DUSSELDORF, Nov. 30--PRNewswire/AsiaNet
The Henkel Group announced today that it completed the sale of its 50 percent stake in the Henkel-Ecolab joint venture to Ecolab Inc.Ecolab will pay Henkel a purchase price of approximately 485 million euro for its 50 percent interest.
Since 1991 Henkel-Ecolab has successfully operated as a joint venture of the two partners in the European Industrial and Institutional Hygiene business.In the current fiscal year ended November 30, 2001 the Henkel-Ecolab joint venture generated sales of approximately 970 million euro.
Henkel-Ecolab has 4,950 employees in about 30 countries.
Ulrich Lehner, Henkel's Chief Executive Officer, stated, "This transaction is strategically important since Ecolab can now provide new and improved product and service offerings to its global customer base via a single worldwide operating business. Through Henkel's strategic participation in Ecolab Inc. we will share in the success and the long-term growth of this company."
As of October 31, 2001, Henkel owned 35.2 million shares or 27.6 percent of Ecolab's outstanding shares. As part of the transaction, the stockholder agreement between Ecolab and Henkel was amended and extended.Henkel is permitted to increase its ownership in Ecolab Inc. anytime up to 35 percent.
Henkel will remain entitled to proportionate representation on Ecolab's board.
In addition, Henkel can make an offer to Ecolab's board of directors at a point in the future after certain stockholder agreement restrictions expire.
Henkel is a specialist in brands and technologies operating worldwide with affiliates in over 75 countries.The Company is the market leader in Adhesives and Surface Technologies. In Laundry & Home Care and in Cosmetics/Toiletries Henkel holds a leading position in Europe. With 60,475 employees, Henkel generated sales of 12.8 billion euro in 2000. In the first nine months of 2001, the Company realized sales of 10.0 billion euro.
Any forward-looking statements contained in this press release represent our best judgement as to what will occur in the future. The Company's actual results could differ materially from those contained herein and will depend on a number of competitive and economic factors, some of which will be outside the control of the Company.
SOURCE: Henkel Group
CONTACT: Ernst Primosch,
Corporate Communications of Henkel Group,
+49-211-797-3533, or
Fax, +49-211-798-2484, or
[email protected]
Web site: http://press.henkel.com