PPG and Essilor in discussions regarding their interests in Transitions
Monday, January 14 2013 | 00 h 00 min | News
PPG Industries, Inc. and Essilor International are in discussions over the future of Transitions Optical, in which they hold a 51% and 49% interest, respectively.
Although it cannot predict the outcome of the discussions, PPG showed its hand by raising the possibility of three options: the structure of ownership in Transitions could be modified, PPG could sell its shares to Essilor, in whole or in part, or PPG could buy Essilor’s shares. PPG has not ruled out the possibility that talks, which are expected to last a few more months, will result in the status quo.
Stating that the negotiations do not really impact the day-to-day operations of Transitions, Rick Elias, senior VP, optical and specialty materials for PPG Industries and Transitions Optical CEO, specified that PPG had announced that they were in discussions out of concern for transparency. “There’s a tremendous amount of things going on at PPG right now. We’re spinning off the commodity chemical business. There’s a lot of movement in the stock, so we want to make sure PPG is totally transparent.”