Essilor International has signed an agreement with the Cinven Investment Fund and Ginette Dalloz concerning Essilor's 15.05 percent stake in Sperian Protection. Subject to certain conditions, Cinven will launch a cash tender offer for Sperian Protection through Menelas France, a holding company under its control. Essilor will tender all of its shares in Sperian Protection to Menelas France at the offered price per share, if at the end of the offer period Menelas France holds 57 percent of Sperian Protection's capital, including shares tendered by Essilor and Dalloz. Essilor's current stake gives it 23.21 percent voting rights at Sperian. Formerly called Bacou-Dalloz, Sperian is world leader in eyes and face protection through a wide range of safety eyewear, face shields and other products. They represented last year 15.7 percent of its sales, which declined by 12.1 percent to €660.1 million, generating an operating margin of 9.7 percent and a net profit margin of 2.8 percent. The company spun off its Christian Dalloz Sunoptics operation in 2006.