Eastman Kodak Co. said Monday it has agreed to sell its remaining Sterling Winthrop business that makes non-prescription remedies like Bayer aspirin to SmithKline Beecham for $2.925 billion in cash.

The deal represents the latest step in Kodak's previously disclosed plans to shed assets and concentrate on its core business of photography and imaging.SmithKline Beecham said the deal is designed to make it the world leader in medicines sold without a prescription.

Rochester, N.Y.-based Kodak previously had announced it was selling Sterling's pharmaceutical business to Sanofi SA of France in exchange for $1.675 billion in cash and Sanofi's interest in a consumer health products joint venture.

That deal is expected to be completed before the sale of the remaining Sterling Winthrop assets to SmithKline. Both transactions are subject to regulatory review.

Sterling Winthrop's global consumer health products business generated more than $1 billion in revenues in 1993. SmithKline already has a $2 billion consumer health products business.

In addition to Bayer aspirin in the United States, the Sterling businesses going to SmithKline Beecham include include Panadol analgesics, Phillip's Milk of Magnesia, Valda products for coughs and colds and Stri-Dex skin care treatments.

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SmithKline Beecham, which is based in London with U.S. headquarters in Philadelphia, already markets products in some of those categories. It makes Ecotrin analgesics, Tums antacid products, Contac cough and cold medicine and Oxy skin-care products.

Kodak said it plans to use proceeds from the sale to reduce its debt substantially as well as for other corporate purposes.

Kodak is also looking for buyers for its L&F Products business. It announced earlier this month it would try to sell the household and do-it-yourself products businesses separately after failing to get what it wanted for the whole L&F division.

The household products business, the larger of the two, makes Lysol disinfectant and Resolve carpet cleaner while the do-it-yourself business sells products including Thompson's water seal, Red-Devil paint and Formby's furniture refinisher.

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