Ecolab expects to repurchase the shares in the open market; in privately negotiated transactions from time to time, depending on market conditions; and through purchases made in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Ecolab had approximately 286 million shares outstanding on February 28, 2022. The repurchases are pursuant to the previously announced February 2015 share repurchase authorization by Ecolab’s Board of Directors. No further details regarding the repurchase program were announced.
Commenting on the announcement, Christophe Beck, Ecolab’s president and chief executive officer, said, “With our strong growth momentum, solid long-term macro trends, compelling business strengths and expanding competitive advantages, we believe Ecolab’s long term growth prospects are now stronger than ever. Our market opportunity, now more than $150 billion, continues to grow and gives us more opportunities to serve our customers with solutions that improve their customer experiences as well as reduce their costs and their impact on the environment. Our competitive positioning has never been stronger, our pricing is accelerating, and our new business wins and new product innovation are at record levels. And while continued rising raw material costs present a significant headwind for us and others, history shows that we have successfully navigated repeated raw material cycles before and we expect to do so once again in this cycle as our aggressive pricing and focus on cost efficiency continue to make great headway against the higher cost environment.
“We believe the recent stock market decline results in a very attractive opportunity in Ecolab shares. We are very pleased with our strong financial position and cash flows which allow us to both repurchase shares at what we see as attractive prices as well as continue to invest in our business and to deleverage our balance sheet. We expect this share repurchase plan will benefit our shareholders while maintaining our financial flexibility to make key investments in our business going forward.”
By Ecolab, Press Release
Source: ecolab.com
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