St. Paul-based Ecolab, a global leader in food safety and sanitation, announced that the company will acquire Ecovation , a Rochester, N.Y.-based provider of environmental solutions for U.S. agricultural and food industries.
According to a press release, Ecolab chairman, president and CEO, Douglas M. Baker, Jr., says the move should expand the company’s food safety and “environmental stewardship” offerings. The acquisition also lets Ecolab provide cutting edge technologies to food processors as environmental regulations expand. In addition, Baker looks for the deal to establish a leading market presence and long term growth.
Ecolab will pay $210 million for Ecovation, however, the company plans to sell $40 million in long-term lease receivables, lowering the net cost to $170 million.
