This morning, the world's largest eyewear maker, Luxottica Group SpA (NYSE: LUX), announced it would acquire U.S. sunglasses maker Oakley Inc (NYSE: OO) in an all-cash deal for around $2.1 billion, or $29.30 per share.

In what could be a "win-win situation for both companies," in the words of analysts at Morgan Keegan, Luxottica said the combination could offer an opportunity to create new eyewear categories and "enhanced economies of scale." Indeed, an Oakley acquisition should complement Luxottica, which owns the RayBan, Chanel, Prada and Versace lines, and help it transition into the sporting goods sector. Conversely, Oakley, which has been cutting back on its other lines that include footwear and apparel to focus more on its eyewear offerings, should fit Luxottica like a glove.

UBS analyst Laura Leonardelli believes an acquisition of Oakley would increase Lux's sales by around 12% in 2008. Additionally, it would allow Luxottica to further solidify its presence in the U.S. and other markets.

After the announcement, shares of Oakley were up 12% and Luxottica traded around 8% higher, signalling that investors agreed this was a good deal for all involved. The deal has been approved by both company boards and is expected to be finalized in the second half of 2007.

When looking into Luxottica Group (NYSE: LUX) from an investor standpoint, a couple big moves which have recently taken place signal to me that Luxottica is taking a position for the long haul. Luxottica Group may be more well known to you by some of their eye-wear brand-names -- Brooks Brothers, Donna Karan, Prada and Ray-Ban. Luxottica is the world's single largest eye-wear / eye-care firm, marketing thousands of eyeglass designs under at least 25 brand names.

Some of the most significant company movements that grabbed my attention are not to be taken lightly. This is a very well focused company with an aggressive vision for the future. (Puns are included at no extra charge).The single most powerful event I have seen initiated by Luxottica was the November announced acquisition of D.O.C. Optics to include some 100 retail establishments operated by D.O.C. nation wide. The acquisition is expected to be completed in the first quarter of 2007 for an amount of approximately $90 million. As of this writing the deal is passing cleanly through financial processing and regulatory approval.