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HUNTINGDON VALLEY, PA (BRAIN)—A.T. Cross has closed an all cash transaction to purchase Native Eyewear, the maker of sport performance sunglasses and goggles.
A. T. Cross purchased Native Eyewear for total consideration of $17.8 million in cash and the assumption of approximately $1 million of short-term debt.
In 2007, Native had revenues of approximately $11 million. Additionally, Cross commented that the deal was expected to be immediately accretive to earnings per share and that, based on current business trends and including expected financing and closing costs, the deal would likely add approximately $0.07 earnings per share, after interest costs, for the full year 2009.
Native will be operated as part of A.T. Cross’ Optical Group Segment, which is currently comprised of the highly successful premium priced polarized Costa Del Mar brand, which Cross acquired in 2003. At that time of its acquisition, Costa had revenues of $11 million; in 2007, Costa’s revenues had grown to $37 million.
The A. T. Cross Company is a major international manufacturer of fine writing instruments, timepieces and personal accessories. Cross products are sold to the consumer gift market through fine stores worldwide. Writing instruments, timepieces , and personal accessories are sold to the business gift market via a network of companies specializing in recognition programs. The company is based out of Lincoln, Rhode Island.
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