Ecolab Inc. announced it has agreed to sell its Vehicle Care division to Zep Inc. (NYSE-ZEP) for approximately $120 million in cash. Zep is an Atlanta, GA based manufacturer and marketer of cleaning and maintenance solutions for commercial, industrial, institutional and consumer end-markets. Vehicle Care had 2011 sales of $66 million. Completion of the transaction is subject to regulatory clearance and other standard closing conditions. No further details were disclosed.
Douglas M. Baker, Jr., Ecolab’s Chairman and Chief Executive Officer commented on the announcement, saying, “This sale enables us to sharpen our strategic focus on our core business areas while assuring Vehicle Care customers will receive excellent ongoing product and service support from a long-established provider in the industry. In addition, our Vehicle Care colleagues will be part of a business in which they will be more closely aligned and have access to the tools and resources that will support growth; we thank them for their many contributions and wish them every success in the future.”
With 2011 pro forma sales of $11 billion and more than 40,000 employees, Ecolab Inc. (NYSE: ECL) is the global leader in water, hygiene and energy technologies and services that provide and protect clean water, safe food, abundant energy and healthy environments. Ecolab delivers comprehensive programs and services to the food, energy, healthcare, industrial and hospitality markets in more than 160 countries. More Ecolab news and information is available at www.ecolab.com .