PARIS (dpa-AFX) - PPG Industries, Inc. (PPG), a supplier of protective and decorative coatings, Tuesday said it has successfully completed the previously announced sale of its 51 percent ownership interest in its Transitions Optical joint venture and its wholly-owned sunlens business to French lens maker Essilor International SA (ESLOF.PK, ESLOY.PK).
Essilor International had held a 49 percent interest in the Transitions Optical joint venture.
PPG said the deal reflects an enterprise value of approximately $3.4 billion, with PPG receiving cash at closing of $1.73 billion pre-tax or approximately $1.5 billion after-tax. This is subject to certain post-closing adjustments and transaction costs.
In 2013, the Transitions Optical joint venture and sunlens business had combined net sales of $874 million.
The company said it will classify the Transitions Optical joint venture and sunlens business results as 'Discontinued Operations' in future PPG financial releases.
In addition, PPG has updated its 2014 tax rate guidance on ongoing earnings from continuing operations, with the company now anticipating this rate to be in the range of 23.5 percent to 24.5 percent.
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