News Release: New achievement towards the combination of Essilor and Luxottica - Hive-down of Essilor's activities
New achievement towards the combination of Essilor and Luxottica
Hive-down of Essilor's activities
Charenton-le-Pont, France (October 12, 2017 - 8:30 a.m.) - On October 3, 2017, the Board of Directors of Essilor International (Compagnie Générale d'Optique) («Essilor») confirmed that the hive-down of Essilor's activities is expected to be completed by the end of 2017. The hive-down was previously approved by Essilor's shareholders during the general shareholders' meeting held on May 11, 2017.
Pursuant to this hive-down, Essilor will contribute its activities and equity holdings to one of its subsidiaries (formerly named Delamare Sovra) which has been renamed "Essilor International" and which will carry on the operational activities currently performed by Essilor.
The hive-down of Essilor's activities is a condition precedent to the contribution by Delfin of its Luxottica shares to Essilor.
Once the other conditions precedent to complete the contribution of the Luxottica shares to Essilor are satisfied, Essilor will be renamed «EssilorLuxottica» and will become a holding company at the top of the combined group, holding Essilor International and Luxottica.
The governance of Essilor International will be similar to the current governance of Essilor. Mr. Hubert Sagnières will be Chief Executive Officer (Président) of the company, and Mr. Laurent Vacherot will be Deputy Chief Executive Officer (Directeur Général Délégué).
The hive-down constitutes another significant step towards the completion of the combination of Essilor and Luxottica.
Since October 3, 2017, the beneficiary company Essilor International (which is the new corporate name of "Delamare Sovra") is a French simplified joint-stock company (société par actions simplifiée), whose registered office is located at 147, rue de Paris, 94227 Charenton-le-Pont Cedex, France. It is registered with the Trade and Companies Registry (Registre du Commerce et des Sociétés) of Créteil under number 439 769 654.
For further information on the hive-down, please refer to the hive-down agreement (projet de traité d'apport partiel d'actif), dated March 27, 2017, by and between Essilor and Delamare Sovra (which has been renamed "Essilor International"), which was filed with the Trade and Companies Registries (Registres du Commerce et des Sociétés) of Créteil and Versailles and published on Essilor's website
For further information on the contribution by Delfin of its Luxottica shares to Essilor, please refer to the contribution agreement (projet de traité d'apport partiel d'actif), dated March 22, 2017, by and between Essilor and Delfin S.à r.l., which was filed with the Trade and Companies Registry (Registre du Commerce et des Sociétés) of Créteil and published on Essilor's website
(https://www.essilor.com/en/investors/annual-shareholders-meeting/combined-general-shareholders-meeting-may-11-2017/), as well as the "Document E", filed on April 7, 2017 with the French Autorité des marchés financiers under number E. 17-014 and published on Essilor's website (https://www.essilor.com/en/investors/annual-shareholders-meeting/combined-general-shareholders-meeting-may-11-2017/).
Essilor International (Compagnie Générale d'Optique) («Essilor») is the world's leading ophthalmic optics company. Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. Its mission is to improve lives by improving sight. To support this mission, Essilor allocates more than €200 million to research and innovation every year, in a commitment to continuously bring new, more effective products to market. Its flagship brands are Varilux®, Crizal®, Transitions®, EyezenTM, Xperio®, Foster Grant®, BolonTM and Costa®. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of more than €7.1 billion in 2016 and employs approximately 64,000 people worldwide. It markets its products in more than 100 countries and has 33 plants, 490 prescription laboratories and edging facilities, as well as 5 research and development centers around the world (as of December 31, 2016). For more information, please visit www.essilor.com.
Essilor is a French joint-stock company (société anonyme), with a share capital of €39,343,430.16, whose registered office is at 147, rue de Paris, 94220 Charenton-le-Pont, France, and registered with the Trade and Companies Registry (Registre du Commerce et des Sociétés) of Créteil under number 712 049 618.
The Essilor share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg: EI:FP.
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