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UPDATE 2-Ecolab to buy Champion Technologies for $2.2 bln

Friday, 12 Oct 2012 | 7:55 AM ET

(Adds details)

Oct 12 (Reuters) - Cleaning services company Ecolab Inc

said it will buy privately held Champion Technologies Inc, a maker of oilfield specialty chemicals, for about $2.2 billion in cash and stock.

Ecolab, whose technologies, chemicals and services are used in water treatment, pollution control, energy conservation, oil production and refining, said Champion's technology and products were complementary to its services in the offshore and international energy markets.

Ecolab, based in St. Paul, Minnesota, will pay about $1.7 billion in cash and issue about 8 million shares to Champion, subject to certain adjustments at and after closing.

Ecolab's shares closed at $63.67 on the New York Stock Exchange on Thursday.

Houston-based Champion, which competes with companies such as Schlumberger NV , Halliburton Co and Baker Hughes Inc , had sales of $1.2 billion last year, Ecolab said.

(Reporting by Krishna N Das; Editing by Ted Kerr)

((krishna.das@thomsonreuters.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging: sakthi.prasad.thomsonreuters.com@reuters.net))

Keywords: CHAMPION DEAL/

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