NEW YORK (May 8)—Medical products maker Carter-Wallace Inc. has agreed to sell its consumer products business—including the Trojan condoms business—to a newly formed partnership led by consumer packaged goods marketer Church & Dwight Co. Inc. The sale is part of a dissolution of business activities by Carter-Wallace; the company also is selling its remaining health care operations to a medical-oriented buying group. Armkel L.L.C.—a partnership of Church & Dwight and Kelso & Co. L.P., a private equity group—will pay $739 million in cash, less certain debt outstanding, for the consumer products business, which is estimated to have sales of more than $500 million and pretax earnings of $100 million. Besides Trojan condoms, major brands include Arrid antiperspirants, Nair depilatories, First Response pregnancy test kits and Lambert Kay pet care products. The deals are the culmination of a process that began more than a year ago when Carter-Wallace authorized its financial adviser, J.P. Morgan Securities Inc., to explore a possible sale of the company to maximize stockholder value.