Quaker Chemical Corp. and Houghton International Inc. announced a definitive agreement to combine the companies.
Houghton shareholders will receive $172.5 million of cash and 24.5 percent ownership of the combined company, representing approximately 4.3 million shares of newly issued Quaker Chemical stock. Quaker Chemical will assume Houghton International’s debt and cash, with net debt of approximately $690 million at year-end 2016. The agreement has been approved by both Quaker Chemical’s board and Houghton International’s board with full support of the Hinduja Group, which will become Quaker Chemical’s largest shareholder. Michael Barry will continue as Chairman and CEO of the new business, The completion of the transaction is expected by the end of 2017 or early 2018.
Quaker Chemical anticipates achieving cost synergies of approximately $45 million, the majority of which will be realized within two years of closing. After the close of the transaction, shares of the combined company will continue to be listed on the NYSE. The combined company is expected to continue to maintain its dividend.
Houghton International is a global leader in delivering advanced metalworking fluids and services for the automotive, aerospace, metals, mining, machinery, offshore and beverage industries. Headquartered in Valley Forge, Pennsylvania, Houghton operates research, manufacturing and office locations in 33 countries around the world. Houghton International is a Hinduja Group Company, which has owned more than 95% of Houghton International since 2012. The Hinduja Group is one of India’s premier divecombinationrsified and transnational conglomerate.
Source: RTT News via Nasdaq
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