Quaker Chemical (KWR) Announces $11.8M Acquisition of Lubricor
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Quaker Chemical Corporation (NYSE: KWR) announced 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.
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