Clorox May Sell Auto Care Brands for $800 Million
by
Sep 20th 2010 8:12AM
Updated Sep 20th 2010 8:15AM
Cleaning-products maker Clorox Co. (CLX) is in talks to sell its auto-care brands STP and Armor All to private equity firm Avista Capital Partners for as much as $800 million.
The sale may be announced in the coming days, Bloomberg News reported without naming its sources. JPMorgan Chase (JPM) has been advising Clorox on the deal.
In May, Clorox CEO Don Knauss said the company would explore options for the auto-care brands. Proceeds from a sale could be used to help the company expand its household and professional-cleaning business in Latin America and Asia.
STP and Armor All have annual sales of about $300 million.
Clorox and JPMorgan both declined to comment to Bloomberg News. An Avista spokeswoman didn't immediately return calls.
The deal is not finalized and may still fall through.
The sale may be announced in the coming days, Bloomberg News reported without naming its sources. JPMorgan Chase (JPM) has been advising Clorox on the deal.
STP and Armor All have annual sales of about $300 million.
Clorox and JPMorgan both declined to comment to Bloomberg News. An Avista spokeswoman didn't immediately return calls.
The deal is not finalized and may still fall through.
