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ATLANTA — Zep Inc. has completed Phase 1 of the Zep Vehicle Care integration which began when it purchased Ecolab’s Vehicle Care division on Dec. 1 for approximately $120 million, a press release reported.
The March 6 press release said Phase 1 included the "alignment of the sales force, the completion of an independent valuation and the filing of pro-forma financial statements."
John K. Morgan, chairman, president and CEO of Zep Inc. stated in the press relase, “I’m pleased to report that the integration is on-track and we continue to expect modest EPS accretion in fiscal 2013 and $0.08-$0.10 EPS accretion in fiscal 2014. This represents the first step in combining the talents of professionals from Zep’s Sales & Service team with professionals from the recently acquired vehicle care division of Ecolab to create a vertically focused platform called Zep Vehicle Care, exclusively dedicated to driving profitable growth and serving the unique needs and opportunities of vehicle wash operators.”
To read the entire press release, click here.