ESSILOR (EPA:EL) ESSILOR acquires FGX International
Transparency directive : regulatory news
15/03/2010 08:30
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News ReleaseEssilor acquires FGX International, becoming a major player in a new
fast-growing market
Charenton-le-Pont, France (March 15, 2010 - 08:30 a.m. CET) - 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.
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.
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
Véronique Gillet - Sébastien Leroy
Phone: +33 (0)1 49 77 42 16
www.essilor.com
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