|[December 09, 2013]
FGX International Inc. Acquires Suntech Optics Inc.
SMITHFIELD, R.I. --(Business Wire)--
FGX International, a leading eyewear designer and marketer and
wholly-owned subsidiary of Essilor International, announced today that
it has completed the acquisition of Suntech Optics Inc., a privately
held company headquartered in Vancouver, British Columbia. This
acquisition also included the purchase of Naked Eye Enterprises and
Bugaboos Eyewear Corporation.
Suntech, a company with a 41-year history, is primarily engaged in the
sale of sunglasses and reading glasses under proprietary brands
including Infokus® and Solair™. Suntech's base business is comprised of
retailers in the drug, grocery and mass channels of distribution.
Suntech has distribution in over 2,800 retail outlets throughout Canada.
Established 29 years ago to target the sport channel, Bugaboos Eyewear
Corp. is the founder, owner and designer of Ryders Eyewear, an
internationally recognized brand in the performance eyewear category,
currently serving over 1800 retailer locations in North America, South
America and Europe.
FGX International's eyewear brands include Foster Grant®, Gargoyles®,
Solar Shield®, Magnivision®, Corinne McCormack® and Anarchy® and
licensed brands including Ironman®, Dockers®, Nine West®, Body Glove®
and Disney (News - Alert)®.
Commenting on the acquisition, César Melo, CEO of FGX International,
said, "Th Suntech acquisition strengthens our position as the leading
non-prescription sunglasses and over-the-counter reading glasses
company, and is a key strategic business accomplishment to solidify our
position in the North American market."
"We are stoked!" says Brent Martin, CEO for the combined
Suntech/Bugaboos companies. "With the deep pool of talent and resources
of FGX and Essilor we are now in a strong position to take these brands
global." Martin also commented, "What sealed the deal for me is the
FGX/Essilor commitment to making a difference in the world something
that mirrors my values."
Terms of the deal were not disclosed.
About FGX International
International Inc. is a leading designer and marketer of
non-prescription reading glasses and sunglasses with a portfolio of
established, highly recognized eyewear brands including Foster Grant®,
Sight Station®, Magnivision®, Gargoyles®, Anarchy®, Corinne McCormack®,
SolarShield® and PolarEyes®. FGXI also holds licenses for brands such as
Ironman®, Body Glove®, Disney®, Field & Stream™, Dockers®, Reebok®, Nine
West®, NASCAR®, and Panama Jack®. Based in Smithfield, Rhode Island,
FGXI has approximately 500 full time employees. Additional offices are
located in New York City; San Luis Obispo, CA; Toronto; Milan;
Stoke (News - Alert)-on-Trent, England; Mexico City; and Shenzhen, China.
About Essilor International
The world's leading ophthalmic optics company, Essilor designs,
manufactures and markets a wide range of lenses to improve and protect
eyesight. Its corporate mission is to enable everyone around the world
to access lenses that meet his or her unique vision requirements. To
support this mission, the Company allocates around €150 million to
research and development every year, in a commitment to continuously
bring new, more effective products to market. Essilor's flagship brands
are Varilux®, Crizal®, Definity®, Xperio®, Optifog™ and Foster Grant®.
It also develops and markets equipment, instruments and services for eye
care professionals. Essilor reported consolidated revenue of €4.9
billion in 2012 and employs around 48,700 people in some 100 countries.
It operates 19 plants, a total of 390 prescription laboratories and
edging facilities, as well as several research and development centers
around the world.
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