The Fedon Group Acquires Fedon America Inc.

The Fedon Group, worldwide leader for the production of eyewear cases and accessories (with a 22% market share and 2002 billings of 56.33 million euros), announced that it has acquired 100% of Fedon America Inc. of Norwell, Usa.The collaboration with the American company began in 1999 and aimed at guaranteeing the direct distribution of Fedon products on US and Canadian markets.

Thanks to the partnership, in 2002 the Group achieved billings of 6 million dollars, representing 10% of total billings. The operation is part of the industrial and commercial investment policies implemented in recent years by the Group, which also has a showroom on New York's Fifth Avenue.

As far as other international markets are concerned, Fedon also operates in France with Genetier SA, in Germany with Kapnunkt GmbH and in Asia through joint ventures with Victoria Enterprises Ltd of Hong Kong.

They also recently acquired the Rumanian company, East Coast, an efficient and fully operative production facility, which should allow them to reduce labor costs in the soft cases sector and which boasts a consolidated tradition in the production and sale of bags and stationery distributed to luxury stationery outlets under the SOS label.