When I last analyzed Ecolab (ECL), the company had just come off strong 3rd quarter results with EPS up 16%. Ecolab is a global leader in energy, water, and hygiene services. The company has a market cap of $34 billion and is the largest publicly traded company in the Cleaning Products industry. The company has increased its dividend payments since 1985, giving it a streak of 28 consecutive years of dividend increases. Ecolab is a Dividend Aristocrat and the subject of part 48 of the Dividend Aristocrats In Focus series. The company’s business operations are analyzed below.

Business Overview

Ecolab’s business is divided into four primary segments: Global Industrial, Global Institutional, Global Energy, and Other. Each segment’s percentage of total operating income produced for Ecolab through the first 9 months of the company’s fiscal 2014 is shown below to give an idea of the importance of each segment:

Global Industrial

The Global Industrial segment is Ecolab’s second smallest based on operating income. The segment operates under 4 divisions:

The Global Water division provides water treatment programs and products under the Nalco name. The Global Food & Beverage Division provides cleaning and health products and services to breweries, soft-drink bottlers, the dairy industry, and the meat and poultry industry. The Global Paper division provides water and process applications to the pulp and paper industry; it also uses the Nalco name. The Global Textile Care division provides washing solutions for the uniform rental, hospitality, and health care industries.

Global Institutional

The Global Institutional segment is Ecolab’s largest based on operating income. The segment breaks its operations into 3 divisions: