Procter and Gamble announced that it will sell its staple brands Camay and Zest, both of which are soap companies, to Unilever for an undisclosed amount, CNBC reports.
The sale will affect Camay and Zest brands outsides of North America and the Caribbean and will be closed in the first half of financial year 2015.
The American multinational company specializes in consumer goods and is currently looking into selling its Wella brand, which is one of the world's largest producers of cosmetics and haircare products.
Procter & Gamble, which has remained in competition with Unilever for several years, is said to be focusing on more profitable products and brands that it owns. These include names like Pampers and Tide.
Part of the company's new business strategy is focusing on less brands and investing more money into them-this is said to lead the company to get rid of more brands as time passes.
The company has not released a statement outlining the specifics of the deal.
