Essilor Signs Joint Venture Agreement with Wanxin Optical

Essilor International, a company specializing in ophthalmic optical solutions, has formed a joint venture with a China-based ophthalmic lens manufacturer, Wanxin Optical. The agreement allows Essilor to take up half of the stake in the Chinese company.

Wanxin Optical offers ophthalmic lenses to export and domestic markets. The products are used by eyecare professionals mainly in the mid-range segment. The existing management team will continue to lead the company in its operations.

China has a high growth potential for the lens market with export capabilities and a significant amount of domestic market. Earlier, Essilor planned to focus its growth strategies in China with Varilux and Crizal brands. The company is now planning to collaborate with major local industry firms in the mid-range segment.

Essilor’s CEO, Hubert Sagnières stated that the company is pleased to work with Wanxin Optical and the manufacturing base at Wanxin would support the company’s growth across Asia.