Attached files
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8-K - QUAKER CHEMICAL CORP | v206898_8-k.htm |
For
Release:
Immediate
|
NEWS
|
Contact:
Mark
A. Featherstone
Vice
President and
Chief
Financial Officer
610-832-4160
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|
QUAKER
CHEMICAL ACQUIRES SUMMIT LUBRICANTS INC.
Quaker
becomes a leading specialty grease provider in the U.S.
CONSHOHOCKEN, PA (January 3,
2011) – Quaker Chemical Corporation (NYSE:KWR) announced today that it
has acquired Summit Lubricants Inc., a leading specialty grease manufacturer
(“Summit Lubricants”), effective December 31, 2010. The purchase price of $30
million approximates Summit Lubricants’ anticipated 2011 net
sales. The acquisition is expected to be accretive to earnings in
2011.
Summit
Lubricants is a North American manufacturer and distributor of specialty greases
and lubricants whose proprietary formulations encompass a broad spectrum of
specialty greases which are sold through major grease distributors and utilized
in military applications. Summit Lubricants also performs grease toll
manufacturing for third parties and will operate as a stand-alone subsidiary of
Quaker. Included in the transaction are Summit Lubricants’ commercial
operations and two manufacturing operations located in Batavia, New
York.
Michael
F. Barry, Chairman, CEO and President, commented, “Summit Lubricants is an
excellent strategic fit for Quaker as it is complementary to our existing
business. Since its founding 20 years ago, Summit Lubricants has earned a
reputation as a premier quality lubricant and grease manufacturer. Summit is
currently in the process of increasing its manufacturing capacity more than
twofold. In addition to Summit’s ability to grow its business through
its current customer base, we are excited at the prospect of offering Summit’s
complementary product line to our existing customers both in the U.S. and
globally.”
For more
information on Quaker Chemical Corporation, please visit www.quakerchem.com.
For more
information on Summit Lubricants, Inc., please visit www.summitlubricants.com.
# # #
Quaker
Chemical Corporation is a leading global provider of process chemicals, chemical
specialties, services, and technical expertise to a wide range of industries –
including steel, automotive, mining, aerospace, tube and pipe, coatings and
construction materials. Quaker’s products, technical solutions, and
chemical management services enhance customers’ processes, improve product
quality, and lower costs. Quaker’s headquarters is located near
Philadelphia in Conshohocken, Pennsylvania.