Quaker Chemical Acquires Steel Business From Cincinnati-Vulcan Company
October 27 2003 - 2:55PM
PR Newswire (US)
Quaker Chemical Acquires Steel Business From Cincinnati-Vulcan
Company CONSHOHOCKEN, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Quaker
Chemical Corporation today 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." Quaker
Chemical Corporation, headquartered in Conshohocken, Pennsylvania,
is a worldwide developer, producer, and marketer of
custom-formulated chemical specialty products and a provider of
chemical management services for manufacturers around the globe,
primarily in the steel and automotive industries. This release
contains forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those projected in such statements. Such risks and
uncertainties include, but are not limited to, further downturns in
our customers' businesses, significant increases in raw material
costs, worldwide economic and political conditions, foreign
currency fluctuations, and future terrorist attacks such as those
that occurred on September 11, 2001. As previously announced,
Quaker Chemical's investor conference to discuss third quarter
earnings results is scheduled for Friday, October 31, 2003, at
10:00 a.m. (ET). Access the conference by calling 800-922-0755 or
visit Quaker's Web site at http://www.quakerchem.com/ for a live
webcast. DATASOURCE: Quaker Chemical Corporation CONTACT: Michael
F. Barry, Vice President and Chief Financial Officer of Quaker
Chemical Corporation, +1-610-832-8500 Web site:
http://www.quakerchem.com/
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