SMITHFIELD, R.I.—FGX International (Nasdaq: FGXI), parent company of sunwear distributor FosterGrant and non-prescription reader supplier Magnivision, has announced the acquisition of Dioptics Medical Products, Inc., a privately held company that manufactures polarized clip-on and fits-over sunglasses located in San Luis Obispo, Calif., in exchange for 952,380 FGXI ordinary shares and $35 million in cash.

"The acquisition of Dioptics is a natural fit for FGX International,” said Alec Taylor, CEO of FGX International. “The addition of this product line complements our existing product portfolio, accelerates our strategic growth initiatives and strengthens our competitive position. Our customers will realize significant benefits from a single source supplier for all their eyewear needs."

Dioptics is a leading provider in the wholesale and retail sales of sunglasses and optical accessories, primarily marketed under the SolarShield and PolarEyes brand names, to the medical, mass market, sporting goods and professional eyecare marketplaces. SolarShield sunglasses are the leading brand provided by doctors to their patients following eye surgery and the company holds over 400 U.S. and international patents.

"Dioptics also opens up a new trade channel for us as we will be entering the medical market, which we believe will generate cross-selling opportunities,” added Taylor. “Moreover, we expect to realize significant synergies in sourcing and supply chain management in the acquired brands as we leverage the buying power of FGX for the Dioptics' product lines."

Steve Crellin has been named President of Dioptics, which for the fiscal year ended Sept.30, 2008, had net revenues of approximately $33 million. With over 20 years experience in the eyewear category, Crellin has served as executive vice president of sales for FGX for the past four years. FGX International expects Dioptics to add to total earnings in fiscal 2009.