Ecolab Sells Stock to German Company
From United Press International
ST. PAUL, Minn. —
Ecolab Inc. said it has sold $110 million in preferred stock to a German chemical and detergent company in the first step toward a possible merger of the companies’ cleaning and sanitizing businesses overseas.
The St. Paul company also said it is restructuring its ChemLawn subsidiary and taking a $28-million to $32-million charge in the fourth quarter to pay up-front costs associated with the restructuring.
Ecolab said the stock sale is the initial step in establishing a long-term business relationship with Henkel, a manufacturer of detergents and chemicals based in Dusseldorf, West Germany.
