Oakley signs definitive agreement with Essilor and Gentex.IRVINE, Calif.--(BUSINESS WIRE)--March 13, 1997--Oakley Inc. (NYSE NYSE See: New York Stock Exchange :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 non·pre·scrip·tion adj. Sold legally without a physician's prescription; over-the-counter. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. prescription capabilities. Oakley is an innovation-driven designer, manufacturer and distributor of high-performance sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses and goggles goggles, n the protective eyewear worn by dental personnel and patients during dental procedures. goggles see periocular leukotrichia. . Essilor is the worldwide market leader in corrective lenses, with a significant presence in the United States as a manufacturer and prescription laboratory owner. CONTACT: Oakley Inc., Irvine Link Newcomb Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. 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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