Swisher Sells U.S. Operations to Ecolab
Ecolab Inc., St. Paul, MN, recently reached an agreement with Swisher Hygiene, Charlotte, NC, to purchase the stock of Swisher International Inc. and other assets related to Swisher’s U.S. operations. Ecolab purchased the holdings, which comprise all of Swisher’s remaining operating interests, for $40 million in cash, according to a news release.
A total of $2 million of the purchase price is subject to a holdback for working capital adjustments, the release said. The terms of the purchase agreement call for Swisher to retain certain debt and liabilities. Completion of the transaction is subject to stockholder approval and other customary conditions, the release said.
“We believe this transaction is in the best interest of our stockholders and creates a very positive opportunity for our customers and employees,” said William M. Pierce, Swisher president and CEO. “This transaction provides a broader customer base of business, additional service support, and the resources to expand our business and better service our customers. We believe Swisher International’s business model complements Ecolab’s existing institutional U.S. operations and will benefit our customers and employees.”
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