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April 1, 2014
PPG sells interest in Transitions Optical JV
PPG Industries, Inc. (Pittsburgh, Pa.; www.ppg.com)
has announced the successful completion of the previously announced sale to Essilor International of its 51% ownership interest in its Transitions Optical joint venture (JV) and PPG’s wholly-owned sun-lens business. Essilor International had held a 49% interest in the Transitions Optical joint venture.
As previously indicated, 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 adjustments and transaction costs. In 2013, the Transitions Optical joint venture and sun-lens business had combined net sales of $874 million.