PPG, Essilor in talks about Transitions Optical joint venture

Pittsburgh-PPG Industries Inc. continues discussions with Essilor International regarding the future of PPG’s and Essilor’s joint venture (JV), Transitions Optical. PPG is majority shareholder in Transitions Optical, holding a 51% interest in the JV companies. Essilor holds the remaining 49% interest and also is the largest customer of Transitions Optical.

PPG said it cannot predict the outcome of the discussions with Essilor regarding the future of Transitions Optical but believes that possible outcomes may include a modification of the current JV structure, a sale of all or a portion of PPG’s interests in Transitions Optical to Essilor, or a sale of all or a portion of Essilor’s interests in Transitions Optical to PPG.

PPG said it cannot predict the timing of the completion of its discussions with Essilor but expects that these talks are likely to continue over the next several months.

The two shareholders emphasized that their discussions will not impact the day-to-day operations of Transitions Optical.