ST. PAUL, Minnesota – Ecolab Inc. has agreed to acquire Champion Technologies and its related company Corsicana Technologies in a transaction valued at approximately $2.2 billion.
Ecolab will pay about $1.7 billion in cash and issue about 8 million shares of common stock, subject to certain adjustments at and after closing. The transaction is expected to close by the end of 2012.
Champion is a Houston-based global energy specialty products and services company with about 3,300 employees in more than 30 countries.
Douglas M. Baker, Jr., Ecolab’s chairman and CEO, said: “This transaction represents a rare opportunity to build on our position in a fast growing market by improving our geographic coverage and technology offerings. As a premier company and proven innovator committed to delivering outstanding technology and service, Champion represents a very attractive business that opportunistically became available, enabling us to acquire an outstanding operator.
“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.”