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Ecolab Sells Stock to German Company

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From United Press International

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.

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