	eli lilly 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 mln dlrs when it was uired in had sales last year of mln dlrs up pct from it had operating profits of about mln dlrs in 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 reuter 
