Despite Sale, Ecolab Commits to Reduce HAIs |
|
Contributed by BSM Staff | |
ST. PAUL, MN -- Though it has closed on the sale of its global surgical solutions business to Medline for $950 million in cash, Ecolab will continue to serve hospitals through its infection prevention and instrument reprocessing businesses. With Ecolab’s strong balance sheet, the proceeds from this transaction can be used to invest in attractive growth opportunities and return capital to shareholders. Therefore, the company announced its intent to repurchase up to an additional $500 million of Ecolab stock during the second half of 2024. Ecolab’s infection prevention provides environmental hygiene programs to reduce hospital acquired infections. Instrument reprocessing provides cleaning and sterilization solutions for instruments, which fits well with Ecolab’s growth model as it combines a technological anchor with proprietary consumables and service. The company expects to repurchase the shares in the open market; in privately negotiated transactions from time to time, depending on market conditions; and through purchases made in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Ecolab had approximately 285 million shares outstanding on June 30, 2024. The expected repurchases would be pursuant to the previously announced February 2015 and November 2022 share repurchase authorizations by Ecolab’s Board of Directors. Building on a century of innovation, Ecolab has annual sales of $15 billion and employs more than 46,000 associates and operates in more than 170 countries around the world. For more, go to www.ecolab.com. |
|