FOOTHILL RANCH, Calif., 24 Nov. 2006. Sunglasses maker Oakley Inc. in Foothill Ranch, Calif., is moving into the military optics business with its acquisition of Eye Safety Systems Inc. (ESS) in Sun Valley, Idaho, a supplier of military, law enforcement, and firefighting protective eyewear.
Oakley has signed a definitive agreement to acquire essentially all the assets of ESS for $110 million cash. Oakley provides sunglasses, goggles, and prescription eyewear, while ESS creates eye-protection systems for soldiers, firefighters, and police.
The acquisition's $110 million cash purchase price is subject to certain indemnities and post-close adjustments. Subject to customary closing conditions, the company expects the acquisition to be closed during the first half of 2007. Upon closing, the company expects the acquisition to be immediately accretive and estimates a partial year contribution of approximately $30 million to sales and approximately $0.05 earnings per share in 2007.
For more information contact Oakley online at www.oakley.com, or ESS at www.essgoggles.com.
