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Ecolab to acquire select assets of Swisher Hygiene
Ecolab has reached an agreement to acquire the US operations of Swisher Hygiene for approximately $40 million in cash. Swisher Hygiene provides hygiene and sanitising solutions for the foodservice, hospitality, retail and healthcare markets.
Sales in 2014 for the operations included in the agreement were approximately $176 million.
Founded in 1986, Swisher Hygiene has 1,000 employees in the US - primarily in field sales and service - and serves approximately 30,000 businesses. The company offers a range of products and services for the institutional foodservice industry, including warewashing and foodservice cleaning and sanitising products and services.
"This attractive transaction will expand our institutional customer base and service coverage," says Douglas M. Baker, Jr., Ecolab chairman and chief executive officer. "The addition of Swisher Hygiene's US portfolio of independent restaurants complements Ecolab's presence in national restaurant chains.
"We look forward to welcoming Swisher Hygiene employees and customers to Ecolab, and growing with them as we work to make the world cleaner, safer and healthier."
The transaction is expected to close in the fourth quarter of 2015, subject to Swisher Hygiene stockholder approval and customary closing conditions. Assuming that close date, Ecolab expects the transaction to be very modestly dilutive over the first 12 months beginning in the fourth quarter of 2015, and become accretive thereafter.
With 2014 sales of $14 billion and 47,000 associates, Ecolab delivers comprehensive solutions and on-site service to promote safe food, maintain clean environments, optimise water and energy use, and improve operational efficiencies for customers in more than 170 countries around the world.
3rd September 2015