NAGOYA, Japan - Friday, December 9th 2011 [ME NewsWire]
(BUSINESS WIRE)-- Menicon Co., Ltd. announced today an agreement with W.I. System Inc. that will turn one of Japan's leading contact lens retail chains into a wholly owned subsidiary of Menicon on December 8th. Terms of the acquisition were not disclosed. Tokyo area-based W.I. System with annual gross sales of USD 130 million ranks fourth in contact lens retail sales in Japan.
The acquisition will significantly bolster Menicon's retail presence in greater Tokyo, the world's largest metropolitan area, and will expand opportunities for Menicon to reach users who do not currently use Menicon products. W.I. System stores will continue to provide a broad array of lenses and lens-related products from Menicon and other manufacturers to meet the diverse needs of Japan's contact lens wearers.
Menicon believes that by striving to satisfy its newly expanded customer base as a result of the acquisition, the experience ultimately will strengthen the company's and the industry's capabilities for developing and marketing lenses and lens care products that meet diverse needs in the broader global market.
"W.I. System strives to provide highly satisfying customer experiences when people in need of vision correction visit any one of our many conveniently located shops throughout the greater Tokyo area," said W.I. System president Keizo Takahashi. "As a new member of the Menicon group, we look forward to expanding and strengthening our customer relationships over the long term."
"I have great expectations that this integration between our well-known companies will encourage more people to experience the joy of wearing advanced lenses, and allow us to further contribute to eye safety and comfort in Japan, and ultimately in markets around the world," said Menicon president Hidenari Tanaka.
About W.I. System W.I. System operates 68 Tokyo-area retail stores and one franchise store that do business under the name Ace Contact or Ekicon. The stores offer primarily contact lenses, and also sell eyeglasses, hearing aids and nutritional supplements for pets. Established in 1989, W.I. System recorded sales of JPY 10.3 billion (USD 130 million) in the fiscal year that ended in May 2011.
About Menicon Headquartered in Nagoya, Japan, and represented in over 40 countries, Menicon is a global contact lens company dedicated to every aspect of the field from material development and lens design to manufacturing of lenses and lens care solutions. Menicon offers an expanding portfolio of innovative lenses, packaging and related products that maximize user comfort and convenience. 2011 marks Menicon's 60th year in business. For more information, please visit http://www.menicon.com
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