Vulcan kept its metalworking fluids and fuel oil businesses and will continue operating from its facilities in Cincinnati. Terms of the deal were not announced, although the companies did say the operations involved have annual revenues of approximately $12 million.

Officials from both companies denied last week that any such deal was being considered.

Quaker claims to already be the worlds leading supplier of lubricants for the steel industry, thanks in part to a string of acquisitions the past several years. Quaker Chairman and Chief Executive Officer Ronald J. Naples said the latest deal gives his company accounts providing value-added products and services to some of the strongest steel producers in North America and China.

This acquisition is another step in Quakers dedicated focus on targeted growth and emphasis on strategically important customers, he said. He called the food-grade business an interesting extra, that would offer a possible avenue for expansion. Quaker said the deal will increase earnings in the first year.

Vulcan President David E. Kellner said the sale represented a renewed commitment to our industrial customers, insofar as it provides resources to strengthen that part of the company.