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PPG closes sale of share in Transitions jv

6:28 AM MDT | April 4, 2014

PPG says it has closed the sale of its 51% stake in the Transitions Optical joint venture, along with PPG’s wholly-owned sun lens business, to Essilor International (Paris), a maker of eyeglass lenses. Essilor had previously held a 40% stake in the Transitions jv. PPG will receive $1.73 billion in cash as a result of the sale, which values Transitions at about $3.4 billion. Net of tax, PPG’s proceeds will total $1.5 billion. The Transitions jv recorded $874 million in sales during 2013. The Transitions jv and the sunlens business will be recorded as...

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