Essilor International has acquired FGX International Holdings Limited, the North American market leader in the design and sale of non-prescription reading glasses. The transaction was completed following approval by FGX shareholders.
FGX, which will continue to be led by its current management team, generated 2009 revenue of $259 million. The acquisition enables Essilor to establish a foothold in a new, fast-growing market segment and to reach new customers.
"We are excited to be a part of Essilor and look forward to doing great things together," said Alec Taylor, Chief Executive Officer of FGX International.
"The acquisition of FGX represents a major step forward as we pursue our growth strategy and expand into new markets," said Hubert Sagnieres, Chief Executive Officer of Essilor. "FGX adds a new dimension to our global organization."
The all-cash transaction is valued at approximately $575 million, including the assumption of FGX's debt, which amounts to around $115 million. FGX's shares have been delisted from Nasdaq, the U.S. stock market.
The world leader in ophthalmic optical products, Essilor International researches, develops, manufactures and markets around the world a wide range of lenses to correct myopia, hyperopia, presbyopia and astigmatism. Its flagship brands are Varilux(R), Crizal(R), Essilor(R), Definity(R) and Xperio(TM). Based in France, the company reported consolidated revenue of EUR3.2 billion in 2009, with 34,700 employees and operations in 100 countries.