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Ecolab Delivers Strong Fourth Quarter

Ecolab's reported sales rose 65% to a record $3 billion in the fourth quarter of 2012. Fourth quarter 2011 pro forma results include special gains and charges. Excluding special gains and charges, fourth quarter 2012 sales rose 5% when compared with fourth quarter 2011 pro forma adjusted sales. Excluding special gains and charges and when measured at fixed currency rates, fourth quarter 2012 fixed currency sales rose 7% compared with fourth quarter 2011 pro forma adjusted fixed currency sales.

Fourth quarter 2012 reported operating income increased 141% to $396 million. Both fourth quarter 2012 reported and fourth quarter 2011 pro forma results include special gains and charges and discrete tax items. Excluding special gains and charges, fourth quarter 2012 adjusted operating income of $442 million increased 32% compared with fourth quarter 2011 pro forma adjusted operating income. Excluding special gains and charges and at fixed currency rates, fourth quarter 2012 adjusted fixed currency operating income of $440 million increased 33% when compared with fourth quarter 2011 pro forma adjusted fixed currency operating income.

Fourth quarter 2012 reported net income attributable to Ecolab increased 161% to $231 million, representing $0.77 per diluted share, and included special gains and charges.

Fourth quarter 2012 adjusted net income attributable to Ecolab rose 63% to $266 million, and adjusted diluted earnings per share increased 27% to $0.89, when compared with fourth quarter 2011 adjusted diluted earnings per share of $0.70. Currency translation had no significant effect on reported and adjusted diluted earnings per share in the fourth quarter of 2012.

Segment review Fourth quarter 2012 sales for U.S. Cleaning & Sanitizing operations rose 2% to $749 million. Adjusted for the transfer of certain water treatment-related business from the U.S. Cleaning and Sanitizing segment to the Global Water segment and the sale of Vehicle Care in the fourth quarter 2012, sales increased 6% when compared with fourth quarter 2011 pro forma sales. Institutional and Kay led the growth. U.S. Cleaning & Sanitizing operating income increased 17% to $169 million compared with the year ago period; U.S. Cleaning & Sanitizing operating income increased 15% when compared with fourth quarter 2011 pro forma operating income.

U.S. Other Services sales increased 3% to $118 million in the fourth quarter. Operating income declined 7% to $17 million, reflecting investments made in the field sales organization.

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