By MICHAEL HALL, Associated PressRay Ban has announced a $10.5 billion buyout of its glass and ceramics and glass extruders business.
The company said it will add more than $15 million to its existing business to help expand its business globally.
The purchase is a further step toward Ray Ban’s goal of being a globally-competitive supplier of glass and ceramic extruders, which make glass-like objects that can be used to make glass, ceramic, ceramicals and other glass products.
The move follows a similar buyout by Panasonic in October 2015, which is the second-largest acquisition by Ray Ban in the past three years.
Ray Ban is seeking to bolster its supply of extruders in Asia, the Middle East and the United States, where demand is strong.
The deal comes as the global market for glass and other extruders has been shrinking, with a rise in the demand for smaller, smaller glass devices and an increasing appetite for more durable materials, such as stainless steel and copper.
Ray Blanchard, Ray Ban chief executive, said in a statement that the company’s investment in new products is intended to “create an expanded, global supply chain and accelerate our commitment to innovation and our customers.”
The company will continue to build on Ray Ban and other global glass and extruders brands, he said.
Ray Bans most popular extruders include the Ray Blanchards, Blanchands X-Pro and Blancharas X-Series, as well as its own line of Blancharts.
The new acquisitions include $2.5 million for the Ray Ban Extruder line of extruder units, $1.5 a pair of Blanchex extruders and $2,500 for the Blanchardi Extrude line of glass extruder parts.