Japan“s Hoya Corp., a leading manufacturer of optical glass and eyeglasses, announced that it had purchased all the outstanding shares of US firm Optical Resources Group Inc. (ORI) for about 8 billio…
Japan“s Hoya Corp., a leading manufacturer of optical glass and eyeglasses, announced that it had purchased all the outstanding shares of US firm Optical Resources Group Inc. (ORI) for about 8 billion yen (US$ 762.9 million). ORI, a producer of speciailty eyeglass lenses, has nine lens-processing centres and 13 sales offices in the US. The company had sales of 12.2 billion yen for the fiscal year ended in December 1999. Hoya expects the recent purchase to make it the No. 2 company in the US for bifocal and other speciality eyeglass lenses, expanding its market share from the current 2% to over 10%. The latest purchase is part of Hoya“s broader effort to enter the world“s higher-value-added speciality lens market, which is expected to grow. In September, Hoya purchased a lens manufacturing company in Belgium.