EssilorLuxottica Considers US Production Shift Due to Tariffs
MILAN (Reuters) -Eyewear maker EssilorLuxottica, whose brands include Ray-Ban, could move part of its production to the United States as a result of U.S. tariffs, its chief executive said on Wednesday.
"We won't rush a decision," CEO Francesco Milleri told a shareholders' meeting of the Franco-Italian company in Paris, adding that in three or four months the situation could be clearer.
This month U.S. President Donald Trump, in a stunning reversal, said he would temporarily lower the hefty tariffs he had imposed earlier on dozens of countries.
"When the situation stabilises we'll understand which kind of manufacturing we can move to the U.S. because it's not only a matter of timing and investment but to find (workers with) the right capabilities," he said, adding that for this reason production based in Italy and France cannot be moved
"We can really think if we can move from Thailand and Mexico. But we don't want to move too early," he added.
The group already has some plants in the U.S.
The EssilorLuxottica CEO also said the group is considering possible acquisitions.
"M&A is in the DNA of our company, we have many dossiers on the table, small, mid-size, big companies... we need to add much more competencies and technology to our portfolio," Milleri said.
He added that he is confident that group would be able to clinch some good deals over this year and next.
Milleri said the group is willing to reinforce its chip design capabilities, to expand into the field of treatment and care of eye diseases and to invest in artificial intelligence services.
(Reporting by Elisa Anzolin)
