Industrial lubricants suppliers were challenged in 2005 by steep increases in costs of raw materials, according to financial results that two companies released last week. Quaker Chemical Corp. said its net income for 2005 was down 81 percent from 2004 because of cost increases and a less favorable mix of products sold. Meanwhile, Milacron said the bottom line for its Industrial Fluids segment was essentially unchanged for largely the same reasons.
Quaker Chemical announced Feb. 21 that it had net income of $1.7 million last year, down from $9 million in 2004. Sales revenue jumped 6 percent to $424 million. Two-thirds of the increase was due to higher prices, the company said, one-third to more favorable currency exchange rates. Volumes climbed in the Asia-Pacific region but fell in North America and Europe.
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