PPG Industries has reached an agreement to divest its 51 per cent interest in Transitions Optical to Essilor International, which currently holds a 49 per cent interest in the venture.
The enterprise value of the transaction was $3.4bn, with PPG to receive $1.73bn at closing.
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, a statement added.
Read the full press release here and further coverage in this week’s journal.
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