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News Breaks | | | | October 17, 2012 | | 07:03 EDT |  | ZEP, ECL | Zep Inc. to acquire Ecolab's vehicle care division for approximately $120M
Zep (ZEP) announced that it has entered into a definitive agreement to purchase all of the assets of Ecolab Vehicle Care, a division of Ecolab Inc. (ECL), for approximately $120M. Sales and adjusted EBITDA for Ecolab’s vehicle care division for the trailing 12 months ending June 30 were approximately $66M and $13M, respectively. Pending regulatory approvals, the purchase is expected to close later this calendar year. Zep Inc. will finance the acquisition using existing debt capacity. The Company will incur acquisition-related costs associated with advisory, legal and other due diligence-related services during its first and second quarters of fiscal 2013. In addition, the Company is subject to a transition services agreement during a period up to 12 months under which Ecolab will continue to provide certain services to the Company. Despite these first year acquisition and transition-related costs, the Company anticipates this transaction will be modestly accretive to earnings in fiscal 2013. Once integration activities are complete, the Company anticipates realizing additional synergies ranging between $1.5M-$2M annually. | |
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News For ZEP;ECL From The Last 14 Days Check below for free stories on ZEP;ECL the last two weeks. |
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| May 16, 2013 | | 07:33 EDT |  | ECL | Ecolab to particiate in a luncheon meeting with Executive Club of Chicago
The Executive Club of Chicago hosts its May Awards Luncheon Meeting with Ecolab's Chairman & CEO, Doug Baker, as the keynote speaker in Chicago on May 16 at 12 pm. | | | May 14, 2013 | | 07:23 EDT | | ECL | Oppenheimer to host a summit
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