BUSINESS EssilorLuxottica Expands Ownership Stake in Shamir by Acquiring Remaining 50 Percent By Staff Wednesday, August 3, 2022 12:33 AM (L to R) In May of 2022, EssilorLuxottica’s Giorgio Striano, Paul du Saillant and Francesco Milleri joined Shamir’s Yagen Moshe and Omry Rotem at Shamir headquarters in Israel to congratulate the company on its 50th anniversary. KIBBUTZ SHAMIR, Israel—EssilorLuxottica (ESLOF:NASDAQ), which has held a 50 percent stake in Israeli optical lens innovator Shamir for the past 11 years, has acquired the remaining 50 percent of the company from Kibbutz Shamir, effective August 1, VMAIL has learned. The terms of the transaction were not announced. Prior to its merger with Luxottica, Essilor acquired half of Shamir’s capital in 2011. Throughout the years, the two companies have enjoyed a productive relationship. Now EssilorLuxottica is completing what a company spokesperson called “a next natural step” that reinforces its commitment to Shamir.“By increasing its stake in Shamir, EssilorLuxottica can further leverage the R&D and commercial capabilities of both companies to accelerate the rollout of new solutions that will help grow the industry for the benefit of all stakeholders,” the spokesperson said. Yagen Moshe will remain Shamir’s CEO, reporting directly to Francesco Milleri, CEO of EssilorLuxottica, and Raanan Naftalovich will continue to lead Shamir’s North American business unit, the spokesperson confirmed to VMAIL. Shamir’s brands, innovations and products will remain available to all its clients and will retain their separate identity, and Shamir will continue to serve the market and its customers independently. “Shamir has a very identifiable company culture with a strong family feel and a personal touch that our clients have felt for decades—our approach will remain the same,” Moshe told VMAIL. “With Shamir's ongoing commitment to R&D and innovation, we will continue to make our brands and products available to our clients, building on the trust and equity we have in the market.” Shamir operates in 23 countries, with 19 manufacturing labs across the world, according to the company’s website.