Essilor in billion dollar deal for Transitions

Essilor has agreed to acquire Transitions Optical by purchasing the remaining 51 per cent stake owned by US partner firm PPG Industries in a deal worth $1.73bn (£1.12bn).

The deal, which is expected to be finalised in early 2014, will also see Essilor acquire a 100 per cent stake in Italian sun lens manufacturer and PPG subsidiary Intercast, which makes plano sun lenses and shields for visors and goggles.

Essilor, which already owned 49 per cent of Transitions, said the acquisition would allow it to drive faster growth in the expanding photochromic category, which it said was growing at twice the rate of the regular optical goods market.