FOR IMMEDIATE RELEASE
Essilor International Finalizes Acquisition of Costa Inc.
Agreement Elevates Costa’s Strong Brand Position, Essilor’s Commitment to World Eye Health Initiatives
Daytona Beach, Fla. – Feb. 3, 2014 – Costa Inc. and Essilor International recently completed its previously announced merger agreement, bringing together two technology-minded partners committed to building and defining the next generation of sun lens technology.
As a premiere manufacturer of superior polarized performance sunglasses, Costa is best known for its patented 580® lens technology, which offers razor sharp color enhancement and increased visual acuity. Through this agreement, Costa will serve as a proving ground for sun lens technology developments, allowing the brand to continue bringing the finest sun lenses to the fishing and outdoor market, while taking eye protection, visual experience and lens durability to new levels.
“This is a positive development for Costa, Inc. and for fans of the Costa brand,” said Chas MacDonald, President of Costa Sunglasses. “As a member of the Essilor family, we’ll maximize their world class resources and technology to develop the next several generations of lens technology, while continuing our growth in the U.S. and internationally, especially within the Rx realm. We remain committed to building the best performance sunglasses for outdoor enthusiasts everywhere, and supporting the programs most important to them.”
The merger also enables Costa to leverage Essilor's expertise in surface coatings to develop innovative products in response to specific needs, such as anti-fog or hydrophobic lenses. In the prescription sunglasses segment, Essilor and Costa will work together to broaden product offerings.
“Costa’s superior lens performance, which enhances the visual experience and eye protection for outdoors enthusiasts, is a perfect match for Essilor,” said Eric Thoreux, in charge of Essilor’s Readers & Sun strategy. “Through our technology resources, you’ll see new performance features built into the future of Costa’s sunglasses, exceeding the already high expectations Costa’s customers have come to expect.”
Costa will remain based in Daytona Beach, Fla., with no immediate changes to its operations or distribution.
The world's leading ophthalmic optics company, Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. Its corporate mission is to enable everyone around the world to access lenses that meet his or her unique vision requirements. To support this mission, the Company allocates more than €150 million to research and innovation every year, in a commitment to continuously bring new, more effective products to market. Essilor's flagship brands are Varilux®, Crizal®, Definity®, Xperio®, Optifog™ and Foster Grant®. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of nearly €5 billion in 2012 and employs around 50,700 people. It operates in more than 100 countries with 22 plants, more than 400 prescription laboratories and edging facilities, as well as several research and development centers around the world.
For more information, please visit www.essilor.com.
The Essilor share trades on the NYSE Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices.
As the leading manufacturer of the world’s clearest polarized performance sunglasses, Costa offers superior lens technology and unparalleled fit and durability. Still handcrafted today in Florida, Costa has created the highest quality, best performing sunglasses and prescription sunglasses (Rx) for outdoor enthusiasts since 1983.
For Costa, conservation is all about sustainable fishing. Many fisheries that should be vibrant and healthy are all but devoid of native fish because they have fallen victim to poor fishing practices, unregulated development, lack of watershed protection or all of the above. Costa works with partners around the world to help increase awareness and influence policy so that both the fish and fishermen of tomorrow will have healthy waters to enjoy. Costa encourages others to help in any way they can.
For more information, contact 1-800-447-3700 or visit the company’s web site at www.costadelmar.com. Join the conversation on Facebook at www.facebook.com/costasunglasses or on Twitter @CostaSunglasses.
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Liza Jones, 864.672.9615 (office), 864.270.0722 (cell)