Ecolab Sets $500 Million Buyback After Closing Unit Sale
By Colin Kellaher
Ecolab plans to buy back up to $500 million in stock by the end of the year after wrapping up the nearly $1 billion sale of its global surgical solutions business.
Ecolab on Thursday said it plans to make the repurchases under prior buyback authorizations covering up to 30 million shares.
The St. Paul, Minn., provider of water, hygiene and infection-prevention products, which had more than 285 million shares outstanding as of March 31, sports a market capitalization topping $65 billion.
Ecolab in April inked a deal to sell the global surgical solutions business to private medical supplier Medline for $950 million in cash.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 01, 2024 09:52 ET (13:52 GMT)
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