Ecolab

(ECL) - Get Report

said it will pay German chemical company Henkel $445 million in cash for Henkel's 50% interest in their Henkel-Ecolab joint venture.

Ecolab's purchase, expected to close on Nov. 30, will be financed through the issuance of 60-day prepayable notes to Henkel.

Shares of Ecolab, the world's largest industrial cleaning products company, closed up 65 cents to $37.98 on Friday.