US Ecolab completes purchase of Champion Technologies

10 April 2013 23:26  [Source: ICIS news]

HOUSTON (ICIS)--US-based producer Ecolab has completed its acquisition of US specialty chemical firm Champion Technologies and its related Corsicana Technologies company, Ecolab announced on Wednesday.

The total transaction value was about $2.3bn (€1.7bn), Ecolab said in a press release.

Ecolab had said earlier this week that it was awaiting approval by the federal government for the acquisition after the US Department of Justice’s (DOJ) antitrust division filed a civil lawsuit in district court to block the proposed deal.

But Ecolab reached a settlement with the antitrust regulators that requires the divestiture of Champion’s chemical-management services for deepwater oil and gas wells in the Gulf of Mexico, thus paving the way for the completion of the acquisition.

The Champion deal was first announced in October.

($1 = €0.76)

By: Jeremy Pafford
+1 713 525 2653

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