Menicon Co acquires 100pc equity stake in SOLEKO of Italy
TOKYO: Menicon Co., Ltd. has acquired a 100% equity stake in the SOLEKO S.p.A., an Italian company which manufactures and sells contact lenses and contact lens care products, making the group its wholly owned subsidiary.
The disposable contact lens market in Italy is the second largest in the European market, Menicon now owns a sales subsidiary in Italy to strengthen Menicon’s marketing networks in Europe, and intends to step up its global operations in an endeavor.
Menicon forecasts that the agreement will have only a minimal effect on the Company’s consolidated business results for the fiscal year ending March 31, 2020.
Founded in 1975 as a company operating under the wing of the FINEKO Group, SOLEKO S.p.A. manufacturers and sells contact lenses and contact lens care products, mainly targeting the Italian market.
The disposable contact lens market in Italy is the second largest in the booming European market after the UK.
One-day disposable contact lenses, in particular, have seen robust growth in the Italian contact lens market.
Menicon has already established a solid business footing in the European market, with 60% of its overseas sales being generated in the region. The latest acquisition of the FINEKO Group is designed to strengthen Menicon’s marketing networks in Europe by adding a promising new market, Italy. In addition, SOLEKO S.p.A. develops and manufactures unique contact lens care products. By selling these products through the Menicon Group’s marketing networks, the Group also expects to enjoy synergy effects by reinforcing its group-wide portfolio for contact lens care products.
As a result of the latest share acquisition, Menicon now owns a sales subsidiary in a major European contact lens market. Consequently, the company has established a platform through which it will be able to provide more customers with the “Miru” (overseas brand name) line of disposable contact lenses.
This will expand and strengthen its product lineup. Menicon intends to step up its global operations in an endeavor to enhance the quality of life of its end users by supplying its contact lenses to as many people as possible.