Consumer goods giant Unilever has diluted its stake in industrial cleaning business JohnsonDiversey, in a deal worth more than $400m.

Unilever announced yesterday it was reducing its shareholding in the business from 33% to just 4% in exchange for debt and $150m in cash.

It bought Diversey from Molson in 1996 before subsequently reducing its interest in a deal with Johnson Wax Professional.

The deal comes just a week after Unilever returned to the acquisition trail with a £1.2bn swoop for the personal care business of Sara Lee, which included the Brylcreem and Radox brands.