PITTSBURGH — PPG Industries said its Chemicals Group will form a joint venture with a French firm to manufacture and market special contact lenses, forming a new company that will be headquartered in St. Petersburg, Fla.
PPG and Essilor International of France have reached an agreement in principle to make ophthalmic-quality lenses for consumer eye wear.
PPG would hold 51% of the new company, officials said.
The deal is subject to approval by boards of directors of both companies.
The new firm will make Transitions optical plastic photochromic lenses, which darken when exposed to sunlight.