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Industry News

17 Oct 2017

Hive-down of Essilor’s Activities To Be Completed by End of This Year

Essilor Hive-downOn October 3, 2017, the Board of Directors of Essilor International confirmed that the hive-down of Essilor’s activities is expected to be completed by the end of 2017. The hive-down was previously approved by Essilor’s shareholders during the general shareholders’ meeting held on May 11, 2017.

Pursuant to this hive-down, Essilor will contribute its activities and equity holdings to one of its subsidiaries (formerly named Delamare Sovra) which has been renamed “Essilor International” and which will carry on the operational activities currently performed by Essilor.
The hive-down of Essilor’s activities is a condition precedent to the contribution by Delfin of its Luxottica shares to Essilor.

Once the other conditions precedent to complete the contribution of the Luxottica shares to Essilor are satisfied, Essilor will be renamed «EssilorLuxottica» and will become a holding company at the top of the combined group, holding Essilor International and Luxottica.

The governance of Essilor International will be similar to the current governance of Essilor. Mr. Hubert Sagnières will be Chief Executive Officer of the company, and Mr. Laurent Vacherot will be Deputy Chief Executive Officer.

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