All Corporate articles – Page 12
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News briefs
U.S. Vision to axe 299 jobs due to Covid-19
USV Optical , which is part of the Refac group and trades under the name U.S. Vision , has informed the state of New Jersey, where it is located, that it plans to lay off 299 workers. The job cuts are expected to be executed by the end of ...
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ArticleNew CEO and brand positioning for Hoya Vision Care
Hoya has announced the appointment of Alexandre Montague as the new CEO of Hoya Vision Care, the lens division of the Japanese group. The French eyewear industry veteran started in this position in August, after spending six months at the helm of Hoya Eye Care, the company managing ...
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ArticleSynsam builds new plant as it moves production to Sweden
Synsam plans to move eyeglass production from Asia to Sweden next year. The project involves the construction from scratch of a new factory that the company claims will focus on sustainable production. The facility is scheduled to be completed in autumn of 2021 in the town of Ockelbo. ...
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ArticleEssilor restructures its French sites
Essilor , the ophthalmic lens unit of the Franco-Italian group EssilorLuxottic a, is grouping four existing French sites into a new laboratory that will be located in the Paris region. From the end of 2023, the company will transfer the ophthalmic lens business of the sites of Antony, Vaulx-en-Velin ...
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News briefs
Rationale of Essilux, GrandVision tie-up remains unchanged
The strategic logic behind EssilorLuxottica ’s proposed acquisition of GrandVision has not changed despite the litigation between the two companies, Leonardo Del Vecchio , Essilux executive chairman, told the Italian daily Il Messaggero . Del Vecchio is the founder of Luxottica and is the main shareholder of Essilux ...
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News briefs
Smith transfers consumer & dealer services division to Portland
The American helmet and eyewear brand Smith Optics has transferred its consumer dealer services division to its headquarters in Portland, where it will join the product, marketing and sales departments. The division was previously located at Smith’s Utah-based manufacturing facility. The Portland team will include account managers ...
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ArticleSafilo secures €108.0 million government-backed financing
Safilo signed of a new term loan facility totaling €108.0 million which provides it with additional liquidity to finance its working capital and investment needs for activities located in Italy. The financing is guaranteed at 90 percent by the Italian export credit agency Sace . On April 8, ...
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ArticleBausch Health to spin off its eye health unit
Bausch Health intends to spin off its eye health business into an independent publicly traded entity. It will be an integrated, pure play eye-health company built on the Bausch + Lomb brand. The timing of the spinoff is tied to certain conditions and approvals, including the reorganization ...
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News briefs
Global bankruptcies may rise by 35% over 2 yrs
Global corporate bankruptcies are expected to rise by 35 percent in 2021 compared with 2019 because of the Covid-19 pandemic, representing an average annual compound growth of 16 percent in 2020 and 2021, an annual average similar to the one seen during the 2007-2009 crisis, according to a study from ...
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ArticleInspecs takes over Norville’s manufacturing operations
(Update) Inspecs has bought the manufacturing operations of The Norville Group that was placed into administration after becoming insolvent. The assets were bought from the administrator, BDO LLP , for £2.4 million in cash (€2.6m-$3.0m). The acquisition includes £1.2 million (€1.3m-$1.5m) of freehold property for Norville’s Gloucester ...
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ArticleHow are retailers managing excess stock in Covid-19 times?
Managing stock has always been a tricky part of any business. But it becomes even more so when demand evaporates overnight as occurred with the outbreak of the Covid-19 pandemic and the subsequent lockdowns worldwide, prompting manufacturers and retailers to be nimble and explore various different solutions.
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News briefs
Kering to create testing laboratory in Tuscany
The French fashion group Kering is setting up a Test Innovation Laboratory (TIL) in Prato, Tuscany. It will provide chemical and other tests on products and raw materials for apparel, leathergoods, footwear, eyewear, watches and jewelry. It is scheduled to start operating in the first half ...
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News briefs
GrandVision obtains extra funding, covenant relief for 2020
GrandVision has obtained an additional liquidity facility of €400 million as well as an amendment to its existing €1,200 million revolving credit facility (RCF), running to 2024, providing covenant relief for 2020. The additional liquidity facility is provided by five banks and will be available in the event ...
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ArticleRodenstock completes a €75 million capital increase
Rodenstock has obtained funds from its shareholders to finance its development while its business is recovering faster than expected from the coronavirus crisis.
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News briefs
Schneider to absorb Team H&K
Team Henrich Krall , the manufacturer of optical equipment acquired by Germany’s Schneider Group in 2013, will merge into Schneider GmbH Co. effective Oct. 1, 2020. Team H K has been operating as an independent company but its operations were restructured after Jürgen Krall ...
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News briefs
Andy Wolf ramps up production
Andy Wolf Eyewear , the Austrian brand of designer eyewear, has told us that, to protect employees, it switched its production sites in Hartberg, Austria, and Jura, France, to emergency care in the first couple of weeks of the coronavirus lockdown. The company is now restarting operations step by ...
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Article
L’Amy gets protection from creditors
L’Amy , one of the oldest eyewear manufacturers in France, has requested and obtained bankruptcy protection from its creditors. Philippe Jeannerot , the court-appointed receiver, said it is waiting for the presentation of a restructuring program, but he denied a report that its shareholders may be looking for a new ...
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Article
Cecop moves into North America
Cecop , the international buying group based in Madrid, has entered the Northern American market, acquiring 600 new retail members in the region through its takeover of the Combine Buying Group , an organization that provides various services to independent opticians. Based in New York, the American buying group ...
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Article
Menicon completes expansion of disposable contact lens factory
Menicon has completed the extension of its production site in Kakamigahara, Japan, where it manufactures daily disposable contact lenses. The investment will enable the company to gradually increase production to over 500 million lenses from 90 million.
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Article
National Vision’s revenues collapse in March, refinances its debt
National Vision ’s comparable store sales fell sharply in March as it temporarily closed stores due to the Covid-19 pandemic. The company is issuing a $350 million convertible note to refinance its debt.
