Nikon's Shares Soar Following EssilorLuxottica's 5% Stake
- tech360.tv
- Oct 8, 2024
- 2 min read
Nikon's shares rose by up to 10.2% following EssilorLuxottica's 5.1% stake acquisition. EssilorLuxottica's strategic partnerships with Nikon and Meta Platforms Inc. demonstrate a commitment to innovation in smart wearable products. Nikon's planned investment of 100 billion yen (US$674 million) by 2030 demonstrates its commitment to improving lens technology and offerings.
Nikon's stock price soared by up to 10.2% following the announcement, eventually closing 7.9% higher in Tokyo, its largest single-day gain since August. EssilorLuxottica began acquiring Nikon's shares between August 5 and October 1, according to a finance ministry filing.
In recent years, lenses have emerged as an essential component in cutting-edge and emerging technologies. EssilorLuxottica, best known for its eyewear joint venture with Nikon established in 2000, has formed a strategic partnership with Meta Platforms Inc. through its Ray-Ban sunglasses brand to develop smart wearable products. This move is consistent with EssilorLuxottica's long-term vision for technological innovation.
While ASML relies on Carl Zeiss AG of Germany for lenses, Nikon has its own expertise in the field. Despite lacking the capacity to manufacture cutting-edge extreme ultraviolet lithography systems like its Dutch counterpart, Nikon announced earlier this year that it intends to invest 100 billion yen (US$674 million) by 2030 to improve its lens technology and product offerings, demonstrating a clear commitment to remaining competitive in the market.
EssilorLuxottica's CEO, Francesco Milleri, had previously stated that the company intends to invest in EssilorLuxottica, following reports that Meta Platforms Inc. was considering a 5% stake. EssilorLuxottica's strategic partnership with Nikon, as well as its collaboration with Meta Platforms Inc., demonstrate a common vision for technological innovation and growth.
Representatives from both Nikon and EssilorLuxottica have refrained from providing immediate comments on the deal.
Nikon's shares surged by as much as 10.2% after EssilorLuxottica's 5.1% stake acquisition.
EssilorLuxottica's strategic partnerships with Nikon and Meta Platforms Inc. highlight a focus on innovation in smart wearable products.
Nikon's planned investment of 100 billion yen (US$674 million) by 2030 underscores a commitment to enhancing its lens technology and offerings.
Source: YAHOO
