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



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