Ecolab acquire Champion Technologies $2.2 billion

Ecolab to acquire Champion Technologies for $2.2 billion

4:46 AM, 15th October 2012
Ecolab to acquire Champion Technologies for $2.2 billion
Douglas Baker, CEO, Ecolab.

ST PAUL, US: Cleaning services company Ecolab Inc will buy privately held oilfield specialty chemicals maker Champion Technologies Inc for about $2.2 billion to tap into rising demand for products used in oil and natural gas drilling and help to make up for under-investment in North America. The acquisition will help Ecolab accelerate expansion of its energy services business, which makes products used to prevent corrosion in oilfield equipment and treat water for oil drillers and refiners at a time when oil output from North American shale fields is growing quickly.

Microsoft founder Bill Gates’s Cascade Investment LLC, will pay about $1.7 billion in cash and issue about 8 million shares to Champion. Ecolab, which bought Champion competitor Nalco Holding Co last year for $5.4 billion, said the latest deal came about earlier than desired because Champion wanted to sell. “We’re under-invested in North America and Champion has an investment covered in the infrastructure,” said Douglas Baker, CEO, Ecolab.

© Reuters News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Brown University gets $1.75 mn grant for chemical innovation centre

PROVIDENCE, US: Researchers at Brown University have been awarded $1.75 million to explore the potential of using carbon dioxide instead of fossil fue ...

Read more
Foster Wheeler bags world’s largest chemicals unit contract in Singapore

ZUG, SWITZERLAND: Foster Wheeler AG’s Global Engineering and Construction group subsidiary has been awarded an engineering, procurement and cons ...

Read more
A complete solution to clean up oil spills

SAN DIEGO, US: Scientists are describing what may be a ‘complete solution’ to cleaning up oil spills - a superabsorbent material that sops ...

Read more
Perstorp hikes capacity for biodegradable plastics market

PERSTORP, SWEDEN: The market for biodegradable plastics is growing rapidly, driven by consumer demand as well as public regulations and recommendation ...

Read more
Environmentally friendly technique for MOF production discovered

NORTHERN IRELAND, UK: Chemists at Queen’s University Belfast have devised a novel, environmentally friendly technique, which allows the rapid pr ...

Read more
Emery Oleochemicals to invest $50m in Cincinnati, US expansion

KUALA LUMPUR, MALAYSIA: Natural-based chemicals producer, Emery Oleochemicals is investing $50 million (RM154 million) to expand its manufacturing fac ...

Read more