Ecolab completes purchase of Champion Technologies
ST. PAUL, MN — Ecolab Inc. has purchased the specialty chemical company Champion Technologies in a cash-and-stock deal valued at about $2.2 billion, according to The News Tribune.
The transaction, Ecolab's second purchase of a chemical company this year, is expected to help expand Ecolab’s geographic reach and enhance its technology offerings, the article stated.
"Champion's technology and product strengths in the U.S. and Canada are very complementary to our innovative technology and services in the offshore and international energy markets," said Ecolab Chairman and Chief Executive Officer (CEO) Douglas Baker, Jr.
According to the article, as part of the buyout, Ecolab will pay nearly $1.7 billion in cash as well as issue about eight million shares of its stock.
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