Ecolab Adds Nalco to its Operations in 4Q
On Tuesday, Ecolab ECL reported fourth-quarter and full-year results that generally met our expectations. The results were the first released with Ecolab and Nalco as a combined company, following the...
View ArticleEcolab to Buy Oil and Gas Chemical Maker Champion Technologies for $2.2 Billion
On Friday, Ecolab ECL announced a deal to acquire privately held Champion Technologies for $2.2 billion. We are placing Ecolab under review while we determine the acquisition's bearing on our fair...
View ArticleMarket Not Impressed With Ecolab's Second-Quarter Results
Although the market took a bite out of Ecolab ECL following the release of second-quarter results, we're standing pat on our fair value estimate of $55 per share. Given Ecolab's reputation for...
View ArticleHenkel to Liquidate Ecolab Stake
Ecolab ECL announced Monday that former joint-venture partner Henkel will sell all 72.7 million Ecolab shares that it currently holds. This amount represents about 29% of Ecolab's diluted shares...
View ArticleEcolab's Energy Business Performs Well Ahead of the Champion Acquisition
We're holding steady on our fair value estimate for Ecolab ECL following the release of third-quarter results on Tuesday. On a pro forma basis accounting for the Nalco acquisition and adjusting for...
View ArticleEcolab's 4Q Results Should Shine Additional Light on the Merger With Nalco
With Ecolab ECL set to release its fourth-quarter and full-year results on February 28, we are looking forward to digesting the company's first quarterly release as a combined entity with water...
View ArticleEcolab's First Quarter Doesn't Show Any Hiccups in the Nalco Integration
We're standing pat on our fair value estimate for Ecolab ECL following the release of the company's first-quarter results. Reflecting the Nalco merger, which closed in December of last year, sales were...
View ArticleEcolab's Consistent Results Continue Ahead of the Nalco Merger
We're leaving our Ecolab ECL fair value estimate unchanged following the release of the company's third-quarter results. Ecolab put up a consistent and relatively unsurprising third quarter; narrowing...
View ArticleEcolab Reports Slow 1Q
Business continued to slow for Ecolab ECL during the beginning of the year, as its first-quarter results revealed. Overall sales were down 8% when compared with the first quarter of 2008, and operating...
View ArticleNarrow-Moat Firms Ecolab and Nalco to Combine
On Wednesday, Ecolab ECL announced a deal to acquire Nalco Holding NLC for $5.4 billion. We are placing both firms under review while we incorporate the details of the deal into our discounted cash...
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