Investopedia: Ecolab Continues A Switch From Defense To Offense

It's not uncommon for companies to transition to defensive plays as established market share, economic moats and slowing end-market growth discourages its new entrants. What's more, there's nothing wrong with defensive companies - they can enjoy solid margins and cash flows, and they often pay healthy (and reliable) dividends.

It's not so common, however, to see defensive companies aggressively seek to become more offensive. This transition not only creates a large amount of execution risk, it also demands capital that more conservative investors usually prefer to see directed towards dividends and buybacks. Nevertheless, Ecolab (NYSE:ECL) continues to push on with an acquisition program that has meaningfully altered its business mix and given it greater long-term growth potential.

Please continue here:
http://www.investopedia.com/stock-analysis/2012/Ecolab-Continues-A-Switch-From-Defense-To-Offense-ECL-BHI-SLB1015.aspx