ELI LILLY &lt;LLY> TO SELL ELIZABETH ARDEN UNIT

  Eli Lilly and Co said its board
  decided to sell Elizabeth Arden Inc, a wholly owned subsidiary
  that manufactures and markets cosmetics and fine fragrance
  products.
      It said the business, which had sales of 67 mln dlrs when
  it was acquired in 1971, had sales last year of 398 mln dlrs,
  up 12 pct from 1985. It had operating profits of about 33 mln
  dlrs in 1986.
      Lilly said it retained Morgan Stanley and Co to help
  evaluate offers.
      Lilly said it expects to use the after-tax proceeds from
  the sale of its cosmetics business for general corporate
  purposes, including the repurchase from time to time of its
  common stock or warrants on the open market.
      In a statement, Lilly Chairman Richard Wood said "This
  strategic decision was reached on the basis of our belief that
  in the future the corporation's resources, including its
  research activities, should be focused on its other business
  which have a high technology, life sciences orientation."
  

