UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-KCURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 25, 2020

ECOLAB INC.(Exact name of registrant as specified in its charter)

Delaware 1-9328 41-0231510(State or other jurisdiction 

of incorporation)(Commission File No.)

(IRS Employer Identification No.)

1 Ecolab Place, Saint Paul, Minnesota 55102(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 1-800-232-6522

(Not applicable)(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any ofthe following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registeredCommon Stock, $1.00 par value ECL New York Stock Exchange

2.625% Euro Notes due 2025 ECL 25 New York Stock Exchange1.000% Euro Notes due 2024 ECL 24 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 7.01 Regulation FD Disclosure.

As previously announced, Ecolab Inc. (“Ecolab”) will host a live webcast and conference call to discuss business perspectives regarding theCOVID-19 pandemic at 10:00 am Eastern Time on Wednesday, March 25, 2020. A copy of the News Release announcing the webcast andconference call is furnished and attached as Exhibit (99.1) and materials to be used in connection with the conference call are furnished andattached as Exhibit (99.2). Ecolab also will publish the conference call materials on its website located at www.ecolab.com.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description Method Of Filing

(99.1) Ecolab Inc. News Release dated March 24, 2020. Filed herewith electronically.

(99.2) Ecolab Inc. Conference Call Materials dated March 25, 2020. Filed herewith electronically.

(104) Cover Page Interactive Data File. Embedded within the Inline XBRL document.

Exhibit 99.1

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized.

ECOLAB INC.

Date: March 25, 2020 By: /s/ David F. DuvickDavid F. DuvickAssistant Secretary

Exhibit 99.1

 

News Release Ecolab Inc.1 Ecolab Place,St. Paul, Minnesota 55102

ECOLAB SCHEDULES WEBCAST AND CONFERENCE CALL FOR MARCH 25

ST. PAUL, Minn. – March 24, 2020 – Ecolab will host a live webcast and conference call tosupplement its March 18, 2020 news release and discuss business perspectives regarding theCOVID-19 pandemic. Details for the public webcast are as follows:      

TIME: 10:00 am Eastern Time    DATE: March 25, 2020    DURATION: One hour    LOCATION: www.ecolab.com/investor    ARCHIVE:

A replay of the webcast and supplemental data will be available onEcolab’s website.

About Ecolab A trusted partner at nearly three million commercial customer locations, Ecolab (ECL) is the globalleader in driving business performance while protecting people and vital resources. With annualsales of $15 billion and 50,000 associates, Ecolab delivers comprehensive solutions, data-driveninsights and on-site service to advance food safety, protect public health, optimize water and energyuse, and improve operational efficiencies for customers in the food, healthcare, energy, hospitalityand industrial markets in more than 170 countries around the world. www.ecolab.com. Follow us on Twitter @ecolab, Facebook at facebook.com/ecolab, LinkedIn at Ecolab or Instagramat Ecolab Inc.

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Investor Contacts: Michael Monahan+1 651 250 2809 Andrew Hedberg+1 651 250 2185 March 24, 2020 (ECL-C)

Exhibit 99.2

ECOLAB COVID-19 UPDATE 1March 25, 2020

2 CautionaryStatementsRegardingForward-LookingInformation Thiscommunicationcontains certainstatementsrelating to futureevents and ourintentions, beliefs,expectations andpredictions for thefuture which areforward-lookingstatements asthat term isdefined in thePrivate SecuritiesLitigation ReformAct of 1995.Words or phrasessuch as “will likelyresult,” “areexpected to,” “willcontinue,” “isanticipated,” “webelieve,” “weexpect,”“estimate,”“project,” “may,”“will,” “intend,”“plan,” “believe,”“target,”“forecast,”“guidance”(including thenegative orvariations thereof)or similarterminology usedin connection withany discussion offuture plans,actions or eventsgenerally identifyforward-lookingstatements.These forward-lookingstatementsinclude, but arenot limited to,effects of theCOVID-19pandemic,amount, fundingand timing ofcashexpenditures,future sales,future cash flows,access to capital,financial covenantcoverage, variablecosts, bad debtexperience andcommercialactions inresponse to thepandemic. Thesestatements arebased on thecurrentexpectations ofmanagement ofthe company.There are anumber of risksand uncertaintiesthat could causeactual results todiffer materiallyfrom the forward-lookingstatementsincluded in thiscommunication.We caution thatundue relianceshould not beplaced on suchforward-lookingstatements, whichspeak only as ofthe date made.Additional risksand uncertaintiesthat could causeresults to differmaterially fromthose expressedin any forward-lookingstatements areset forth underItem 1A of ourmost recent Form10-K, and ourother public filingswith theSecurities andExchangeCommission (the"SEC"), andinclude effects ofthe coronavirus(COVID-19)pandemic; thevitality of themarkets we serve,including theimpact of oil pricefluctuations onthe marketsserved by ourGlobal Energysegment; theimpact ofeconomic factorssuch as theworldwideeconomy, capitalflows, interestrates, foreigncurrency risk andreduced sales andearnings in ourinternationaloperationsresulting from theweakening oflocal currenciesversus the U.S.dollar; our abilityto execute keybusinessinitiatives,includingrestructurings andour EnterpriseResourcePlanning systemupgrades;potentialinformationtechnologyinfrastructurefailures orbreaches in datasecurity; ourability to achievethe intendedbenefits of ourplan to separateour UpstreamEnergy businessand combine itwith ApergyCorporation; ourability to attract,retain and develophigh calibermanagementtalent to lead ourbusiness; ourability tosuccessfullycompete withrespect to value,innovation andcustomer support;exposure to globaleconomic,political and legalrisks related toour internationaloperations;difficulty inprocuring rawmaterials orfluctuations in rawmaterial costs;pressure onoperations fromconsolidation ofcustomers orvendors; the costsand effects ofcomplying withlaws andregulations,including thoserelating to theenvironment, tothe manufacture,storage,distribution, saleand use of ourproducts and tolabor andemployment, aswell as to theconduct of ourbusinessgenerally; theoccurrence oflitigation orclaims, includingthe pendinglawsuits againstcertain of oursubsidiariesrelated to theDeepwaterHorizon oil spill orclass actionlawsuits;restraints onpricing flexibilitydue to contractualobligations; ourability to acquirecomplementarybusinesses and toeffectivelyintegrate suchbusinesses;changes in taxlaws andunanticipated taxliabilities; potentialloss of deferredtax assets; ourindebtedness, andany failure tocomply with thecovenants thatapply to ourindebtedness;public healthoutbreaks,epidemics orpandemics, suchas the currentoutbreak ofCOVID-19;potential lossesarising from theimpairment ofgoodwill or otherassets; potentialchemical spill orrelease; the lossor insolvency of amajor customer ordistributor;repeated orprolongedgovernmentand/or businessshutdowns orsimilar events;acts of war orterrorism; naturalor manmadedisasters; watershortages; severeweatherconditions; andotheruncertainties orrisks reportedfrom time to timein our reports tothe SEC. Ecolabdoes notundertake, andexpresslydisclaims, anyduty to updateany forward-looking statementwhether as aresult of newinformation,future events orchanges inexpectations,except as requiredby law.CautionaryStatement

3 Commented on2020 EPS in ourMarch 18, 2020release and 8-K inadvance of ourrecent bondoffering,confirming: ▪ Ourprior 1Q 2020guidance ▪ Ourinability tocurrently forecastthe impact ofCOVID-19 on our2020 results 2020Outlook

COVID-19 Willlikely be biggestimpact eventsince WWII ▪Human Health ▪Economic ImpactAsymmetrical ▪Record demandin some sectors ▪Record demanddestruction inothers NOT the“end of days” for:▪ Mankind or ▪Ecolab 4

Our View 5 Ecolab is healthyand positioned tohelp Ecolabneeds to do itspart…and will!

Ecolab:Positioned toDeliver WhatMatters Most 6SAFE FOODCLEAN WATERHEALTHYENVIRONMENTS

Our Goals Continue to be acompany peoplecan count on…doour part ▪Communities ▪Customers ▪ Ourteam ▪ Investors Emerge evenstronger ▪ As ateam ▪ As abusiness andcompany 7

Our Approach Support ourEssentialCustomers in theSafest WayPossible Protectour People ▪Social Distancing/ Facility Hygiene▪ Admin: Workfrom home (+90%working fromhome) ▪Production: shift,line separation(129 of 130plants running) ▪Field: no groupsetting, new “fix”protocol ▪ PayProtect Plan Protect ourCustomers ▪Protectionmaintained ▪ Fieldand tech supportprovided globally Protect ourCompany ▪ P&L /Cash: capital,hiring, andspending controls▪ Positive FreeCash Flow evenin ridiculouslysevere scenarios8

Ecolab CustomerMarkets 9 = 33%= 23% = 13% =31% ExcludesUpstream EnergyEcolab CustomerMarket % ofEcolab SalesFood andBeverage 20%Healthcare 8%Food Retail 3%Long Term Care2% Paper, Power,Electronics 11%Quick ServiceRestaurants 6%Life Sciences 2%All Other 4%Refineries 5%Chemicals 4%Education 4% FullServiceRestaurants 14%Lodging 8%Mining, PrimaryMetals,Transportation5% Textile Care2% Cruise,Gaming, andRecreation 2%Demand PlusDemand SameDemand DownDemandDepressed

10 Significantlydepressedcustomer activityinJanuary/February▪ Both Institutionaland Industrialcustomers wereoperating atsignificantlyreduced rates orcompletely shutdown ▪ Reducedcustomer activitymore than offseta significantincrease indemand forcleaners andsanitizers Customer activityslowly improvingin March ▪Institutionalcustomers beganto reopen, withactivity slowlystarting to recover▪ Industrialcustomers startedto increase theirproduction levelsthough end-market demandremainsdepressed ▪Heightenedcustomerawarenessaround hygieneand food safetyJanuary andFebruary adjustedfor timing ofChinese NewYear DecemberJanuary FebruaryMarch April MaySales 13% 8% -17% -9% -6% -1% ActualForecast ChinaProgression

Sanitizer Demandin Impacted Areas Hand Sanitizer Hand Care HardSurfaceSanitizers 11 15x5x 3x

CommercialActions Work tofully meetincreaseddemand ▪Production maxplans in place forsanitizers ▪Bioquell ramp up ▪Prioritize meetingexisting customerneeds first “Help”plan for strategictargets ▪ Utilizefield and balancesheet to help ▪Strategic targetsonly Acceleratedigitaltransformation ▪Drive incrementalvalue: digitalprograms, digitalfield platforms ▪Captureopportunities ofremote service:eCommerce,system assurancecenter COVIDstress reductionfor Foodserviceand Hospitality ▪Temporarilyreduce fixedpayments, extendagreements ▪Develop re-openpackage by chain12

Pre-NalcoTransaction ****Resilient FreeCash Flow Cashon Hand andTerm DebtMaturities SolidCash Position andPriorities ▪Interest / Debt ▪Remaincommitted to ourdividend ▪ CapExreduced by 50% ▪Ample liquidityLiquidity ▪Confident indelivering positiveFCF in allmodeledscenarios ▪Revolver capacity$2B, $1Bcommercial paperoutstanding ▪Covenant: 3.5xEBITDA/Interest,16x at 12/31/19 ▪Additional A/Rwrite-off risk inprior downturns~0.3% of sales ▪$1.1B cash onhand 1,020 400750 500 458 250250 500 500 700673 673 - 250500 750 1,0001,250 1,500 20212022 2023 20242025 2026 2027… 2030 … 2041… 2046 2047 $MDebt Maturity($M) WAC:3.41% WAM: 9.1years 2020-2021MaturitiesMaturity RatePrincipal 5-YearNote (2015) 12-Jan-20 2.25%300 10-Year Note(2011) 8-Dec-214.35% 1,020Total $1,320 *Excludesvoluntary pensioncontributions vTerm Debt WAC:3.41% WAM: 9.1years ~90% FixedCash StrongFinancial Position13

Summary Ecolabincredibly wellpositioned to help▪ Financially ▪Strategically Ourteam is focusedon customers This will pass … anew normal willemerge 14Cleaner, Safer,HealthierPositioning EvenMore RightHygiene,Antimicrobial &ESG Know-HowWill Matter EvenMore

WE ARE LIVINGHISTORY 15LET’S BEPROUD OF THEWAY WE DO IT