) -- Consumer goods behemoth

Procter & Gamble

(PG) - Get Report

will buy Sara Lee's Ambi Pur air freshener brand for euro 320 million, or $470 million.

Ambi Pur's air freshener products have a global reach of 80 countries. The company also has several toilet-care products with a strong hold in Western Europe and Asia.

Ambi Pur has produced about 260 million euro, or $356 million, in annual sales and 24 million euro, or $33 million, in estimated operating income for the year ending June 2009, with an exchange rate of 1.37 dollars per euro.

"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," said David Taylor, P&G group president of global home care. "This acquisition brings the strong Ambi Pur brand equity and complementary geographic presence, particularly in Europe and Asia."

P&G says it expects the deal to close in the current fiscal year ending June 30, 2010. It is subject to customary closing conditions and regulatory clearances during the review process. P&G doesn't expect the transaction to have a material impact on the company's results in fiscal year 2010.

The deal brings Sara Lee closer to its goal of divesting its international household and personal-care products businesses, which include its Ambi-Pur brand, and focusing on its core food and beverage business.

P&G stock has moved up 0.9% to $62.80 in midday trading, while

Sara Lee


TST Recommends

has inched up 0.3% to $12.20.

Johnson & Johnson

(JNJ) - Get Report

, a P&G competitor, is up 0.2% at $64.90, while


(KMB) - Get Report

is up 0.5% at $64.90.

The broader indices are mixed on Friday, as investors weighed a strengthening U.S. dollar against fresh data suggesting that U.S. consumers are holding up better than anticipated.

-- Reported by Andrea Tse in New York

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