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 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 US 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, Crizal, Essilor, Definity and Xperio.