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PPG sells lenses JV stake to partner Essilor

Jul 29, 2013 - The Deal Pipeline
Mergers and Acquisitions-Investments

Pittsburgh-based coatings maker PPG Industries Inc. unveiled an agreement Monday to sell its 51% stake in variable-tint corrective plastic lenses maker Transitions Optical to its French joint venture partner, Essilor International SA.

PPG will get $1.73 billion in cash, or about $1.5 billion after taxes, as well as a deferred payment of $125 million over five years, for 51% of Transitions Optical and 100% of the far smaller Intercast, a Parma, Italy-based maker of high-performance sun lens...