To all,
Press Release from Oakley the reason for today's rise may in part be due to the following statement from the release.
"The companies also have agreed to cancel Oakley's option to purchase the nonprescription lens production unit of Gentex, which had been contemplated by the letter of intent."
Oakley signs definitive agreement with Essilor andGentex
Thursday, March 13, 1997 11:01 AM
IRVINE, Calif.--(BUSINESS WIRE)--March 13, 1997--Oakley Inc.
(NYSE:OO), Essilor International and its U.S. subsidiary, Gentex
Optics, Thursday announced they have reached definitive terms on an
exclusive dealing agreement under which Oakley has received the
exclusive right to purchase from Gentex and Essilor decentered sunglass lenses and a new scratch-resistant coating developed by Essilor for use with such lenses.
In return, Oakley will purchase all of its decentered lens requirementsfrom Gentex. The companies have been negotiating this agreement since the execution of a letter of intent announced in August 1996. The companies also have agreed to cancel Oakley's option to purchase the nonprescription lens production unit of Gentex, which had been contemplated by the letter of intent.
Oakley also announced it has reached a two-year agreement with an
Essilor subsidiary granting to it exclusive wholesale distribution rights in the United States of Oakley-branded prescription lenses for use in Oakley's current and future sunglass and ophthalmic frames. Oakley and Essilor are currently working together to extend this prescription eyewear program into additional global markets where Essilor has laboratories with polycarbonate prescription capabilities.
Oakley is an innovation-driven designer, manufacturer and distributor
of high-performance sunglasses and goggles. Essilor is the worldwide
market leader in corrective lenses, with a significant presence in the
United States as a manufacturer and prescription laboratory owner.
investor.msn.com
Brian Malloy |
