TOKYO—Hoya Corporation (TOKYO:7741) today announced the completion of the acquisition of Performance Optics, LLC, including its Vision Ease and Daemyung Optical subsidiaries. The acquisition expands both Hoya’s geographic reach and product offering for its Hoya Vision Care division, the companies said today.

The deal was originally announced in October 2016, as VMail previously reported.

Vision Ease is a global ophthalmic lens marketer and manufacturer offering polycarbonate, photochromic and polarized lenses. Daemyung Optical Co., Ltd. is the second largest optical lens manufacturer in Korea and specializes in high-index plastic lenses.

"In everything we do, we focus on the needs and challenges of eyecare and industry. We are a true partner, helping them to distinguish themselves from the competition by bringing value to their businesses, instead of acting as their competitor," said Girts Cimermans, CEO of Hoya Vision Care.

"Performance Optics provides Hoya with additional capabilities and offerings in polycarbonate, photochromic and polarized lens technologies, and expands our global footprint in high index lens casting. This strengthens our position as a global technology leader and offers more eyecare and industry professionals the sales and marketing support they want and need," Cimermans said.

Performance Optics employs over 2,000 people around the world, with manufacturing facilities in the U.S., South Korea, China, Thailand and Indonesia. "Performance Optics' subsidiaries, Vision Ease and Daemyung Optical, have capabilities and cultures of innovation, quality and service that strongly complement Hoya’s footprint and long-standing reputation in the eyewear industry," said John Weber, CEO of Performance Optics. "By joining forces, we will better meet our customers' global needs across geographies."

"The closing of the Performance Optics acquisition is another key milestone for our Life Care segment," said Augustine Yee, chief legal officer and global head of corporate development and affairs at Hoya Corp. "Performance Optics will now join Hoya Vision Care in their efforts to promote and support eyecare and industry professionals with high-quality products, service and support. We also look forward to augmenting our global research and development capabilities with the creation of a new technology center of excellence outside of Thailand and Japan."

With a presence in over 50 countries, Hoya Vision Care has expertise in lens designs and freeform surfacing technology combined with a leading position in high performance, quality AR coating. Hoya Vision Care's solid market portfolio includes Seiko and Pentax optical lenses, as well as innovative products such as Yuniku, the world's first vision-centric, 3D tailored eyewear. The company employs over 16,000 employees worldwide with mass production facilities in Asia and Europe and over 40 local Rx laboratories globally.

Performance Optics, LLC has been a portfolio company of Wind Point Partners that is focused on optical company investments.