<SEC-DOCUMENT>0001104659-25-079836.txt : 20250818
<SEC-HEADER>0001104659-25-079836.hdr.sgml : 20250818
<ACCEPTANCE-DATETIME>20250818163129
ACCESSION NUMBER:		0001104659-25-079836
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250818
DATE AS OF CHANGE:		20250818

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECOLAB INC.
		CENTRAL INDEX KEY:			0000031462
		STANDARD INDUSTRIAL CLASSIFICATION:	SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				410231510
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275302
		FILM NUMBER:		251228323

	BUSINESS ADDRESS:	
		STREET 1:		1 ECOLAB PLACE
		CITY:			SAINT PAUL
		STATE:			MN
		ZIP:			55102
		BUSINESS PHONE:		18002326522

	MAIL ADDRESS:	
		STREET 1:		1 ECOLAB PLACE
		CITY:			SAINT PAUL
		STATE:			MN
		ZIP:			55102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ECOLAB INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ECONOMICS LABORATORY INC
		DATE OF NAME CHANGE:	19861203

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECOLAB INC.
		CENTRAL INDEX KEY:			0000031462
		STANDARD INDUSTRIAL CLASSIFICATION:	SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				410231510
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1 ECOLAB PLACE
		CITY:			SAINT PAUL
		STATE:			MN
		ZIP:			55102
		BUSINESS PHONE:		18002326522

	MAIL ADDRESS:	
		STREET 1:		1 ECOLAB PLACE
		CITY:			SAINT PAUL
		STATE:			MN
		ZIP:			55102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ECOLAB INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ECONOMICS LABORATORY INC
		DATE OF NAME CHANGE:	19861203
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2523475d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 12pt"><B>Filed Pursuant to Rule 433</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 12pt"><B>Registration No. 333-275302</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 12pt">Supplementing the
Preliminary Prospectus</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 12pt">Supplement dated
August&nbsp;18, 2025</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 12pt">(To Prospectus dated
November&nbsp;3, 2023)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Ecolab Inc.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>$500,000,000
5.000% Notes due 2035</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B><I>Pricing Term
Sheet</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>August&nbsp;18,
2025</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.2in">
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; width: 35%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Issuer:</FONT></TD>
    <TD STYLE="font-size: 12pt; width: 65%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Ecolab Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Type of Offering:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">SEC Registered (No.&nbsp;333-275302)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anticipated Ratings*:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">A3 (Stable outlook) by Moody&rsquo;s
    Investors Service,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">A- (Stable outlook) by S&amp;P Global
    Ratings</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">A- (Stable outlook) by Fitch Ratings,&nbsp;Inc.</FONT></P></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trade Date:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">August&nbsp;18, 2025</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Settlement Date**:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">August&nbsp;27, 2025 (T+7)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Citigroup Global Markets Inc.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">J.P. Morgan Securities LLC</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Wells Fargo Securities, LLC</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Barclays Capital Inc.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">BofA Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Goldman Sachs&nbsp;&amp; Co. LLC</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Morgan Stanley&nbsp;&amp; Co. LLC</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">SMBC Nikko Securities America,&nbsp;Inc.</FONT></P></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Co-Managers:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Santander US Capital Markets LLC</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Standard Chartered Bank</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">U.S. Bancorp Investments,&nbsp;Inc.</FONT></P></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Principal Amount:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$500,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Maturity Date:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">September&nbsp;1, 2035</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Coupon:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5.000%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">March&nbsp;1 and September&nbsp;1,
    beginning on March&nbsp;1, 2026 (long first coupon)</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Price to Public:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">99.960% of the principal
    amount</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">UST 4.250% due August&nbsp;15,
    2035</FONT></TD></TR>
  <TR STYLE="font-size: 12pt">
    <TD STYLE="font-size: 12pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Benchmark Treasury Price
    and Yield:</FONT></TD>
    <TD STYLE="font-size: 12pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">99-10; 4.335%</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 12pt; margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 12pt; margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 12pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 12pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.2in">
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Spread to
    Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">+67 basis
    points</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Yield to Maturity:</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5.005%</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Make-Whole Call:</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">T+15 bps</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Par Call:</FONT></TD>
    <TD STYLE="padding-bottom: 9pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">On or after June&nbsp;1,
    2035</FONT></TD></TR>
  <TR STYLE="font-size: 12pt; vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">278865 BS8 / US278865BS86</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">*Note: A securities rating is not a
recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">**We expect that delivery of the notes
will be made against payment therefor on or about August&nbsp;27, 2025, which is seven business days following the date of pricing of
the notes (this settlement cycle being referred to as &ldquo;T+7&rdquo;). Under Rule&nbsp;15c6-1 under the Securities Exchange Act of
1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such
trade expressly agree otherwise. Accordingly, purchasers who wish to trade their notes on any date prior to one business day before delivery
will be required, by virtue of the fact that the notes initially will settle in T+7, to specify an alternate settlement cycle at the
time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade their notes on any date prior to two business
days before delivery should consult their own advisor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">The issuer has filed a registration
statement (including a prospectus) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which
this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the
issuer has filed with the SEC for more complete information about the issuer and this offering.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering
will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll-free at (800) 831-9146, J.P.
Morgan Securities LLC collect at (212) 834-4533 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Any disclaimer or other notice that
may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated
as a result of this communication being sent by Bloomberg or another email system.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 12pt; margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 12pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 12pt; margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
