Essilor Acquires FGX International, Becoming a Major Player in a New Fast-Growing MarketBy Essilor, PRNE
Sunday, March 14, 2010
CHARENTON-LE-PONT, France, March 15, 2010 - 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
"We are excited to be a part of Essilor and look forward to
doing great things together," said Alec Taylor, Chief Executive Officer of
"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
For more information, please visit www.essilor.com.
The Essilor share trades on the NYSE Euronext Paris market and
is included in the CAC 40 index. Codes and symbols: ISIN: FR FR0000121667;
Reuters: ESSI.PA; Bloomberg: EI:FP.
Investor Relations and Financial Communications Veronique Gillet - Sebastien Leroy Phone: +33(0)1-49-77-42-16 www.essilor.com
Investor Relations and Financial Communications, Veronique Gillet - Sebastien Leroy, Phone: +33(0)1-49-77-42-16
Tags: Charenton-le-pont, Essilor, France, March 15