Essilor Buys 51% in Transitions, 100% in Intercast from PPG
29 Luglio 2013 - 9:05AM
Dow Jones News
By Inti Landauro
PARIS--French lenses maker Essilor SA (EI.FR) Monday said it had
agreed with U.S.-based partner PPG Industries Inc. (PPG) to buy the
51% stake in Transitions Optical it didn't own and 100% of sun
lenses maker Intercast for a total of $1.86 billion.
Both companies founded Transitions in 1990 and the joint-venture
generated $814 million revenue in 2012, of which around $310
million was generated with manufacturers other than Essilor.
Essilor had announced it had started exclusive negotiations with
its partner for the acquisition in January. The French company will
pay $1.73 billion at the closing of the transaction and $125
million over the next five years as deferred payment.
Write to Inti Landauro at inti.landauro@dowjones.com
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