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Business

PPG Ponders Future Of Transitions Optical

by Alexander H. Tullo
January 21, 2013 | A version of this story appeared in Volume 91, Issue 3

PPG Industries is in discussions with Essilor International over their shared joint venture Transitions Optical, a maker of photochromic lenses. PPG owns a 51% stake in the partnership. Essilor, a major supplier of eyeglass lenses, is the venture’s largest customer. PPG says the discussions, which will last several months, could result in it or Essilor buying out the other partner. The talks could also lead to a new joint-venture structure. PPG says Transitions accounts for a substantial portion of its optical and specialty materials segment sales and earnings. In 2012 that segment earned about $350 million on $1.2 billion in sales. A Transitions deal would be PPG’s third major portfolio transaction in less than a year. The firm expects to complete its $1.1 billion purchase of AkzoNobel’s North American architectural coatings business in the second quarter. It is also merging its commodity chemicals unit with Georgia Gulf in a deal valued at roughly $2.1 billion. As a result of that deal, Georgia Gulf will rename itself Axiall and its shares will trade on the New York Stock Exchange under the ticker symbol AXLL.

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