CHICAGO, Dec. 12 (UPI) -- U.S. food manufacturer Sara Lee Corp. is continuing to shed non-food assets with the sale of its Ambi Pur air care business to Procter & Gamble, analysts say.
Procter & Gamble, based in Cincinnati, issued a statement Friday announcing its $468 million purchase of the "leading global air care brand." David Taylor, P&G group president-global home care said, "The acquisition of Ambi Pur strengthens P&G's global leadership in home care and specifically air care by extending our reach to serve more consumers in more parts of the world more completely."
The move came less than three months after Sara Lee, based in Downers Grove, Ill., announced the sale of its body care division to Unilever PLC for $1.88 billion, The Chicago Tribune reported, noting that its remaining non-food businesses -- Kiwi brand shoe polish and its insecticide products -- remain on the sales block.
Erin Swanson, a stock analyst at Morningstar Inc., told the Tribune that P&G may have paid a slight premium to obtain Ambi Pur.
"It seems like (Sara Lee) got a decent price," she said, adding Sara Lee would probably use the money to reinvest in its existing businesses or to make acquisitions.
