May 1 2006
PPG Industries has acquired Intercast Europe, S.p.A. – the world’s leading manufacturer of nonprescription hard resin sunlenses – and related manufacturing operations in Thailand.
Additionally, PPG agreed to acquire certain related manufacturing and distribution facilities in Italy and Hong Kong. Closing on these assets is expected to occur by the end of May. The terms of both transactions were not disclosed.
“These acquisitions will strengthen PPG's optical products portfolio and expand the global presence of our optical materials group through Intercast’s strong international footprint,” said Rick Elias, PPG’s vice president of optical products. “Our combined offerings, and our research and development capabilities, will further strengthen PPG’s technology leadership and help us better serve our customers and the industry.”
Based in Parma, Italy, Intercast manufactures and distributes optical sunlenses as well as optically clear sheet products for non-eyewear applications. PPG officials said they will continue to operate the business under the Intercast name. Paolo Baiocchi and Gian Giuseppe Giani will remain managing directors of the business, reporting to Elias.
“We are pleased to join PPG in the pursuit of world-class eyewear solutions,” Baiocchi said. “Both companies possess strong leadership positions in the optical market and share a common focus on technological innovation.”
In addition, Intercast manufactures nonprescription lenses from NXT, a proprietary monomer based on the same patented polyurethane-based chemistry for impact-resistant ophthalmic applications as Trivex monomer for prescription lenses. PPG was first-to-market with Trivex lens material – the first prescription lens material to offer the combination of excellent optics, impact resistance and ultra light weight.
“These acquisitions will also make PPG the pre-eminent supplier of durable, lightweight and optically clear lens material for the growing impact-resistant lens segment,” said Elias.