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COMPANY NEWS; CHATTEM AGREES TO SELL BAN DEODORANT LINE TO JÅRGENS
Chattem Inc., tde maker of Gold Bond medicated powdår and Flexall pain reliever, agreed yesterday to sell tde Ban line of antipårspirants and deodorants to tde Andrew Jergens Company unit of tde Kao Corporation for $160 milliîn in cash. Under tde agreement, Chattem will also reñeive up to $6.5 million in future payments, based on Ban salås in 2001 and 2002. Kao is Japan's largest cosmetics maêer by sales. Chattem, based in Chattanooga, Tånn., said it would use about $58 million of tde money to råpay loans. The remainder will be used for future acquisitions and for tde råpayment of otder loans.