ALISO VIEJO — McKesson Corp. said Thursday that it is selling about a fifth of the stock in Armor All Products Corp. to the public so it can concentrate on its main business of distributing drugs to pharmacies.
Only 17% of Armor All's 21 million shares are publicly traded now; McKesson, based in San Francisco, owns the rest. With another 4.5 million shares, or 22% of the total, on the market, McKesson said, buying and selling the stock will be easier for investors.
Armor All, based in Aliso Viejo, makes the nation's most popular product for protecting tires and car interiors.
No date has been set for the sale.
Armor All earned $11.1 million, or 53 cents a share, on sales of $108.4 million for the first nine months of its current fiscal year. That compared to earnings of $6.1 million, or 29 cents a share, on sales of $95.5 million for the same period a year earlier.