KIBBUTZ SHAMIR, Israel—Shamir Optical Industry Ltd. (Nasdaq: SHMR) has agreed to purchase 49 percent of Altra Trading GmbH from its minority shareholder. Previously, Shamir held 51 percent of the share capital of Altra, a German distributor and holding company through which Shamir holds all of its European subsidiaries, and through which it markets and sells its products. As a result of the agreement, Altra becomes a wholly owned subsidiary of Shamir.

Under the terms and conditions of the agreement, Shamir will pay an amount derived from Altra's consolidated net profit for the fiscal years ending Dec. 31, 2008, 2009 and 2010, not to exceed the total amount of Euro 500,000.

"I am pleased to announce the completion of this very important transaction,” said Eyal Hayardeny, chief executive officer of Shamir. “We are confident that it will enable us to better control and manage our European operations. Shamir is committed to increasing its footprint in Europe and it continues to make appropriate investments in leadership, marketing and sales."

Sales through Altra accounted for approximately 56 percent of Shamir's total sales in 2007, according to Shamir. Altra has subsidiaries in Portugal, Spain, France, Turkey and the United Kingdom.