CINCINNATI — Procter & Gamble Co. has entered an agreement to acquire Sara Lee Corp.’s Ambi Pur air care business for 320 million euro ($470 million).

P&G said Friday that, under the terms of the deal, it will purchase Ambi Pur, a leading global air care brand with presence in 80 countries, as well as several toilet care products with a  strong presence in western Europe and Asia.

The Ambi Pur brand generated annual sales of about 260 million euro ($356 million) for the year ended in June, according to the companies.

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

"Ambi Pur also brings high-performance products and new technologies to our current air care portfolio, including car air fresheners, battery-powered air fresheners, toilet rim blocks and various nonenergized air fresheners," Taylor added. "We see many opportunities to leverage these additional technologies and P&G’s core capabilities in consumer understanding, innovation, brand building and go-to-market execution to grow both the Febreze and Ambi Pur brands robustly for many years to come."

The transaction, pending regulatory and other approvals, is expected to close in P&G’s current fiscal year, which ends June 30, 2010, the company said.

"The Ambi Pur brand has a rich history in innovation and is enjoyed by millions of consumers," stated Vincent Janssen, chief executive officer of Sara Lee International Household and Body Care. "Receiving this offer from leading consumer goods company P&G validates the tremendous trends and potential of this innovative air care leader."