Ecolab (ECL, Financial) detracted the most from relative performance in the first half as its stock declined 34.5%. The company suffered with higher input costs as most are tied to oil derivatives. Ecolab should report better results as management takes appropriate pricing actions to offset these increased costs. Also, Ecolab is well-positioned to benefit from a rebound in travel as its customers’ businesses improve and its investments in digital technology further differentiate it from its competitors.
From Mairs & Power Growth Fund's second-quarter 2022 letter.
