(MTA: LUX) announced late last Friday the acquisition of Barberini S.p.A.
, the world's leading optical glass sun lens manufacturer. The transaction, valued at approximately €140 million, enables Luxottica “to consolidate its strategy of focusing on excellent production facilities and ‘made in Italy’ quality, as well as allowing the group to strengthen its know-how in glass sun and prescription lenses,” the company said. Luxottica also pointed out, “Barberini is in fact synonymous with world excellence in glass lenses, key to the success over time of the iconic models of Ray-Ban and Persol and an essential component for many luxury eyewear collections.”
Founded by Pietro Barberini in 1963, Barberini is a key manufacturer of high quality optical glass lenses for the most prestigious eyewear brands around the world, with exclusive and sophisticated technical features. For more than 50 years, the company has developed new technologies and patents designed to expand applications of this material, which is unique for purity and clarity, in sun and ophthalmic lenses.
With annual net sales of approximately €85 million, Barberini controls its entire manufacturing chain, from raw material to finished lenses, with cutting-edge industrial sites in Abruzzo (Italy), a plant in Germany for glass melting, and advanced technologies for the production of polarizing films for sun lenses.
"Luxottica welcomes to its industrial system worldwide excellence in the production of optical glass lenses. 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," commented Leonardo Del Vecchio, executive chairman of Luxottica.
The transaction is subject to customary closing conditions and is expected to be finalized by the third quarter of 2018, the company said.