ECL up 3.5% today so far on the news, has dropped 30% since January.
Ecolab Inc. said it plans to repurchase $500 million worth of its shares this year in open market, privately negotiated transactions, depending on market conditions.
The planned repurchases are in accordance with the company's share buyback authorization that was disclosed in 2015.
“Our competitive positioning has never been stronger, our pricing is accelerating, and our new business wins and new product innovation are at record levels,” Ecolab Chief Executive Christophe Beck said. “We believe the recent stock market decline results in a very attractive opportunity in Ecolab shares.”
Rising raw material costs are a significant headwind for Ecolab and its peers, Mr. Beck said, but the company plans to navigate higher costs with aggressive pricing and cost efficiencies.
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