Essilor: major acquisition in the U.S. - December 16, 2009
The French group Essilor, world leader in ophthalmic lenses, announced Wednesday the signing of an agreement to sell with the American FGX International for $ 565 million dollars (390 million euros). The transaction price includes the repayment of debt FGX for about 100 million dollars (69 million euros), the statement said. This transaction will be financed by available cash and existing credit lines Essilor.
Based in Smithfield, in the province of Rhode Island, FGX International with 2008 revenues of $ 256 million, mainly on the U.S. market and has approximately 375 employees.It will continue to be managed by its current management in a new division within Essilor.
Diversified business portfolio
This operation comes within the framework of the French group's strategy to diversify its business portfolio in the vision market. "The eyewear market is preassembled in a growing market, complements the activity of prescription glasses and enjoys favorable demographic trends. FGX benefit of our international distribution network, we capitalize on FGX brands and know-how to deploy this new offering in the world, "said Hubert Sagni?res, the Chief Operating Officer of Essilor.
"This proposed merger is of major importance to FGX International.The strike force worldwide Essilor will be a strategic asset to market our products worldwide and greatly improve our competitive position, for his part said Alec Taylor, President of the American group.
The Essilor International is the world leader in ophthalmic optics, and achieved a turnover of 3.074 billion euros in 2008. It employs 35,000 people present in a hundred countries.
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