NEW YORK (CNNfn) - Dow Chemical Co. said it agreed to sell its consumer products subsidiary, DowBrands, to closely held S.C. Johnson & Son Inc.
Although financial terms weren't disclosed, the consumer products unit recorded $781 million in 1996 sales, the Midland, Mich.-based company said.
DowBrands is comprised of two business units. The home food products division includes brands such as Ziploc bags, Saran Wrap and Handi-Wrap plastic films. The home care division includes brand names such as Dow Bathroom Cleaner with Scrubbing Bubbles, Spray 'N Wash stain remover, Fantastik all-purpose cleaner and Glass Plus multi-surface cleaner.
"We believe DowBrands is an excellent strategic fit for S.C. Johnson," said William S. Stavropoulos, Dow's president and chief executive.
S.C. Johnson, commonly known as SC Johnson Wax, markets floor waxes under the Brite and Future brand names as well as cleaning products such as Pledge polishes and Windex. However, a relatively small portion of revenue come from food-related businesses.
Completion of the transaction is subject to customary government approvals.