Essilor Completes Acquisition Of Coastal.com
By Essilor News
(Charenton-le-Pont, France - April 28, 2014) – Essilor International announced today that it has completed the acquisition of all outstanding common stock of Coastal.com, one of the world’s leading online vision care retailers.
The transaction, announced last February 27, was approved by Coastal.com shareholders in extraordinary meeting on April 16. It has also been cleared by regulatory authorities.
Based in Vancouver, British Columbia (Canada), Coastal.com designs and distributes one of the widest online selections of optical equipment, including contact lenses, prescription and non-prescription eyeglasses, sunglasses and accessories. It reported revenue of CAD 218 million for the fiscal year ended October 31, 2013. The price of the transaction was CAD 12.45 per Coastal.com share, which represents an equity value of approximately CAD 430 million.
Commenting on the acquisition, Hubert Sagnières, Essilor’s Chairman and Chief Executive Officer, said: “the acquisition of Coastal.com is fully aligned with Essilor’s efforts to make the Internet a powerful driver of growth across the optical industry. Online sales offer strong growth potential and this platform, used properly by Essilor, will help to educate consumers and make it more convenient for them to enjoy good visual health for the benefit of all industry players.”
Coastal.com will be consolidated by Essilor from May 1st, 2014. Coastal.com shares will be withdrawn from trading on the Toronto Stock Exchange and the NASDAQ on the same date.
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 improve lives by improving sight. 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®, Transitions®, Definity®, Xperio®, OptifogTM, Foster Grant®, Bolon® and Costa®. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of over €5 billion in 2013 and employs more than 55,000 people. It distributes its products in some 100 countries with 28 plants, more than 450 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.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg: EI:FP.