Chattem Inc., the maker of Gold Bond medicated powder and Flexall pain reliever, agreed yesterday to sell the Ban line of antiperspirants and deodorants to the Andrew Jergens Company unit of the Kao Corporation for $160 million in cash. Under the agreement, Chattem will also receive up to $6.5 million in future payments, based on Ban sales in 2001 and 2002. Kao is Japan's largest cosmetics maker by sales. Chattem, based in Chattanooga, Tenn., said it would use about $58 million of the money to repay loans. The remainder will be used for future acquisitions and for the repayment of other loans.
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