Ecolab, US Department Justice reach consent over Champion acquisition

Ecolab, US Department of Justice reach consent over Champion acquisition

5:41 AM, 9th April 2013
Ecolab, US Department of Justice reach consent over Champion acquisition
Douglas M Baker, Jr, Chairman and CEO, Ecolab.

ST PAUL, US: Ecolab Inc has entered into a consent agreement with the US Department of Justice (DOJ), which has been filed in the US District Court for the District of Columbia. As a result, Ecolab expects to complete the Champion acquisition within the next several days.

The consent agreement with the DOJ requires Ecolab to take certain steps designed to ensure continued independent competition utilizing Champion technology for deepwater Gulf of Mexico energy services. Importantly, the consent agreement impacts only about 3 per cent of Champion’s business. Also, going forward Ecolab will continue to be able to serve customers in the Deepwater Gulf of Mexico region utilizing the Nalco team and technology.

“We are pleased to have reached an agreement with the DOJ on this matter. We also remain very excited about the potential of this transaction. The reasons we were attracted to Champion in the first place remain solidly in place. Champion strengthens our position in the fast-growing oil and gas services industry,” said Douglas M Baker, Jr, Chairman and CEO, Ecolab.

“Champion bolsters our ability to better serve customers by bringing important and complementary geographic and technology strengths to our Global Energy business – particularly in the upstream production area – and enables us to more fully capitalize on the significant developing oil and gas market opportunities,” added Baker.

“This transaction is an important strategic investment in a key growth area. We look forward to welcoming Champion’s outstanding people to our company. We remain committed to also improving our core strengths in food safety, healthcare, water and energy as we further build our business to deliver continued strong shareholder returns,” said Baker.

© WOC News



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