In the UK, Essilor acquired an 80% stake in Leicester Optical, a prescription and edging laboratory based in Rothley with sales of EUR1.8 million.
In India, Essilor acquired a majority stake in GKB Optics Technologies, a prescription laboratory based in New Delhi with annual revenue of EUR0.8 million.
Since the beginning of the year, Essilor has acquired 18 companies (excluding Signet Armorlite and FGX International) representing additional full-year revenue of approximately EUR92 million.
On October 15, Essilor announced an agreement with Kibbutz Shamir to acquire 50% of Shamir Optical, an independent producer of ophthalmic lenses that reported 2009 revenue of $142 million. The transaction, which is subject to the approval of Shamir Optical's shareholders and various regulatory authorities, is expected to close in mid-2011.
Between July and September, Essilor purchased 1.63 million of its own shares on the market, at a total cost of EUR78 million. Essilor also sold its long-standing stake in Sperian Protection to Honeywell, generating net proceeds of EUR132 million.
Combined with these transactions, cash flow generated during the period enabled the Company to reduce its net debt from EUR638 million at June 30 to EUR332 million at the end of September.
In the context of a gradual recovery in the world economy, Essilor is continuing to diligently deploy its growth strategy, based on new products, geographic expansion, bolt-on acquisitions and gains in the mid-range segment. For the full year, the Company confirms its objectives of revenue growth of 5% to 7% excluding the currency effect and strategic acquisitions, and a stable contribution margin excluding strategic acquisitions and changes in IFRS.
Appendix - Quarterly revenue data EUR millions Q
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