EssilorLuxottica mulled Amplifon investment, sees audio as key growth area
EssilorLuxottica's Strategic Focus on Audio and Potential Investments
EssilorLuxottica's Interest in Amplifon
PARIS, April 28 (Reuters) - Franco-Italian eyewear giant EssilorLuxottica has in the past looked at investing in Italian hearing aid maker Amplifon, CEO Francesco Milleri said on Tuesday, adding that audio will be among the group's biggest growth areas.
Monitoring Opportunities in the Hearing Aid Sector
"We monitor almost everything that happens within our world, so we also looked at Amplifon," Milleri said when asked if EssilorLuxottica had considered taking part in a past capital hike by the hearing aid maker.
He did not specify which capital increase he was referring to or the size of the stake that was considered.
Amplifon's Strategic Decisions
"Then they (Amplifon) made different choices", the CEO said on the sidelines of EssilorLuxottica's annual shareholders meeting. The group continues to monitor potential M&A transactions around the world, he said.
Amplifon's Recent Expansion
Earlier this year Amplifon agreed to buy the hearing business of Denmark's GN Store Nord for 2.3 billion euros ($2.69 billion), in a deal that created a group spanning both manufacturing and retail distribution.
EssilorLuxottica's Current Audio Offerings and Future Growth
EssilorLuxottica is already present in the audio sector with its Nuance Audio glasses, a type of eyewear incorporating hearing assistance for people with mild to moderate hearing loss.
Product Innovation and Portfolio Expansion
Growth in the audio segment will come "through new products that will enhance Nuance’s performance, while also expanding our portfolio with innovative products offering different characteristics," Milleri said.
Additional Information
($1 = 0.8555 euros)
(Reporting by Elisa Anzolin, writing by Alvise Armellini, editing by Gianluca Semeraro and Gavin Jones)
