- Marjorie van Elven |
Luxottica Group has announced the acquisition of the Italian manufacturer of optical glass sun lenses, Barberini S.p.A. The transaction is valued at approximately 140 million euro (163 million US dollars).
”With the acquisition of Barberini we add another gem to our brands, a name that is well known throughout the industry and synonymous with top quality, innovation and ‘made in Italy’. Barberini will allow us to strengthen our technological leadership in sun and ophthalmic lenses and opens great development opportunities for the future," said Leonardo Del Vecchio, executive chairman of Luxottica, in a statement.
Founded in 1963, Barberini has several patents for optical glass lenses. The company, whose annual net sales reach approximately 85 million euro (99 million US dollars), controls its entire manufacturing chain, from raw material to the finished lenses.
Luxottica is the world’s biggest eyewear manufacturer. The company makes glasses for several high-end brands including Ray-Ban, Chanel, Burberry, Armani and Vogue Eyewear. This is the second time the Italian group acquires a lens maker this year. In March, Luxottica merged with French company Essilor, the world’s leading lens maker. Together, the two businesses have formed a group worth 50 million euros (58 million US dollars), with 140,000 employees.