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EL - EssilorLuxottica SA News Story

€139.08 -0.8  -0.5%

Last Trade - 16/04/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.73bn
Enterprise Value £55.80bn
Revenue £12.50bn
Position in Universe 19th / 847

EssilorLuxottica : EssilorLuxottica and CooperCompanies Announce Joint Venture for Acquisition of SightGlass Vision

Wed 3rd February, 2021 9:20pm
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EssilorLuxottica and CooperCompanies
 Announce Joint Venture for Acquisition of SightGlass Vision

Charenton-le-Pont, France, and San Ramon, Calif. (February 3, 2021) –
EssilorLuxottica and CooperCompanies, two of the world’s leading vision care
companies, have entered into an agreement to create a 50/50 joint venture for
the acquisition of SightGlass Vision, a U.S. based life sciences company
focused on developing innovative spectacle lenses to reduce the progression of
myopia in children.

EssilorLuxottica and CooperCompanies will leverage their shared expertise and
global leadership in myopia management to accelerate the commercialization of
SightGlass Vision spectacle lenses. Through this partnership, they will
further strengthen innovation opportunities and go-to-market capabilities to
grow the myopia control category. SightGlass Vision’s technology will
complement both companies’ existing solutions, including Essilor’s
Stellest lens and CooperVision’s MiSight and Orthokeratology contact
lenses. 

The last few decades have seen a steady rise in the prevalence of myopia
across the globe, notably under the effect of lifestyle changes. Today
affecting 2.6 billion people worldwide, it is estimated that nearly 5 billion
people, or half of the world population, will be myopic by 2050. Myopia is the
leading cause of visual impairment in children and, over time, may contribute
to an increased risk of developing permanent vision impairment, including
macular degeneration, retinal detachment, cataract and glaucoma, and blindness
associated with high myopia. By combining their scientific expertise and
product development capabilities, EssilorLuxottica and CooperCompanies intend
to increase awareness and offer additional solutions to help address this
global eye health issue.

“We are excited to join forces with CooperCompanies, a company with a strong
track-record in addressing major vision conditions, including myopia, and
leverage together the SightGlass Vision technology. This partnership is fully
consistent with EssilorLuxottica’s strategy to improve access to vision
care, including solutions that can control myopia progression. The
complementarity of our existing solutions, including Essilor’s recent
Stellest lens, with SightGlass Vision’s promising technology will further
strengthen our offer by providing advanced products answering to the growing
needs of customers and consumers worldwide,” said Francesco Milleri and Paul
du Saillant, respectively CEO and Deputy CEO of EssilorLuxottica.

“EssilorLuxottica is a pioneer and global leader in the vision space and
expanding our relationship to better tackle the rapidly growing myopia
management marketplace is extremely exciting. By combining our strengths, we
look forward to increasing the life-changing offerings available to global
eye-care-practitioners to combat childhood myopia. This partnership is a
natural extension to our existing portfolio of innovative myopia management
products, including MiSight contact lenses, and we firmly believe this
partnership will strengthen our ability to accelerate those offerings,” said
Al White, CooperCompanies CEO and President.
The joint venture will acquire SightGlass Vision from CooperCompanies, and the
closing of the acquisition and creation of the joint venture is subject to
regulatory approvals and other customary closing conditions. CooperCompanies
previously held a minority ownership interest in SightGlass Vision and
completed its acquisition of SightGlass Vision in January 2021.

About EssilorLuxottica 
EssilorLuxottica is a global leader in the design, manufacture and
distribution of ophthalmic lenses, frames and sunglasses. Formed in 2018, its
mission is to help people around the world to see more, be more and live life
to its fullest by addressing their evolving vision needs and personal style
aspirations. The Company brings together the complementary expertise of two
industry pioneers, one in advanced lens technology and the other in the
craftsmanship of iconic eyewear, to set new industry standards for vision care
and the consumer experience around it. Influential eyewear brands including
Ray-Ban and Oakley, lens technology brands including Varilux and Transitions,
and world-class retail brands including Sunglass Hut and LensCrafters are part
of the EssilorLuxottica family. For more information, please visit
www.essilorluxottica.com.

About CooperCompanies
CooperCompanies ("Cooper") is a global medical device company publicly traded
on the NYSE (NYSE:COO). Cooper operates through two business units,
CooperVision and CooperSurgical. CooperVision brings a refreshing perspective
on vision care with a commitment to developing a wide range of high-quality
products for contact lens wearers and providing focused practitioner support.
CooperSurgical is committed to advancing the health of women, babies and
families with its diversified portfolio of products and services focusing on
medical devices and fertility & genomics. Headquartered in San Ramon, Calif.,
Cooper has a workforce of more than 12,000 with products sold in over 100
countries. For more information, please visit www.coopercos.com.

Contacts:

EssilorLuxottica                                                                                
CooperCompanies
Corporate Communications – media@essilorluxottica.com     Kim Duncan –
VP, Investor Relations and Risk Management
Investor Relations – ir@essilorluxottica.com
                                925-460-3663
– ir@cooperco.com


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