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Quaker Chemical Acquires Steel Business From Cincinnati-Vulcan Company

31 Oct 2003 - Quaker Chemical Corporation announced it has acquired the assets of the steel and food-grade lubricants business from the Cincinnati-Vulcan Company. These businesses have annual revenues of approximately $12 million. The terms of the transaction were not disclosed. Vulcan has retained its metalworking lubricants and fuel oil businesses and will continue to operate from its facilities located in Cincinnati.
 
Ronald J. Naples, Chairman and Chief Executive Officer, stated, "This acquisition is another step in Quaker's dedicated focus on targeted growth and emphasis on strategically important customers. Vulcan had been providing value-added products and services to some of the strongest steel producers in North America and China. This business is very complementary to Quaker's and further strengthens Quaker's global leadership supply position to the steel industry. An interesting extra in the acquisition is that it gives us a window on a possible area for expansion through its foothold in the food-grade lube business. Financially, we expect this transaction to add to earnings, even if only modestly, right from the first year."