ECOLAB

 

Ecolab 2 0 0 3

 

Annual Report

TABLE OF CONTENTS:  




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ecolab overview

Some important details about our company: Ecolab continues to be the world's leading provider of commercial cleaning, sanitation and service solutions. You will find us wherever our customers need outstanding service. We have dedicated field associates on nearly every continent. Our geographic scope is even more impressive when you consider all the additional areas we reach through distributors, export activities and the like. In every market Ecolab serves, we deliver a growing range of products, systems and services. In the U.S., for example, we have nine operating divisions – Institutional, Pest Elimination, Kay, Food & Beverage, Professional Products, GCS Service, Textile Care, Vehicle Care and Water Care Services – that form a truly unmatched complementary offering. Many of these businesses are following our core institutional and industrial offerings around the world, demonstrating the ongoing vitality of Ecolab's Circle the Customer - Circle the Globe commitment.

SERVICES/PRODUCTS PROVIDED >

INSTITUTIONAL
Products, programs and services for the foodservice, hospitality and healthcare industries, including warewashing, on-premise laundry, housekeeping, water filtration and conditioning, food safety products, specialty kitchen and laundry products, and pool and spa management.

KAY
Cleaning and sanitizing products, services and training programs for the quickservice restaurant, convenience store, movie theater and food retail markets.

PEST ELIMINATION
Service and technology for the detection, identification, elimination and prevention of pests in commercial facilities, as well as food safety audit and training services.

PROFESSIONAL PRODUCTS
Janitorial cleaning, floor care and infection prevention products, programs and systems for the retail, building services, industrial and healthcare* markets.

GCS SERVICE
Service and parts for the repair and maintenance of commercial foodservice equipment.

TEXTILE CARE
Cleaning and sanitizing products, equipment and services for commercial and shirt laundries.

FOOD & BEVERAGE
Cleaning and sanitizing products, equipment, systems and services for the agribusiness, beverage, brewery, pharmaceutical, dairy and food processing industries.

WATER CARE SERVICES
Water treatment programs for boilers, cooling water and waste treatment systems.

VEHICLE CARE
Cleaning and treatment products and programs for professional conveyor, in-bay and self-service car wash operations.

*Healthcare began operating a distinct business unit, separate from Professional Products, effective Jan. 1, 2004. It will be reported as a separate business unit in future years.

All product names and certain information appearing in italic type in the text of this Annual Report are trademarks, brand names, service marks or copyrighted material of Ecolab Inc., Kay Chemical Company or Ecolab GmbH & Co. OHG.

ECOLAB BUSINESS MIX 2003 >

   NET SALES >

CUSTOMERS/MARKETS SERVED >
CUSTOMERS
> Restaurants
> Hotels
> Quickservice
> Food retail (grocery)
> Schools
> Laundries
> Healthcare facilities
> Dairy farms and plants
> Food, beverage and brewery plants
> Pharmaceutical and cosmetic facilities
  > Office buildings
> Shopping malls
> Light industry
> Fleet and vehicle wash

MARKETS
> United States
> Europe/Africa/Middle East
> Asia Pacific
> Canada
> Latin America

SALES-AND-SERVICE ASSOCIATES >
(December 31) 2001   2002   2003  
Institutional   2,985     3,125     3,190  
Kay   235     245     275  
Pest Elimination   1,450     1,555     1,645  
Professional Products   190     175     180  
GCS Service   560     530     535  
Textile Care   125     85     80  
Food & Beverage   385     395     405  
Water Care Services   100     100     95  
Vehicle Care   100     100     100  
Europe/Africa/Middle East   2,700     3,370     3,285  
Asia Pacific*   1,065     925     1,015  
Canada   320     320     340  
Latin America   505     485     540  
Total   10,720     11,410     11,685  

*The 2002 decrease is due to the sale of the Hygiene Services business.

ECOLAB STOCK PERFORMANCE >
2001   2002   2003  
Quarter High   Low   High   Low   High   Low  
First   $18.94     $22.09     $19.43     $23.94     $23.08     $26.00  
Second   18.18     21.60     21.25     24.00     24.21     27.92  
Third   14.25     21.00     18.27     24.51     23.78     26.80  
Fourth   17.10     20.53     20.71     25.20     25.15     27.89  

ECOLAB STOCK PERFORMANCE COMPARISON >

TABLE OF CONTENTS >
Letter to Shareholders >
Operations Review >
Financial Discussion >
Financial Report >
Management and Auditors' Reports >
Board of Directors >
Corporate Officers >
Shareholder Information >








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