CONSHOHOCKEN, PA - Quaker Chemical
Corporation today announced it has signed a definitive agreement
to purchase the business and assets of United lubricants Corporation.
United Lubricants is a North American manufacturer and distributor
of specialty lubricant products and chemical management services
primarily for the steel industry. Terms of the purchase were not
disclosed. The transaction is expected to close by the end of February.
United Lubricants
is a privately held company with 71 employees and annual revenues
of approximately $13 million. Included in the transaction are United
Lubricants' commercial and manufacturing operations located in Middletown,
Ohio.
Ronald J. Naples,
Chairman and Chief Executive Officer, noted that the acquisition
is an integral part of Quaker Chemical's global strategy for the
steel industry particularly as it relates to strengthening its North
American position. The addition of United Lubricants' people, products, and services will enhance Quaker Chemical's strategic position with
key customers and is expected to be slightly accretive to earnings
in the first year.
Mr. Naples stated,
"We are very excited about the addition of United Lubricants.
The acquisition strengthens Quaker Chemical's global leadership
of process chemicals to the steel industry with United's supply
position to some of the strongest steel companies in North America.
United Lubricants' business is a very good fit with Quaker Chemical's
business model of creating value for our customers by providing
superior products and services. Given the strong business fit and cash flow of United Lubricants, we believe this acquisition will
create value for our shareholders from day one. "