The Quebec-based eyewear distributor, Lanctôt, will soon be serving its customers out of its newly-acquired building located at 5290 Thimens Boulevard, in Ville Saint-Laurent, Montreal’s northwest borough.

 

The new location will officially open its doors June 16, 2014. It has more space for Lanctôt to optimize its storage and delivery services from a single modern warehouse. Plus, employees will have a sports and relaxation facility at their disposal with easier access.

 

Lanctôt, which has been in business for 60 years, has over 5,000 customers and partners in Canada. In addition to optical products, the company distributes sporting goods and outdoor clothing. In the eyewear industry, it distributes the following brands: Morel, Koali, LST Lightec, Öga, Nomad, OWP, Julbo, Mexx, Joop! and Rebel.

 

Moreover, the company has been selected by Deloitte as one of the 50 best managed companies in Canada for the 21^st year.

Source: Lanctôt

 

Blue Point Capital Partners, a private equity firm, announced that it has acquired The Hilsinger Company (Hilco). No details have been disclosed.

 

Founded in 1956, Hilco supplies more than 20,000 products in a broad range of categories, including prescription protective eyewear, optical accessories and ophthalmic products. With more than 25,000 customers worldwide, the company has five primary brands: Hilco, Wilson Ophthalmic, Leader, OnGuard Safety and i-Promotions.

 

“This is our fourth private equity owner,” said Bob Nahmias, CEO of Hilco, in a press release. “There will be no changes at Hilco. Blue Point’s access to exceptional resources, including its presence in China, will be invaluable to Hilsinger as we look to expand into other markets and broaden our eyewear and eye care product offerings,” he added.

 

John LeMay, a partner with Blue Point, who manages over $800 million in committed capital, is pleased with the addition. “Hilsinger’s market leadership and history of successful acquisitions create a strong platform for future growth,” he said. “We plan to support the company in executing additional domestic and international acquisitions and optimizing its sourcing capabilities with our Shanghai-based supply-chain team.”

Source:

http://www.bluepointcapital.com/newsroom/article.aspx?id=30

 

Luxottica North America recently announced it is shutting down its Winnipeg plant, which made lenses for LensCrafters, Pearle Vision and Sears. Over 200 people will be out of work.

 

The Winnipeg plant, located at the corner of St. James Street and Sargent Avenue, was the Italian company’s only Canadian manufacturing location. That work will now be shifted to a distribution facility in Toronto and US facilities.

 

Manitoba premier Greg Selinger said he was surprised by the news. “We were not given any warning,” he said. “It came as a surprise. Clearly we’re concerned about people losing their jobs.”

 

In a brief statement sent to the CBC, Luxottica states that the closure is intended to “drive efficiency and maximize resources across its manufacturing network.” At the same time, Luxottica announced a separate decision to significantly reduce the staffing levels in its Cincinnati facilities.

 

Luxottica hired a consultant to provide former employees with support services during the transition period.

Source:

http://www.cbc.ca/news/canada/manitoba/luxottica-shuts-down-winnipeg-manufacturing-plant-1.2656853

Valeant has upped its unsolicited takeover bid for Allergan and invited its directors to a meeting.

 

The new offer is US $58.30 per share, an increase of US $10 over the previous offer. As with its last attempt, Valeant is also offering 0.83 Valeant share for each Allergan share, bringing the overall offer to approximately US $50 billion. As well, Valeant is promising to pay up to US $25 per share based on the success of Darpin, an ophthalmological drug being developed by Allergan. Valeant would invest up to US $400 million in this drug and would retain the employees responsible for its development. 

 

Valeant CEO Michael Pearson has also invited Allergan’s directors to meet with them, stating that Allergan’s recent public attack on Valeant’s business model reveals a lack of understanding of the pharmaceutical company’s operations and performance. Pearson continues to maintain that Valeant’s strategy would create substantial short, medium and long-term returns for Allergan shareholders.

 

“Just as importantly, we believe that together the two companies will be better able to serve the patient and the medical communities with a more complete product offer and ongoing innovations,” he added.

 

Allergan’s board will examine the offer before making recommendations to its shareholders.

Sources:

http://ir.valeant.com/investor-relations/news-releases/news-release-details/2014/Valeant-Substantially-Increases-Merger-Proposal-For-Allergan/default.aspx

http://www.ledevoir.com/economie/actualites-economiques/409481/valeant-offre-plus-d-argent-comptant-pour-allergan

 

 

 

 

In a document filed with the U.S. Securities and Exchange Commission, Allergan has launched an all-out attack on Valeant, the Canadian pharmaceutical company that is trying to acquire it.

 

Written by consultants, the document challenges Valeant’s business model. Allergan starts by raising concerns about Valeant’s real organic growth, which it estimates at -0.5% in 2013 and -1.4% in the first quarter of 2014.

 

Allergan also claims that Valeant’s recent acquisitions have shown poor performance. The document states that Bausch + Lomb reported erosion in units sold for three out of four of its largest products, leading to losses for which Valeant compensated with list price increases.

 

Allergan questions Valeant’s ability to manage a company of Allergan’s scale, due to its “limited experience with large, global scale products” and the stability of its management team and accounting practices.

 

Finally, the document attacks the inherent value of Valeant’s business model, which is based on serial acquisitions and cost cutting. In the specific case of Allergan, analysts doubt that Valeant will be able to cut operating costs by $3 billion without harming Allergan’s long-term viability.

 

Source:

http://eyewiretoday.com/view.asp?20140527-allergan_files_investor_presentation_detailing_concerns_about_the_sustainability_of_valeants_business_model