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 Sagnières, 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.
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