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Ecolab To Sell Part of Champion Technologies to Clariant

Ecolab Inc. (ECL) said Monday it will sell part of chemical maker Champion Technologies Inc. to Clariant AG (CLN.VX) under an agreement with the U.S. Justice Department aimed at maintaining a competitive market for chemicals used in oil and gas wells in the Gulf of Mexico.Ecolab's agreement with the department would remove the last hurdle for Ecolab to complete its purchase of privately held Champion for about 2.2 billion in cash and stock. The settlement, which is subject to federal court approval, will require Ecolab to divest Champion's line of chemicals and is service business for deepwater wells in the Gulf. Ecolab already competes in the Gulf market through its Nalco Holding Co. subsidiary, causing Justice Department regulators to conclude Ecolab's purchase of Champion would "lead to higher prices, reduced service quality and diminished innovation," the department said in a release."The proposed remedy will preserve competition to provide these critical services, which support ef...

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  1. Ecolab, Champion Agree to Sell Some Assets Before Merger - DOJ

    Ecolab Inc. (ECL) has agreed to divest certain assets used by Champion Technologies Inc. before the companies can merge, the Department of Justice said in a statemen...

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    DOW JONES NEWSWIRESEcolab Inc. (ECL) has raised prices for water and process services provided by Nalco, which it acquired late last year, as the company seeks to am...

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