3M To Sell $45M Safety Prescription Eyewear Business
3M plans to sell off its safety protection eyewear business to HOYA Vision Care, an eyeglass lens company based in Uithoorn, Netherlands.
The sale price wasn’t disclosed, but the business group is said to have annual global sales of approximately $45 million.
“After a thorough strategic review, we have decided to exit the safety prescription eyewear business to focus on our core personal safety businesses,” Bernard Cicut, vice president and general manager of 3M’s personal safety division, said in a statement.
Tuesday’s announcement is just the latest division that the Maplewood-based manufacturer has rid itself of. In the last several years, 3M has made significant efforts to become more efficient by selling off certain businesses and shrinking its total number of business groups.
Since 2012, the company has realigned from six business sectors to five and from 40 businesses to just over 20.
In an earnings forecast at the end of last year, 3M said it was working to make itself “leaner and better positioned to allocate resources to its most promising opportunities.”
One month later, the company sold off its pressurized foam adhesives unit, which generates $20 million in annual sales. In September, 3M announced it would sell the assets of its temporary protective films business, another unit responsible for $50 million a year in sales.
However, with the sale of its safety protection eyewear business, 3M said it would retain the non-prescription side of the group, often referred to as plano eyewear.
Approximately 140 employees work under the prescription part of 3M’s safety eyewear business. Those workers will transition to HOYA, as will the ownership of an optical laboratory facility in Plymouth, Indiana.
“HOYA’s acquisition of 3M’s established safety prescription eyewear business expands our customer reach and entry into an important new optical market segment for HOYA both in the U.S. and globally,” Girts Cimermans, CEO of HOYA, said in a statement.
The transaction is expected to close within the first few months of 2017.