursue its sustainability strategy, investing in the recyclability and circularity of the packaging materials produced by the company." The purchase price was €17.03 per share for Giorgie Feon & Figli, marked

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EssilorLuxottica buys controlling stake in Giorgio Fedon & Figli