Ecolab: Wonderful Business, Not A Fair Price

I'm sure I'm not the only one who's first encounter with Ecolab (ECL) came from the soap dispenser in a restroom.  Much to my surprise they were a company that was on the CCC list with a 27 year streak of dividend increases.  That got me interested to learn more about the business and there's a lot to like here.

Ecolab is much more than just bathroom soap dispensers.  The business also operates with safe food handling, clean water, energy conservation, reducing greenhouse gas emissions, hotels as well as the oil and gas industry.  Not to mention the fact that some of their customers are giants in their respective industries: Apple (AAPL), McDonald's (MCD), Marriott (MAR), Coca-Cola (KO), Starbucks (SBUX), PepsiCo (PEP), ExxonMobil (XOM), Abbott (ABT) and Disney (DIS) just to name a few.

Acquisitions will continue to be a part of Ecolab's growth strategy as their operating markets are highly fragmented.

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