Clorox May Sell Auto Care Brands for $800 Million
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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.