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Ecolab is a leading provider of water, hygiene and energy technologies and services. Global Industrial (35% FY16 sales, 41% FY16 operating income) consists of the Water, Food & Beverage, Paper and Textile Care businesses. Global Institutional (34% FY16 sales, 56% FY16 operating income) consists of Global Institutional (cleaners and sanitizers for hospitality etc.), Global Specialty (food retail) and Global Healthcare business units. Global Energy (24% FY16 sales, 23% FY16 operating income) provides process chemicals and water treatment services for the oil & gas and petrochemical industries. Other (6% FY16 sales, 9% FY16 operating income) consists of the pest treatment and equipment care services. (06 Feb 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Ecolab 3Q18: Rising Costs Lead to Lowered Guidance

Earnings Note: 31 Oct 2018, 10:19 PM ET - Ecolab lowered its 2018 adjusted diluted EPS guidance as higher than expected headwinds from rising delivered product costs and FX in 4Q18 will not allow the company enough time to implement price increases to offset them by year end.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Ecolab 2Q18: Raw Material Pressure

Earnings Note: 01 Aug 2018, 10:59 PM ET - Ecolab reported positive 2Q18 results, however higher raw materials pressured the company's main business segments. We expect sales volumes, accelerating pricing and cost savings to help overcome delivered product costs headwinds in 2H18.

Ecolab 1Q18: Growth Momentum Persists

Earnings Note: 02 May 2018, 1:03 PM ET - Further new business gains, pricing and product innovation drove strong first quarter acquisition adjusted fixed currency sales growth in all three business segments, as Ecolab’s growth momentum continued through the first quarter.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Ecolab 4Q17: Higher Raw Materials Pressure Margins

Earnings Note: 21 Feb 2018, 4:49 AM ET - 4Q17 sales increased 9% yoy thanks to stable growth in all three segments. Positive business momentum is expected to continue and help offset a raw material cost inflation headwind in 2018.

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Ecolab 3Q17: Share Gains & Pricing Drive Sales

Earnings Note: 01 Nov 2017, 12:37 AM ET - While the Global Industrials segment continues to struggle, Ecolab was able to leverage share gains and pricing to drive sales increases across all business segments.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 

August 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the thirty-five company recommendation changes made on US companies during the month of August.

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