FGX International Completes Merger with Essilor
March 15 2010 - 6:00AM
Business Wire
FGX International Holdings Limited (Nasdaq: FGXI) (“FGX
International”) announced that it has completed its merger with a
subsidiary of Essilor International (“Essilor”) of
Charenton-le-Pont, France.
FGX International shareholders received $19.75 per share in
cash, for an aggregate value of approximately $575 million,
including the repayment of FGX International debt of approximately
$115 million. Upon completion of the merger, FGX International
became a wholly-owned subsidiary of Essilor and its shares ceased
to be publicly traded on the NASDAQ Global Select Market. Following
the merger, FGX International will change its place of
incorporation from the British Virgin Islands to the State of
Delaware.
“We are excited to be a part of Essilor and look forward to
doing great things together,” said Alec Taylor, FGX International’s
Chief Executive Officer.
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®,
Crizal®, Essilor®, Definity® and Xperio™. Based in France, the
company reported consolidated revenue of €3.2 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.
FGX International is North America’s leading designer and
marketer of non-prescription reading glasses and popular priced
sunglasses. FGX brands include FosterGrant®, Magnivision®, Solar
Shield®, Polar Eyes®, Corinne McCormack®, Angel™, Anarchy®, and
Gargoyles®. FGX also holds licenses to sell optical products under
the Ironman, Levi Strauss Signature, C9 by Champion and Body Glove
trademarks. FGX International products are found in over 63,000
retail locations in the US, Canada, Mexico and the United Kingdom.
Revenues for 2009 were $259.3 million.
About FGX
Based in Smithfield, Rhode Island, FGX International has
approximately 500 full-time employees. Additional offices are
located in San Luis Obispo, CA; New York, NY; Toronto, Canada;
Stoke-on-Trent, England; Mexico City, Mexico; and Shenzhen, China.
Further information about FGX International and this press release
can be found on FGX International’s web site at www.fgxi.com.
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