Sales Rise, Income Falls at Ecolab

Ecolab’s sales for 2002 rose 4% to nearly $2.4 billion. Net income, however, declined 9% to $188 million. The company said the results were in-line with expectations.

“Final results were right on the mark as we outlined them last month,” said Allan L. Schuman, Ecolab’s chairman and chief executive officer. “As we said then, even though the impact of the terrible events of September 11 created turmoil in several of our key markets, our aggressive actions offset a great deal of the impact. We reacted quickly to this challenge, and our people did an exceptional job.”

Mr. Schuman acknowledged that 2001 was one of tremendous challenge, but also one of tremendous accomplishment for the company.

“We completed the purchase of the remaining 50% of our European joint venture, the largest acquisition in our history, as well as other strategic acquisitions; launched 60 new products; broadened our business base; increased our industry-leading sales and service force; improved market share in each of our major businesses; and positioned ourselves for strong future growth. Though the near-term economic environment remains challenging, we believe our actions, along with our recently announced global restructuring, will accelerate earnings growth through 2002 to finish with a good gain for the full year, and even better growth in 2003.”