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ST PAUL, US: Ecolab has closed on the previously announced sale of its Vehicle Care business to Zep Inc for approximately $120 million in cash. Vehicle Care had 2011 sales of $66 million. Net after tax proceeds from the sale were approximately $75 million and will be used to repay debt and for general corporate purposes. The sale of the Vehicle Care business is expected to have an approximately $0.03 per share dilutive impact on Ecolab’s 2013 earnings per share.
“We are pleased that this transaction provides our customers with a strong partner who will continue providing the product and service support they need to continue to achieve excellent results, as well as a firm that enhances opportunities for our former colleagues to grow and advance in the industry,” said Douglas M Baker, Jr, Chairman and CEO, Ecolab.
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