Strong business profile as the leader in the institutional and industrial cleaning market Significant international presence Low-cost, efficient operations support solid profitability Conservative financial management Exposure to economic downturns that affect lodging and restaurant customers Challenged to improve international operations, especially in Europe The ratings on Ecolab Inc. reflect an above-average business profile and a conservative financial philosophy. The company is the well-entrenched leader in the U.S. institutional warewashing business, a technology-and service-intensive segment of the chemical sector. Management fortifies the company's competitive position by extending its proprietary technology and developing new products. A large direct sales force and a national distribution network serving most U.S. hospitality chains are significant competitive advantages. The company's internal cash generation consistently exceeds operational
