Quaker Chemical Corp. became the sole owner of Quaker Chemical India Pvt. after acquiring the remaining stake from its former joint venture partner, Asianol Lubricants Pvt.
The United States-Based metalworking fluids heavyweight announced last week that it had recently acquired the remaining 45 percent interest in its 20-year-old venture.
Indiais a market with strong growth opportunities in most of our business lines, Quaker CEO Michael Barry said in a Dec. 21 statement. This acquisition … allows us to simplify our overall corporate structure and improve our organizational efficiencies.
The JV had locations throughout India to serve metalworking and steel industries. Asianol has a factory in Kolkata and depots in Raipur, Hyderabad and Pune. Quaker is building a plant in Dahej, north of Mumbai, which will be completed in 2018, according to the press statement.
Quaker announced in September that it had acquired fellow Pennsylvania, U.S.-based metalworking fluids giant, Houghton International, Inc. The transaction was expected to be completed in early 2018, if not before. Both companies supply a wide range of products such as process fluids, cutting oils, surface treatments, greases and specialty chemicals for steel, automotive, mining, aerospace and other industries.
India has been relaxing its restrictions on foreign-owned businesses in recent years in a bid to attract more outside investment. Previously, some types of businesses required domestic entities to own majority stakes in joint ventures.