PARIS (AP) – A new European eyewear giant worth more than 50 billion euros ($52.5 billion) is set to emerge as Italy’s Luxottica – maker of brands like Ray-Ban and Oakley – merges with French lens manufacturer Essilor.
Essilor International SA announced Monday it had reached a share exchange deal with Luxottica’s main shareholder, Delfin, to create a combined company making both frames and lenses.
Shares in Luxottica and Essilor jumped on the news.
The statement said the new company would have combined revenues of more than 15 billion euros ($16 billion), 140,000 employees and sales in more than 150 countries. It would have a market value of just over 50 billion euros, according to financial information provider Factset.
Essilor said the merger is an effort to meet growing global demand for corrective lenses, sunglasses and luxury frames.