Ecolab Inc. (NYSE:ECL) shares are trading higher by 488% at $166.07 after the company announced a $500 million buyback.
Commenting on the announcement, Christophe Beck, Ecolab's president and chief executive officer, said: "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."
Ecolab produces and markets cleaning and sanitation products for the hospitality, healthcare and industrial markets. The firm is the global market share leader in this category with a wide array of products and services, including dish and laundry washing systems, pest control and infection control products.
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Ecolab has a 52-week high of $238.93 and a 52-week low of $154.85.
