Clorox Agrees To Sell Auto-Care Business

Clorox Co CLX announced on Tuesday that it has agreed to sell its auto-care business for $780 million in cash to Avista Capital Partners. The business unit includes brands such as Armor All and STP. In the latest fiscal year, the unit recorded sales of $300 million. CLX said the sale of the unit to the privately held firm would reduce its annual earnings by as much as 25 cents a share. The transaction is in-line with the company's plans to focus on the healthcare and wellness markets. Clorox plans to use the proceeds to repurchase shares. The deal is expected to be completed by the end of 2010, the company said. Shares of CLX were down 1.32% at $66.72 at 1:52 pm. Read more from Benzinga's Company news.