Quaker Chemical To Acquire United Lubricants

11-Feb-2002

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. "

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