Ecolab spinning off energy business in a deal that will create a $3.5 billion company

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fairly difficult
The St. Paul-based company will then merge the unit with Texas-based Apergy Corp.
Ecolab Inc. has agreed to spin off one of its energy businesses and simultaneously merge it with a Texas company to create a company with $3.5 billion in sales.

The deal announced Thursday would combine Ecolab's $2.4 billion "upstream" energy business — which supplies chemicals and services to companies drilling for oil and will be renamed ChampionX — with Texas-based Apergy Corp. in a complex, tax-free deal. The combined company would have about $615 million in pretax profits, Ecolab said.

Ecolab's stock rose 3% Thursday to close at $191.78 per share.

St. Paul-based Ecolab had said earlier this year that it wanted to find a way to spin off its upstream business in 2020. The merger deal builds upon the prior…
Dee DePass
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