May 6 2005
PPG Industries has reached agreement to acquire the business of International Polarizer Holdings Trust, a privately held polarized film manufacturer for sun lens applications.
Though terms of the agreement were not released, PPG officials said they would continue to operate the business under the International Polarizer name. Officials from both companies said they expect to complete the transaction by the end of the second quarter.
Richard Phillips, owner of International Polarizer, will remain as president of the business, reporting to Richard C. Elias, PPG’s vice president of optical products.
“We are excited about this acquisition and the opportunity it presents PPG to expand its presence in the optical materials business to better serve the industry,” Elias said. “Dr. Phillips is a respected physicist and author, and we welcome his continued participation.”
Located in Marlborough, Mass., International Polarizer is the world’s largest manufacturer of sunglass polarizer, producing more than 1 million square feet of polarizer sheet annually. Products include sunglass polarizers, precision curved wavers, technical polarizers, wave retarders, circular polarizers and 3-D polarizers.
PPG is the world’s leading maker of optical resins and introduced the first hard resin material, CR-39 monomer, in 1947. PPG is also majority owner of Transitions Optical, which is the leading supplier of photochromics to optical manufacturers worldwide. In addition to optical monomers and coatings, PPG is a leading global supplier of specialty and industrial chemicals, coatings, flat and fabricated glass and fiber glass. With 108 manufacturing locations and equity affiliates in 23 countries, sales in 2004 were US$9.5 billion.
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