ST. PAUL, Minn. (AP) -- Cleaning, food safety and pest-control company Ecolab Inc. said Thursday that it plans to cut about 500 jobs as part of a restructuring.
Ecolab said it expects restructuring and other one-time charges of about $100 million in the fourth quarter, around $230 million in 2012 and about $150 million in 2013.
Ecolab also expects 2012 cost savings of about $75 million, up from a prior forecast for $35 million.
Looking ahead, the company said it will likely close some plants and distribution centers but did not give a timetable. Ecolab said the closings and other actions will likely eliminate about 1,500 future positions.
Ecolab is pursuing restructuring and cost-cutting measures as it ties up its $5.4 billion acquisition of water treatment company Nalco Holding Co., including the elimination of about 500 positions from the combined company.
Ecolab estimates annual cost savings related to the acquisition at about $250 million. Its previous guidance was for $150 million in cost savings.
Ecolab announced in July that it will buy Nalco in part to better position itself in the water management business. Nalco, based in Naperville, Ill., provides services to industrial, energy and institutional market customers. Ecolab has more than 38,000 employees, including the more than 12,500 people who work for Nalco.
Ecolab anticipates fourth-quarter earnings of 70 cents per share. Prior guidance was for earnings between 69 and 71 cents per share.
It now expects 2011 adjusted earnings of $2.54 per share, excluding the impact of the Nalco buyout. The company previously forecast earnings in a range of $2.53 to $2.55 per share.
Analysts polled by FactSet predict fourth-quarter earnings of 70 cents per share and full-year earnings of $2.54 per share.
For 2012 Ecolab still foresees adjusted earnings of about $3 per share. It provided an earnings range of $2.95 to $3.05 per share. Analysts expect earnings of $3.01 per share for the year.
Ecolab is based in St. Paul, Minn. It anticipates its restructuring will be completed by the end of next year.
Shares fell 28 cents to $60.26 in afternoon trading.
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