The glasses group Essilorluxottica is expanding its production capacities. On Monday, the group of companies announced that it signed a purchase agreement for the optics division of the South Korean chemical group Pucore.
Essilorluxottica will therefore take over all operating units of Pucore, which are involved in the development, manufacture and marketing of monomers to produce particularly thin, light and high -quality glasses. These include a research and development facility, a production facility and the South Korean sales office in Pucore. In addition, Essilorluxottica acquires intellectual property rights for the corresponding products and manufacturing processes.
Financial details of the planned transaction were not published. According to the company, the takeover should be completed before the end of the year, but is still subject to the relevant competition law permits.
“We are pleased to welcome the optical department of Pucore and their talented teams in our group,” said Francesco Milleri, the Chairman and CEO of Essilorluxottica, and the deputy CEO Paul du Saillant in a joint statement. “In accordance with our endeavors to increase the standards in research, development and production of glasses, this purchase will enable us to expand our portfolio of patents, technologies and know-how and to expand our expertise in the value chain.”