WASHINGTON (dpa-AFX) - Ecolab Inc. (ECL), on Monday said it has entered a consent agreement with the U.S. Department of Justice or DOJ, filed in the US District Court for the District of Columbia. The company said that it expects to complete the Champion acquisition within the next several days.
Douglas Baker, Ecolab's Chairman and Chief Executive, stated, 'This transaction is an important strategic investment in a key growth area. We look forward to welcoming Champion's outstanding people to our company. We remain committed to also improving our core strengths in food safety, healthcare, water and energy as we further build our business to deliver continued strong shareholder returns.'
Further, The company added that the consent agreement, required Ecolab to take certain steps designed to ensure continued independent competition utilizing Champion technology for deepwater Gulf of Mexico energy services. And also including divesting, to a suitable third party, Champion patented technology related to a single products used in the Deepwater Gulf of Mexico.
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