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Essilor announces its results for the third quarter of 2020 and closes five of its French sites

Essilor announces its results for the third quarter of 2020 and closes five of its French 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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Featured photo: © Essilor

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