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(May 14, 2001) -- The Clorox Co. has renewed its joint venture with Brazilian cleaning products maker Bombril.

Clorox has announced a deal to pay $175 million for a 50% stake in a joint venture that will encompass Brazil's leading marketer of cleaning utensils and household cleaners.

Clorox last month had canceled a similar agreement reached in January, saying terms of the deal had not been met. The new agreement, which Clorox expects to close in July or August, is contingent on delisting Bombril from the Sao Paulo Stock Exchange and developing an agreement spelling out Clorox's management role in the venture. -- Jack Neff

Copyright May 2001, Crain Communications Inc.

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