2. Nalco Holding ( NLC) Company Profile: Nalco Holding provides water, energy, air and process technologies and services that deliver savings for customers and improve the environment. Its programs and services are used in water treatment applications. Paulson's Investment: Paulson, like Farallon Capital's Thomas Steyer, was a fan of Nalco in the third quarter. Paulson & Co. bought 9.2 million shares of the company, a stake worth $321 million as of Sept. 30. Share Price Performance: Shares of Nalco have rallied more than 20% in 2011, but most of that rally came after the company agreed to a merger with Ecolab ( ECL).