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

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Oct 12 (Reuters) - Cleaning services company Ecolab Inc

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

Ecolab, whose technologies, chemicals and services are usedin water treatment, pollution control, energy conservation, oilproduction and refining, said Champion's technology and productswere complementary to its services in the offshore andinternational energy markets.

Ecolab, based in St. Paul, Minnesota, will pay about $1.7billion 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 StockExchange on Thursday.

Houston-based Champion, which competes with companies suchas Schlumberger NV , Halliburton Co and BakerHughes Inc , had sales of $1.2 billion last year, Ecolabsaid.

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

((krishna.das@thomsonreuters.com)(within U.S. +1 646 2238780)(outside U.S. +91 80 4135 5800)(Reuters Messaging:sakthi.prasad.thomsonreuters.com@reuters.net))

Keywords: CHAMPION DEAL/