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Clorox Nears Sale of STP, Armor-All: Report

Clorox is close to an agreement to sell its STP and Armor All car-care brands for $750 million to $800 million, a report says.

OAKLAND, California (

TheStreet

) --

Clorox

(CLX) - Get Clorox Company Report

is close to an agreement to sell its STP and Armor All car-care brands to private-equity firm Avista Capital Partners for $750 million to $800 million, a report says.

The sale may be announced in the coming days,

Bloomberg

reports, citing two people with knowledge of the matter.

The units have been up for sale since April.

A Clorox spokesman declined to comment for

Bloomberg

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on speculation and said the company will make an announcement if and when it reaches an agreement on a sale of the auto-care brands.

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Other firms that reportedly looked at the Clorox assets were Blackstone Group, Golden Gate Capital and Castle Harlan.

STP and Armor All have annual sales of about $300 million.

Clorox could use proceeds from the sale to help bolster its household and professional-cleaning businesses in Latin America and Asia, places where Clorox has said it wants to expand,

Bloomberg

reports.

-- Written by Joseph Woelfel

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Joseph Woelfel

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