UPDATE: Ecolab To Acquire Select Assets Of Swisher Hygiene For ~$40M Cash

Swisher Hygiene Inc. ("Swisher")

, a leading service provider of essential hygiene and sanitizing solutions, today announced that the Company agreed to sell the stock of its wholly owned U.S. subsidiary Swisher International, Inc. and other assets relating to Swisher's U.S. operations, which comprise all of Swisher's remaining operating interests, to Ecolab Inc. for $40.0 million in cash, of which $2.0 million is subject to a holdback for working capital adjustments. In the transaction, Swisher will retain certain debt and liabilities as set forth in the Purchase Agreement governing the sale. Completion of the transaction is subject to stockholder approval and other customary conditions. "We believe the transaction is in the best interest of our stockholders and creates a very positive opportunity for our customers and employees. This transaction provides a broader customer base of business, additional service support, and the resources to expand our business and better service our customers. We believe Swisher International's business model complements Ecolab's existing institutional U.S. operations and will benefit our customers and employees," said William M. Pierce, President and Chief Executive Officer of Swisher.