Essilor Pays $2B For PPG's Stake In Polarized Lens Maker

Law360, New York (July 29, 2013, 7:08 PM EDT) -- Eyeglass lens giant Essilor International SA will pay $1.7 billion to secure full control of its joint venture Transitions Optical from PPG Industries Inc. in an effort to boost its polarized lens business, the company announced Monday.

Once the deal is complete, France-based Essilor will own 100 percent of Transitions Optical, a global photochromic lens provider, and will also acquire Intercast Inc., an Italian sun lens supplier and subsidiary of U.S.-based PPG Industries. Essilor owns 49 percent of Transitions Optical, with PPG holding 51 percent....
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