P. M. BRIEFING : Woolite, Easy-Off Maker Sold
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LONDON — Reckitt and Colman PLC, a British food and household goods group, has agreed to pay $1.25 billion for the Boyle-Midway home products unit of New York-based American Home Products Corp., the companies said today.
The acquisition of Boyle-Midway, whose products include Woolite laundry soap and Easy-Off oven cleaner, would make Reckitt and Colman a major international household products manufacturer.
Boyle-Midway is about half the size of Reckitt and Colman’s household products and toiletries division. Boyle-Midway had $667 million in sales last year in the United States, Canada, France, West Germany and Spain and a pretax profit of $91 million, the companies said.
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