Majority stake in Fedon acquired

EssilorLuxottica announced the acquisition of majority shares of eyewear cases and packaging company Fedon.

It planned to purchase 90.9% of shares for an agreed total of €29.4m, which was 135% over the price of Fedon’s shares recorded on April 8, 2022.

EssilorLuxottica said the deal enabled the use of cutting-edge technology to create cases and packaging that better fit eyewear and spectacles to ensure maximum protection and integrity of the product.

The acquisition also increased EssilorLuxottica’s sustainability strategy through the recyclability and circularity of the packaging materials produced by Fedon.

Depending on the fulfilment of certain conditions, completion is expected for the end of June 2022.