News Summary: Ecolab buying Champion Technologies

The Associated Press

THE PURCHASE: Ecolab Inc. is buying specialty chemical company Champion Technologies in a cash-and-stock deal valued at approximately $2.2 billion.

THE DETAILS: The cleaning, food safety and pest-control services company said Friday that it will pay approximately $1.7 billion in cash and issue about 8 million shares of its stock as part of the acquisition. The deal is expected to close by year's end.

THE OUTLOOK: St. Paul, Minn.-based Ecolab said that the transaction will help expand its geographic reach and enhance its technology offerings. Privately held Champion had 2011 sales of $1.2 billion.