Downers Grove, Ill. » Procter & Gamble Co. is buying Sara Lee Inc.'s Ambi Pur air-freshener business for $470 million.
The deal adds strength for consumer-products giant P&G in Europe and will complement its Febreze line of deodorizers, which is sold mainly in the North America.
Sara Lee of Downers Grove, Ill. is selling the unit 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.
"The proposed sale of our air-care business is the next step in our plan to focus on our core food and beverage businesses, where we have a strong competitive position and can generate superior shareholder returns," said Brenda C. Barnes, CEO of Sara Lee.
P&G has snapped up a number of small businesses since its purchase of the Gillette Co. in 2005 for $57 million. Company leaders say it remains interested in acquisitions big and small.
The company, which makes products like Tide detergents and Pampers diapers, has also sold off its prescription drug business, Folgers coffee and several smaller brands in the past two years.