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Essilor International has acquired PPG Industries’ 51% stake in Transitions Optical.
Pinellas Park, FL-PPG Industries and Essilor International have struck a deal for Essilor to acquire PPG Industries’ 51% stake in Transitions Optical, according to news releases from PPG and Essilor. Essilor has held a 49% share of Transitions Optical since the business was founded in 1990.
Dave Cole, president, Transitions Optical, noted the history that PPG and Essilor have with Transitions: “We look forward to a continued strong relationship with PPG, because they will be providing ongoing research and development services and optical dyes to Transitions Optical under multi-year agreements with Essilor.
“This transaction is a continuation and enhancement of a relationship that has brought value to us and to our industry. There are tremendous opportunities to boost expansion of photochromic products, particularly in fast-growing markets,” Cole added.
The transaction is projected to close in the first half of 2014. Until then, it will be business as usual, Cole said. Transitions Optical will continue as a separately managed and operated business. According to the company, supplies of Transitions lenses will not be affected, and will continue to be available through other lens manufacturers.