Quaker Chemical Announces Eural S.r.l. Acquisition
CONSHOHOCKEN, Pa., July 24 /PRNewswire-FirstCall/ -- Quaker Chemical Corporation (NYSE: KWR) today announced it has completed the acquisition of Eural S.r.l. Eural, a privately held business with annual revenues of approximately $7 million, manufactures a variety of specialty metalworking fluids primarily for the Italian market. The company's offices and plant facility are located in Tradate, Italy (a suburb of Milan). Terms of the purchase were not disclosed.
Ronald J. Naples, Chairman and Chief Executive Officer, stated, "Eural has carved out a meaningful position in the Italian metalworking lubricants market. Its products and technology are very complementary to our own and will, therefore, not only strengthen Quaker's position in Italy, but also help provide a broader offering to our global market. While we don't expect any profit contribution of note this year, we do look forward to excellent long- term returns."
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, the impact of SARS, 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 second quarter earnings results is scheduled for Friday, August 1, 2003, at 10:30 a.m. (ET). Access the conference by calling 800-922-0755 or visit Quaker's Web site at www.quakerchem.com for a live webcast.
SOURCE Quaker Chemical Corporation -0- 07/24/2003 /CONTACT: Michael F. Barry, Vice President and Chief Financial Officer, Quaker Chemical, +1-610-832-8500/ /Web site: http://www.quakerchem.com / (KWR) CO: Quaker Chemical Corporation; Eural S.r.l. ST: Pennsylvania, Italy IN: CHM MNG SU: TNM MAV CCA FB -- PHTH029 -- 4813 07/24/2003 15:17 EDT http://www.prnewswire.com