Essilor International SA (EI.FR), the world's largest optical lens maker, will continue to make acquisitions in emerging markets in 2011 as part of its expansion strategy, the company's Chief Executive Hubert Sagnieres said Wednesday.

The company invested EUR700 million in 2010 in acquisitions and new factories. It plans to invest a smaller amount in 2011, the CEO said.

Essilor uses its own cash to finance its investments. The company plans to take advantage of strong market growth in Asia, Latin America and Russia, Sagnieres said.

Essilor also spent EUR300 million in 2010 on buying back shares swapped by holders of convertible bonds and preventing a dilution of outstanding shares, Sagnieres said.

Earlier Wednesday, Essilor posted a 19% rise in net profit for 2010 to EUR462 million, and its board proposed paying a dividend of EUR0.83 a share, up 19% from 2009. The company expects its revenue, excluding acquisitions and currency gains, to rise between 6% and 8% in 2011, it said.

At 1512 GMT, Essilor shares were down 2.5%, or EUR1.35 lower, at EUR51.32 Wednesday afternoon.

-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com
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