WASHINGTON (dpa-AFX) - Ecolab Inc. (ECL), a provider of water, hygiene and energy technologies and services, Thursday announced an agreement to acquire the U.S. operations of Charlotte, N.C.-based Swisher Hygiene Inc. (SWSH) for about $40 million in cash.
The transaction is expected to close in the fourth quarter. Ecolab expects the deal to be very modestly dilutive over the first twelve months beginning in the fourth quarter, and become accretive thereafter.
Swisher Hygiene provides hygiene and sanitizing solutions for the foodservice, hospitality, retail and healthcare markets. Sales for the operations included in the agreement were approximately $176 million in 2014.
Founded in 1986, Swisher Hygiene has 1,000 employees in the U.S., primarily in field sales and service, and serves around 30,000 businesses. It offers a range of products and services for the institutional foodservice industry, including warewashing and foodservice cleaning and sanitizing products and services.
'This attractive transaction will expand our Institutional customer base and service coverage. The addition of Swisher Hygiene's U.S. portfolio of independent restaurants complements Ecolab's presence in national restaurant chains,' said Douglas Baker, Jr., Ecolab chairman and chief executive officer.
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