Quaker Acquires Lubricor Inc. Canadian Metalworking Fluids Business
CONSHOHOCKEN, Pa., Nov. 30, 2016 - 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.
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.
SOURCE Quaker Chemical Corporation
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Web Site: http://www.quakerchem.com