Procter & Gamble Co. (NYSE: PG) is buying Sara Lee Inc. (NYSE: SLE)'s Ambi Pur air freshener business for $320 million euros, or $470 million, according to Associated Press.
The deal adds strength for consumer-products giant P&G in Europe and will complement its Febreze line of deodorizers.
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Sara Lee of Downers Grove, Ill. said it is selling the unit because it wants to focus on its main business as a food maker. Sara Lee said the air-freshener business generated annual sales of $355 million in fiscal 2009.
P&G expects the purchase to boost its market presence with products like car air fresheners.
Since P&G bought the Gillette Co. for $57 billion in 2005, P&G has focused on snapping up small businesses. Within the past two years, P&G also sold off its prescription drug business, Folgers coffee, and several smaller brands.
The deal is expected to close in fiscal 2010, the companies said.
Shares of P&G, which is based in Cincinnati, rose 38 cents to $62.62, and shares of Sara Lee advanced 4 cents to $12.23 in morning trading.
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