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While the value of its stock market continues to alternate between slight declines and small increases, EssilorLuxottica published in the third quarter of 2020 a turnover higher than the expectations of financial analysts. Paradoxically, the specialist in ophthalmic lenses intends to bring together 300 people and the activities of five of its French sites into a single unit in Île-de-France. This merger will notably result in the closure of the sites of Antony, in Hauts-de-Seine and of Vaulx-en-Velin, located near Lyon.
The economic health of EssilorLuxottica remains ambivalent to this day. On the one hand, the decline in the turnover of the Franco-Italian group in the third quarter amounted to only 1.1% instead of the 1.8% anticipated by market experts. Q3 sales thus amounted to 4.085 and not 4.03 billion euros. On the other hand, the group believes it has offset the impact of the closures linked to Covid-19 and considers coming months with serenity.
However, detailed observation of the results recorded by the firm during the last quarter does not suggest such a promising future. Although Essilor posted growth of 1.8%, or 1.87 billion euros, Luxottica nonetheless recorded a decline of 3.5%, or 2.22 billion euros.
In addition, Essilor announced on October 15 its decision to close from 2023 the factories in Vaulx-en-Velin (Rhône), as well as those in Antony (Hauts-de-Seine), Le Mans (Sarthe), Châlons-en-Champagne (Marne) and Toulouse (Haute-Garonne). All these factories would then be grouped within the perimeter of the Grand Paris. Forty million euros are expected to be invested in this merger project, which involves around 300 people, a little less than the number of jobs currently held in the previously mentioned sites.
For this reason, even though the Essilor management committee offered the employees concerned “a position within the organization, primarily in the new laboratory”, they remained skeptical. In this sense, the delegate of the CGT, Olivier Armanini, specifies that “it is estimated at only 5% the number of employees ready to follow in the Paris region.” According to the trade unionist, the employees most resistant to this mobility offer are “people at the end of their careers” and “fifties”.
A final contradiction raised by this project lies in the ambition to merge a newly renovated site, Vaulx-en-Velin, with four other units. In 2019, more than 2 million euros had actually been invested in this site, which employs around 100 people and where 4,000 glasses are made per day. The Vaulx-en-Velin plant also has 4 production lines, each responding to an alloy substitution device (ART) developed by Satisloh, another Essilor subsidiary. This organization, “more industrial” and “more lean” to use the words of the site manager, is at the cutting edge of technology and demonstrates great efficiency. The deployment of such a production system in the future site near Paris could therefore give hope for good economic benefits for Essilor.
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Featured photo: © Essilor[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
While the value of its stock market continues to alternate between slight declines and small increases, EssilorLuxottica published in the third quarter of 2020 a turnover higher than the expectations of financial analysts. Paradoxically, the specialist in ophthalmic lenses intends to bring together 300 people and the activities of five of its French sites into a single unit in Île-de-France. This merger will notably result in the closure of the sites of Antony, in Hauts-de-Seine and of Vaulx-en-Velin, located near Lyon.
The economic health of EssilorLuxottica remains ambivalent to this day. On the one hand, the decline in the turnover of the Franco-Italian group in the third quarter amounted to only 1.1% instead of the 1.8% anticipated by market experts. Q3 sales thus amounted to 4.085 and not 4.03 billion euros. On the other hand, the group believes it has offset the impact of the closures linked to Covid-19 and considers coming months with serenity.
However, detailed observation of the results recorded by the firm during the last quarter does not suggest such a promising future. Although Essilor posted growth of 1.8%, or 1.87 billion euros, Luxottica nonetheless recorded a decline of 3.5%, or 2.22 billion euros.
In addition, Essilor announced on October 15 its decision to close from 2023 the factories in Vaulx-en-Velin (Rhône), as well as those in Antony (Hauts-de-Seine), Le Mans (Sarthe), Châlons-en-Champagne (Marne) and Toulouse (Haute-Garonne). All these factories would then be grouped within the perimeter of the Grand Paris. Forty million euros are expected to be invested in this merger project, which involves around 300 people, a little less than the number of jobs currently held in the previously mentioned sites.
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While the value of its stock market continues to alternate between slight declines and small increases, EssilorLuxottica published in the third quarter of 2020 a turnover higher than the expectations of financial analysts. Paradoxically, the specialist in ophthalmic lenses intends to bring together 300 people and the activities of five of its French sites into a single unit in Île-de-France. This merger will notably result in the closure of the sites of Antony, in Hauts-de-Seine and of Vaulx-en-Velin, located near Lyon.
The economic health of EssilorLuxottica remains ambivalent to this day. On the one hand, the decline in the turnover of the Franco-Italian group in the third quarter amounted to only 1.1% instead of the 1.8% anticipated by market experts. Q3 sales thus amounted to 4.085 and not 4.03 billion euros. On the other hand, the group believes it has offset the impact of the closures linked to Covid-19 and considers coming months with serenity.
However, detailed observation of the results recorded by the firm during the last quarter does not suggest such a promising future. Although Essilor posted growth of 1.8%, or 1.87 billion euros, Luxottica nonetheless recorded a decline of 3.5%, or 2.22 billion euros.
In addition, Essilor announced on October 15 its decision to close from 2023 the factories in Vaulx-en-Velin (Rhône), as well as those in Antony (Hauts-de-Seine), Le Mans (Sarthe), Châlons-en-Champagne (Marne) and Toulouse (Haute-Garonne). All these factories would then be grouped within the perimeter of the Grand Paris. Forty million euros are expected to be invested in this merger project, which involves around 300 people, a little less than the number of jobs currently held in the previously mentioned sites.
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