Hoya Vision Care acquires 3M eye wear business

Mr Girts Cimermans, CEO Hoya Vision Care explained that, “Hoya’s acquisition of 3M’s established safety prescription eye wear business expands our customer reach and entry into an important new optical market segment for Hoya both in the US and globally”.{{quote-A:R-W:450-I:2-Q: Hoya’s acquisition of 3M’s established safety prescription eye wear business expands our customer reach, -WHO:Mr Girts Cimermans, CEO Hoya Vision Care}}He added that the business will provides Hoya with additional capabilities in safety prescription eyewear, “while expanding future global opportunities and strengthening the range and services we offer our customers.”3M’s prescription eye wear division is reported to have annual revenue of US$45 million and ploys around 140 staff. The products include a wide range of lenses, frames and prium coating solutions for custom products.3M will retain its non-prescription eye wear business.The sale was not a surprise given that 3M is said to have been scaling down its business in the category. The company has recently experienced tough times with a drop in earnings from $1.96 to $1.87 per share during the last quarter of 2016.