Quaker Acquires Remaining Interest In Australian Affiliate
CONSHOHOCKEN, Pa., June 30, 2014 /PRNewswire/ -- Quaker Chemical Corporation (NYSE: KWR) announced today that it has acquired the remaining 49% ownership interest in its Australian affiliate, Quaker Chemical (Australasia) Pty. Limited ("QCA") for A$8 million from its joint venture partner, Nuplex Industries. QCA sells Quaker products to the metalworking, steel, tube & pipe and mining industries in Australia and has associates based in various locations around Australia. Quaker had been a joint venture partner in QCA for 50 years.
Michael F. Barry, Chairman, Chief Executive Officer and President, commented, "Australia is a market with good growth opportunities in several of our business lines. This acquisition further strengthens our position in Australia and allows us to simplify our overall corporate structure and improve our organizational efficiencies."
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