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Permian Mud Service and Ecolab Agree to Merge

Source: www.gulfoilandgas.com 10/12/2012, Location: North America

Permian Mud Service, Inc., whose principal operating companies include Champion Technologies and CorsiTech, announced that it has entered into a definitive merger agreement to be acquired by Ecolab. Champion Technologies and CorsiTech are leading suppliers of specialty oilfield chemistry and related services with outstanding reputations in the industry for customer service and technology innovation.

The combined Champion and CorsiTech businesses, which generated more than US$1.2 billion of pro forma revenue in 2011, are headquartered in Houston, Texas and employ more than 3,300 people globally. The closing of the transaction, which is subject to conditions including the receipt of governmental and regulatory approvals, is expected in the fourth quarter of 2012.

“Ecolab and its wholly owned subsidiary Nalco Energy Services share our entrepreneurial spirit, customer focus, and commitment to developing talented, innovative people. While we have similar expertise, our customers, geographic focus, technology, and products complement one another,” said Steve Lindley, Chairman, Champion Technologies and President, CorsiTech. “Ecolab has made a proven investment in our core market through last year’s acquisition of Nalco Energy Services. By merging our businesses with Nalco, we will have the expanded technology, service capability, financial resources and infrastructure we need to grow and support our customers in the fast growing oilfield chemical industry.”

Douglas M. Baker, Jr., Ecolab’s Chairman and Chief Executive Officer commented on the announcement, saying, “This transaction represents a rare opportunity to build on our position in a fast-growing market by improving our geographic coverage and technology offerings. As a premier company and proven innovator committed to delivering outstanding technology and service, Champion represents a very attractive business that opportunistically became available, enabling us to acquire an outstanding operator. Champion’s technology and product strengths in the U.S. and Canada are very complementary to our innovative technology and services in the offshore and international energy markets. We are excited by the additional solutions we will be able to bring to our customers and the strong growth potential this opportunity offers for our combined operations as we continue to target the “new energy” opportunities which require significantly more of the products and services that both we and Champion provide.” Tudor, Pickering, Holt & Co. and Lazard Ltd. are serving as financial advisors to Permian Mud Service, Inc. in the transaction.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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