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
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.