Quaker Chemical Corp. acquired Spanish industrial lubes and grease company Verkol last week for $32.4 million.
Quaker, of Conshohocken, Pa., said that the specialty grease and lubricants manufacturer and marketer was particularly appealing because of its strength in the steel industry.
Verkol – based in the town of Bera, in Northern Spains Navarre region – said the acquisition is a good fit for both companies as it will help each add new products, customers and expertise.
Verkol is a market leader in specialty grease and lubricants for the Spanish market, said Quaker CEO and President Michael F. Barry in a press release last week. Verkol has exceptional grease manufacturing capabilities and research and development facilities, he added.
This acquisition helps us expand our specialty grease platform by providing Quaker local grease manufacturing inEuropeas well as giving us additional grease product technology and talent, he continued. Verkol also brings unique technology in continuous [die casting metalworking fluids] that will provide us with opportunities to cross-sell to our global steel customer base.
Quaker noted that the deal is consistent with its strategy to bring value to shareholders through acquisitions and through continuing to focus on its entry into specialty grease markets such as Europes steel industry. We believe this is another strategic acquisition that will generate value for our shareholders,” Barry continued.
Established in 1923, Verkol has its headquarters, R&D center and production facility in Bera, along with a sales office in Madrid, with a total of 64 employees.