3M to sell safety prescription eyewear business
3M announced that it has entered into an agreement to sell its safety prescription eyewear business to HOYA Vision Care, a global leader in the eyeglass lens industry.
The safety prescription eyewear business is part of 3M’s Personal Safety Division, which is in the Safety & Graphics Business. Terms of the transaction were not disclosed.
The business, with more than 90 years in safety prescription eyewear in North America, provides a comprehensive line of frames, prescription lenses, and premium coating options in a custom-made solution. 3M’s safety prescription eyewear business has annual global sales of approximately $45 million.
“After a thorough strategic review, we have decided to exit the safety prescription eyewear business to focus on our core personal safety businesses,” said Bernard Cicut, vice president and general manager, Personal Safety Division. 3M will retain its safety non-prescription eyewear business, often referred to as plano eyewear.
The transaction is expected to close during the first quarter of 2017, subject to customary closing conditions.
“HOYA’s acquisition of 3M’s established safety prescription eyewear business expands our customer reach and entry into an important new optical market segment for HOYA both in the U.S. and globally,” said Girts Cimermans, CEO of HOYA Vision Care. “The business provides HOYA with additional capabilities in safety prescription eyewear while expanding future global opportunities and strengthening the range and services we offer our customers.”
HOYA will acquire only the prescription part of 3M’s safety eyewear business, employing
approximately 140 people, including an optical laboratory facility in Plymouth, Indiana, USA.
“This acquisition offers entry into an as yet untapped market for HOYA, allowing us to further expand our presence in the North American optical market,” said Barney Dougher, president of HOYA Vision Care, Americas. “The safety prescription eyewear business strongly complements HOYA’s existing portfolio, offering our customers a broader range of products while continuing to focus on high quality and service.”