Ecolab says more time needed on Champion acquisition
- Article by: DAVID SHAFFER
- Star Tribune
- December 21, 2012 - 7:49 PM
Ecolab Inc. said Friday that it needs more time to address antitrust issues with its planned $2.2 billion purchase of Texas oil additives maker Champion Technologies.
In a statement, the St. Paul company said its "active and ongoing discussions" with the U.S. Justice Department antitrust division will take longer, and the review period will continue through February.
"We have worked hard with the DOJ to resolve the remaining issues regarding our transaction. Unfortunately, given the short time remaining in the year, it has become clear we are unlikely to finalize the work with the DOJ by year-end," Ecolab CEO Doug Baker Jr. said in a news release.
He said that the company forged a new timing agreement with Champion and that he believes that an agreement with the Justice Department can be reached and the deal closed in early 2013.
Earlier this month, Ecolab said it had changed the deal's terms, excluding Champion's refinery processing and water solutions businesses. Champion's core segments in oil exploration and extraction products remained in the deal.
Ecolab also announced that Greg Temple, executive vice president and chief supply chain officer of the company, is leaving the company effective Dec. 31. Ecolab stock closed Friday at $71.20, down $1.03 per share, or 1.4 percent.
David Shaffer • 612-673-7090
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