THE DEAL: PPG Industries Inc. has agreed to sell its 51 percent stake in lens supplier Transitions Optical to its French partner Essilor International for about $1.73 billion in cash. Essilor also will acquire Pittsburgh-based PPG's optical sun lens business, and PPG will continue to supply optical dyes and research and development services.

THE DEAL: PPG Industries Inc. has agreed to sell its 51 percent stake in lens supplier Transitions Optical to its French partner Essilor International for about $1.73 billion in cash. Essilor also will acquire Pittsburgh-based PPG's optical sun lens business, and PPG will continue to supply optical dyes and research and development services.

THE BUSINESS: Transitions Optical supplies photochromic lenses and had about $800 million in revenue last year. Essilor designs and makes a range of lenses to improve and protect eyesight.

PLANS: PPG Industries, which makes paints and coatings for autos, aircraft and other industries, plans to use proceeds from the deal on acquisitions and share repurchases. It had suspended buybacks earlier this year.