BRIAN some news:
Oakley signs definitive agreement with Essilor and
Gentex
Mar 13, 1997 1:12 PM [Business Wire]
IRVINE, CALIF. (March 13) 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 requirements from 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.
--30--RMS/np* DEM/np
CONTACT: Oakley Inc., Irvine
Link Newcomb
Chief Operating Officer
714/951-0991
or
Essilor International
Fabienne Lecorvoisier-Gerbier
Vice President of Business Development & Finance
212/735-8765
or
Gentex Optics
Peter Frieder
President
717/282-8201
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