HOYA Vision Care, a leader in optical technology innovation, recently announced that it has entered into a strategic joint venture (JV) with Chinese eyeglass lens manufacturer Jiangsu Sigo Optical’s (JSO) Founder and Chief Executive Officer Liu Jianzhong. The partnership will provide HOYA with access to a wider range of high-quality plastic and polycarbonate finished single vision (FSV) lenses, enhancing the company’s existing lens portfolio and providing a more sustainable supply chain for customers.
Under the terms of the transaction, HOYA will receive an almost 61% equity stake with the founder of Jiangsu Sigo Optical retaining over 39% ownership interest. JSO will continue to operate and manage their manufacturing and distribution facilities in Danyang, China as a separate entity. The facility employs more than 450 team members.
“Our equity stake in Jiangsu Sigo Optical will help us deliver on our commitment to provide high quality, spectacle lenses at a competitive price to meet the growing demand of our customers globally,” said Alexandre Montague, Chief Executive Officer, HOYA Vision Care. “In addition to Sigo’s strong manufacturing capabilities, the joint venture provides more scale and flexibility in our sourcing as well as access to their innovation in low-cost materials. We are confident that we will leverage our complementary strengths to cater to the growing global markets, especially in the US and Latin America.”
“We are fully aligned and committed to the common mission as defined by HOYA Vision Care: keep providing higher quality lens products with innovation,” said Liu Jianzhong, founder, and Chief Executive Officer, Jiangsu Sigo Optical. “Establishing a solid partnership with one of the world’s leading optical groups provides us with a great opportunity to improve our operational, technological and commercial excellence under HOYA’s leadership. We are looking forward to contributing to the exciting future and success of this joint venture.”