CONSHOHOCKEN, Pa., July 9, 2018 /PRNewswire/ -- Quaker Chemical
Corporation (NYSE: KWR) continues to be in productive discussions
with the European Commission and Federal Trade Commission regarding
its combination with Houghton International.
Based on these discussions, Quaker continues to expect the
remedy will involve a divestment of some product lines which, in
total, are approximately 3% or less of the revenues of the combined
company. This is consistent with Quaker's original
projections and previous comments. Quaker is in discussions
with potential buyers for the product lines to be divested and
intends to present a remedy that meets the needs of both regulatory
authorities in the third quarter.
Based on the information available to date, Quaker expects to
receive approval from the regulatory authorities and close the
combination in the fourth quarter of 2018.
Michael F. Barry, Chairman, Chief
Executive Officer and President of Quaker said, "While the
regulatory process is taking longer than expected, it is moving in
the right direction with constructive discussions with both
regulatory authorities. The additional time will allow us to
finalize the process with the potential buyers and the
regulators. We believe the end result will be a remedy that
meets the needs of the market, the regulatory authorities, and the
new combination."
About Quaker
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 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.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected in such statements. A major risk is that
demand for the Company's products and services is largely derived
from the demand for its customers' products, which subjects the
Company to uncertainties related to downturns in a customer's
business and unanticipated customer production shutdowns.
Other major risks and uncertainties include, but are not limited
to, significant increases in raw material costs, customer financial
stability, worldwide economic and political conditions, foreign
currency fluctuations, significant changes in applicable tax rates
and regulations, future terrorist attacks and other acts of
violence. Other factors could also adversely affect us, including
factors related to the previously announced pending Houghton
combination and the risk that the transaction may not receive
regulatory approval or that regulatory approval may include
conditions or other terms not acceptable to us. For more
information regarding these risks and uncertainties as well as
certain additional risks that we face, you should refer to the Risk
Factors detailed in Item 1A of our Form 10-K for the year ended
December 31, 2017, the proxy
statement the Company filed on July 31,
2017 and in our quarterly and other reports filed from time
to time with the Securities and Exchange Commission. Therefore, we
caution you not to place undue reliance on our forward-looking
statements. This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995.
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SOURCE Quaker Chemical Corporation