ST. PAUL, Minn. (AP) -- Cleaning, food safety and pest-control services company Ecolab is buying the specialty chemical company Champion Technologies in a cash-and-stock deal valued at about $2.2 billion.
Ecolab Chairman and CEO Douglas Baker Jr. says that the transaction will help expand its geographic reach and enhance its technology offerings.
St. Paul, Minn.-based Ecolab Inc. will pay approximately $1.7 billion in cash and issue about 8 million shares of its stock as part of the buyout. Privately held Champion Technologies is based in Houston.
The deal, which also includes Corsicana Technologies, is expected to close by year's end.
Ecolab also said Friday that it expects third-quarter adjusted earnings of 87 cents per share, at the high end of prior guidance for 83 cents to 87 cents per share. Analysts expected 87 cents per share.