CONSHOHOCKEN, Pa., Nov. 30, 2016 /PRNewswire/ -- Quaker
Chemical Corporation (NYSE: KWR) announced today that it has acquired Lubricor Inc., a manufacturer and marketer of metalworking
fluids based in Waterloo, Ontario, for approximately 16 million Canadian
dollars, or $11.8 million. Lubricor annually sells approximately $10 million of branded products directly to its North American customers, primarily automotive suppliers, and
into Southeast Asia through a distributor relationship in Thailand. Also, Lubricor has an
annual estimated EBITDA of approximately $1.6 million.
Michael F. Barry, Chairman, Chief Executive Officer and President, commented, "Lubricor's
proprietary technology and strong customer relationships provide an opportunity to expand our metalworking business in attractive
end markets and leverage Quaker's global footprint to pursue cross-selling opportunities. We believe there is a strong
organizational and cultural fit between the two companies and the transaction is consistent with Quaker's strategy to increase
shareholder value through acquisitions."
Lubricor Inc. was established in 1998 in Waterloo, Ontario, where the company's headquarters,
R&D and production are based. The company currently employs approximately 30 individuals.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected in such statements. A major risk is that demand
for the Company's products and services is largely derived from the demand for its customers' products, which subjects the
Company to uncertainties related to downturns in a customer's business and unanticipated customer production shutdowns.
Other major risks and uncertainties include, but are not limited to, significant increases in raw material costs, customer
financial stability, worldwide economic and political conditions, foreign currency fluctuations, future terrorist attacks and
other acts of violence. Other factors could also adversely affect us. Therefore, we caution you not to place undue
reliance on our forward-looking statements. This discussion is provided as permitted by the Private Securities Litigation
Reform Act of 1995.
About Quaker
Quaker Chemical is a leading global provider of process fluids, chemical specialties, and technical expertise
to a wide range of industries, including steel, aluminum, automotive, mining, aerospace, tube and pipe, cans, and
others. For nearly 100 years, Quaker has helped customers around the world achieve production efficiency, improve product
quality, and lower costs through a combination of innovative technology, process knowledge, and customized services.
Headquartered in Conshohocken, Pennsylvania USA, Quaker serves businesses worldwide with
a network of dedicated and experienced professionals whose mission is to make a difference.
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SOURCE Quaker Chemical Corporation