ST. PAUL, Minn.--(BUSINESS WIRE)--
Ecolab Inc. announced it has agreed to sell its Vehicle Care division to
Zep Inc. (NYSE-ZEP) for approximately $120 million in cash. Zep is an
Atlanta, GA based manufacturer and marketer of cleaning and maintenance
solutions for commercial, industrial, institutional and consumer
end-markets. Vehicle Care had 2011 sales of $66 million. Completion of
the transaction is subject to regulatory clearance and other standard
closing conditions. No further details were disclosed.
Douglas M. Baker, Jr., Ecolab's Chairman and Chief Executive Officer
commented on the announcement, saying, "This sale enables us to sharpen
our strategic focus on our core business areas while assuring Vehicle
Care customers will receive excellent ongoing product and service
support from a long-established provider in the industry. In addition,
our Vehicle Care colleagues will be part of a business in which they
will be more closely aligned and have access to the tools and resources
that will support growth; we thank them for their many contributions and
wish them every success in the future."
With 2011 pro forma sales of $11 billion and more than 40,000 employees,
Ecolab Inc. (NYSE: ECL) is the global leader in water, hygiene and
energy technologies and services that provide and protect clean water,
safe food, abundant energy and healthy environments. Ecolab delivers
comprehensive programs and services to the food, energy, healthcare,
industrial and hospitality markets in more than 160 countries. More
Ecolab news and information is available at www.ecolab.com.
(ECL-A)
Ecolab Inc.
Michael J. Monahan, 651-293-2809
Lisa L. Curran,
651-293-2185
Source: Ecolab Inc.
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