Clorox to sell auto care businesses
OAKLAND, Calif. Clorox is looking to sell its global auto care businesses, which include such brands as Armor All and STP, in an all-cash transaction valued at approximately $780 million.
The business will be sold to an affiliate of Avista Capital Partners, Clorox said. The transaction -- in which the buyer will acquire the worldwide rights to distribute the market-leading Armor All and STP brands, as well as two auto care manufacturing facilities -- is expected to close by the end of this calendar year.
"We believe this transaction is in the best interest of shareholders as we seek to reshape our portfolio," said Clorox chairman and CEO Don Knauss. "As we have acknowledged in the past, our auto care business does not align as strongly with our strategy to focus on key consumer megatrends, such as health and wellness and sustainability. The auto care brands hold leading market-share positions, and we're pleased to have identified a new growth-oriented owner who will continue to work with the talented auto care team to build on this strong foundation."