Quaker Chemical Buys Specialty Grease Company For $40 Mln.

(RTTNews) - Quaker Chemical Corp (KWR) on Thursday said it has acquired Verkol S.A., a specialty grease and lubricants manufacturer and marketer based in Northern Spain, for about $40.1 million, including net cash of $10.5 million.

Verkol sells products into industrial end markets with a particular strength serving the Steel industry. In 2014, Verkol recorded revenues of about $33 million and estimated adjusted EBITDA of $4.3 million.

Quaker said the deal is consistent with its strategy to increase shareholder value through acquisitions and to expand its entry into specialty grease.

CEO Michael Barry said, "This acquisition helps us expand our specialty grease platform by providing Quaker local grease manufacturing in Europe as well as giving us additional grease product technology and talent."