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PPG Industries Inc Announces Agreement To Divest Ownership Interest In Transitions Optical Joint Venture To Essilor International SA


Monday, 29 Jul 2013 01:06am EDT 

PPG Industries Inc announced that it has reached an agreement to divest 51% interest in Transitions Optical to Essilor International, which currently holds a 49% interest in the venture. Transitions Optical is a global supplier of photochromic lenses and a consolidated subsidiary of PPG. Essilor will also enter into multi-year agreements with PPG for continuing supply of optical dyes and research and development services and acquire PPG's optical sunlens business. The transaction reflects an enterprise value of approximately $3.4 billion, with PPG receiving cash at closing of $1.73 billion pre-tax or approximately $1.5 billion after-tax, subject to certain post-closing working capital and net debt adjustments. The transaction is expected to close in the first half of 2014. 

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