US group Sara Lee has announced the sale of its air care business Ambi Pur to Procter & Gamble as it looks to consolidate itself as a top international food and beverage player.
The transaction forms part of Sara Lee’s ongoing plan to dispose of its international Household and Body Care businesses.
"The sale of our air care business furthers Sara Lee’s overall strategy to be a leading global food and beverage company,” said interim CEO Marcel Smits, “This divestiture will further enable the company to focus our efforts where we have a strong competitive position and can generate shareholder value.”
In February, Sara Lee hedged €1.6bn in anticipation of proceeds to be generated by the sale of its Household & Body Care divisions.
It recently sold its 51 per cent stake in its Godrej Sara Lee joint venture to Godrej Consumer Products for €185m and anticipates closing the sales of its global body care and European detergents businesses to Unilever and its remaining insecticides business to SC Johnson by the end of 2010.