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Quaker Houghton (KWR) is a global leader in industrial process fluids, specializing in the development, production, and marketing of formulated chemical specialty products and chemical management services. The company operates in over 25 countries, serving diverse industries such as steel, aluminum, automotive, aerospace, and metalworking. It offers a broad range of specialty chemical products tailored for heavy industrial and manufacturing applications.
- Metal Removal Fluids - Provides solutions for machining and grinding processes, enhancing precision and efficiency in metalworking.
- Rolling Lubricants - Delivers specialized lubricants for rolling operations in steel and aluminum production, ensuring smooth and efficient processing.
- Hydraulic Fluids - Supplies fluids for hydraulic systems, offering reliability and performance in industrial machinery.
- Cleaning Fluids - Offers products for cleaning and degreasing industrial equipment and surfaces.
- Corrosion Inhibitors - Protects metal surfaces from corrosion, extending the lifespan of industrial components.
- Metal Drawing and Forming Fluids - Facilitates metal shaping processes, improving product quality and reducing wear.
- Die Cast Mold Releases - Enhances mold release efficiency in die casting operations, reducing defects and downtime.
- Heat Treatment and Quenchants - Provides solutions for heat treatment processes, ensuring optimal hardness and durability of metals.
- Metal Forging Fluids - Supports forging operations with specialized lubricants to improve efficiency and reduce wear.
- Specialty Greases - Offers high-performance greases for industrial applications requiring durability and resistance to extreme conditions.
- Offshore Sub-Sea Energy Control Fluids - Supplies fluids for offshore energy systems, ensuring reliability in challenging environments.
- Rod and Wire Drawing Fluids - Provides lubricants for drawing operations in wire and rod production, enhancing quality and efficiency.
- Surface Treatment Chemicals - Offers chemicals for surface preparation and finishing, improving adhesion and corrosion resistance.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Joseph A. Berquist ExecutiveBoard | Chief Executive Officer and President | Joseph A. Berquist has been the Chief Executive Officer and President of KWR since November 18, 2024. He has been with the company since 1997, holding various senior leadership roles over the years. | View Report → | |
Anna Ransley Executive | Senior Vice President and Chief Digital Information Officer | Anna Ransley has served as Senior Vice President and Chief Digital Information Officer at Quaker Houghton since July 2023. Previously, she held IT leadership roles at Godiva Chocolatier and Heineken. | ||
Dr. David Slinkman Executive | Senior Vice President, Chief Technology Officer | Dr. David Slinkman is the Senior Vice President, Chief Technology Officer at KWR since August 2019. He previously served as Vice President of Technology at Houghton International from March 2012 until July 2019. | ||
Jeewat Bijlani Executive | Executive Vice President, Chief Strategy Officer | Jeewat Bijlani has been serving as Executive Vice President, Chief Strategy Officer at Quaker Houghton since April 2023, previously serving as Senior Vice President, Managing Director - Americas from August 2019 to March 2023 and as President, Americas and Global Strategic Businesses from March 2015 to July 2019. | ||
Jeffrey J. Kutz Executive | Vice President, Chief Accounting Officer | Jeffrey J. Kutz is the Vice President, Chief Accounting Officer at KWR since January 2, 2024 , with extensive previous experience in financial leadership roles at Air Products & Chemicals, Exelon Corporation, and Chatham Financial. | ||
Jeffrey L. Fleck Executive | Senior Vice President, Chief Global Supply Chain Officer | Jeffrey L. Fleck is the Senior Vice President, Chief Global Supply Chain Officer at KWR (Quaker Houghton) since February 27, 2023. He has previously held senior supply chain leadership roles at companies such as Georgia-Pacific Consumer Products Company and Zep, Inc.. | ||
Kristin M. Rokosky Executive | Senior Vice President, Chief Human Resources Officer (CHRO) | Kristin M. Rokosky has served as the Senior Vice President, Chief Human Resources Officer at KWR since January 2025. Previously, she held roles as Vice President, HR Business Partner from September 2024 through December 2024 and Senior Director, HR Business Partner from January 2023 through September 2024. | ||
Robert T. Traub Executive | Senior Vice President, General Counsel, and Corporate Secretary | Robert T. Traub has served as Senior Vice President, General Counsel, and Corporate Secretary at KWR since August 2019, and he has been with the company since 2000. He previously held the role of Vice President, General Counsel, and Corporate Secretary from April 2015 to July 2019. | ||
Thomas Coler Executive | Executive Vice President and Chief Financial Officer | Thomas Coler is the Executive Vice President and Chief Financial Officer at KWR since June 10, 2024. Previously, he held significant finance leadership roles across companies such as Savage Companies, H.B. Fuller Corporation, and Polaris Industries. | ||
Charlotte C. Henry Board | Independent Director | Federal Home Loan Bank of Indianapolis | Charlotte C. Henry has been serving as an independent director at Quaker Houghton (KWR) since 2020. She brings over 30 years of IT and cybersecurity expertise from her previous roles, including her tenure as Chief Information Technology Officer at UAW Retiree Medical Benefits Trust. | |
Fay West Board | Director | Senior Vice President and Chief Financial Officer at Tennant Company; Director at Astronics Corporation | Fay West has been a director of Quaker Houghton since 2016 and serves as Chair of the Audit Committee at the company, bringing extensive expertise in accounting, finance, and corporate governance. | |
Jeffry D. Frisby Board | Lead Director | Executive Chairman of PCX Aerostructures, LLC; Board Member of Astronics Corporation | Jeffry D. Frisby has served as a director at KWR since 2006 and became Lead Director in 2023. He also brings extensive aerospace leadership experience from his role as Executive Chairman of PCX Aerostructures, LLC. | |
Lucrèce Foufopoulos-De Ridder Board | Independent Director | Amcor plc (NYSE: AMCR and ASX: AMC) Board Member; Tronox Holdings plc (NYSE: TROX) Board Member | Lucrèce Foufopoulos-De Ridder has been serving as an Independent Director at KWR since July 31, 2024. She brings over 30 years of experience in the specialty chemicals and materials industry, having held senior leadership roles such as Executive Vice President at Borealis Group and Vice President at Eastman Chemical Company. | |
Mark A. Douglas Board | Independent Director | Director of Crop Life International; Board of Trustees, Pennsylvania Academy of Fine Arts | Mark A. Douglas has been serving as an Independent Director at KWR since 2013, where he also chairs the Governance Committee and serves as a member of the Sustainability Committee. He brings extensive experience in corporate governance and leadership from his roles at other organizations. | |
Michael F. Barry Board | Chairman of the Board | Board Member at Livent Corporation (2018-2025); Board Member at Rogers Corporation (2010-2020) | Michael F. Barry currently serves as Chairman of the Board at Quaker Houghton since May 2009. He previously served as CEO and President from October 2008 until his retirement in November 2021, and he held various roles including CFO since joining in 1998. | |
Nandita Bakhshi Board | Independent Director | Board Director at Beyond Meat, Inc. | Nandita Bakhshi has been serving as an Independent Director (Class I director) at KWR since July 31, 2024. She brings extensive leadership experience from previous roles, including CEO of Bank of the West (2016–2023) and Special Advisor at BMO Financial Group (2023). | |
Ramaswami Seshasayee Board | Independent Director | Ramaswami Seshasayee has served as an independent director at KWR (Quaker Houghton) since 2019. He is a member of the Audit Committee and the Compensation and Human Resources Committee and brings extensive expertise in financial oversight and governance from his previous leadership roles. | ||
Sanjay Hinduja Board | independent director | Chairman of Gulf Oil International Limited (since February 2001); Employed by the Hinduja Group of Companies (since January 1988); Trustee of the Hinduja Foundation UK | Sanjay Hinduja is an independent director at Quaker Houghton (KWR) since 2019 and a member of the Governance Committee. He brings extensive experience in governance, strategic planning, and organizational development, with additional roles such as Chairman of Gulf Oil International Limited since February 2001 and employment at Hinduja Group of Companies since January 1988. | |
William H. Osborne Board | Independent Director | Armstrong World Industries, Inc. (NYSE: AWI) | William H. Osborne is an independent director at Quaker Houghton (KWR) since 2016 and currently serves as Chair of the Compensation and Human Resources Committee since May 10, 2023. |
- Given the persistent soft market conditions in the Americas and EMEA, how do you plan to mitigate the impact on volumes and margins while relying on a seasonal rebound, especially with Q1 being your lowest quarter?
- You mentioned an additional $20 million of cost actions expected to yield $15 million in-year savings; can you clarify how these savings will be allocated between COGS and SG&A and the projected impact on overall EBITDA margins?
- With North America and Europe facing downward pressures in sales and margins, what specific initiatives are in place to transfer the operational improvements and new business wins from Asia Pacific to these more challenging regions?
- In your strategy to refocus on customer intimacy and streamline your go-to-market approach, what concrete steps are being taken to rationalize legacy brands and optimize the product portfolio, and what is the expected timeline for measurable results?
- Given the anticipated CapEx increase to 2.5%-3.5% of sales due to the China facility and consolidation in Philadelphia, how will you evaluate the ROI of these investments to ensure they enhance shareholder value without adversely affecting cash flow and margins?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Chemical Solutions & Innovations (CSI) | 2025 | Acquired in February 2025 for approximately $3.9 million (subject to post-closing adjustments); CSI, based in South Africa, supplies metalworking fluids and lubricants, strengthening Quaker Houghton’s position and logistics in South Africa and broader Africa. |
Dipsol Chemicals Co., Ltd. (Dipsol) | 2025 | Announced on March 25, 2025 and completed on April 1, 2025,** for 23 billion JPY (~$153 million)** funded under existing credit facilities; the deal enhances cross-selling capabilities and global reach (especially in Asia-Pacific) through complementary product technologies and a strong industrial presence. |
Natech, Ltd. (Natech) | 2025 | Announced on April 1, 2025, with a purchase price of approximately 4 million GBP (~$5.2 million); as a U.K.-based manufacturer of surface treatment chemicals, this acquisition expands Quaker Houghton’s advanced solutions portfolio and cross-selling opportunities using existing financial resources. |
I.K.V. Tribologie IKVT (IKV) | 2024 | Completed in February 2024 for approximately 32.6 million EUR ($35.2 million) including cash assets and intangible allocations; IKV specializes in high-performance lubricants and first-fill greases, strengthening the EMEA segment and delivering growth synergies. |
Sutai Group (Sutai) | 2024 | Completed in July 2024 for around $16.2 million (with initial cash and earn-out provisions); based in Japan and part of Asia/Pacific, Sutai adds impregnation treatment capabilities that enhance Quaker Houghton’s global die casting and impregnation services along with technological expertise. |
Pickling Inhibitor Technologies Business | 2022 | Acquired in January 2022 for about $8.0 million for the Americas segment; this acquisition provides key pickling inhibitor technologies and lubricants for the steel industry, broadening Quaker Houghton’s metals business and supporting enhanced production processes. |
Sealing and Impregnation Business | 2022 | Completed in January 2022 for approximately €1.2 million ($1.4 million) as part of the Global Specialty Businesses; it expands geographic presence in Germany and enhances capabilities for sealing and impregnation of metal castings, thereby broadening product offerings in the automotive and industrial sectors. |
Recent press releases and 8-K filings for KWR.
- Revenue declined to $443 million in Q1 2025 (down 6% YoY) amid soft market conditions and increased raw material costs .
- Achieved $69 million of adjusted EBITDA (15.6% margin) and reported non-GAAP EPS of $1.58, reflecting operational performance .
- Completed strategic acquisitions including Dipsol Chemicals and Natech to diversify its portfolio in advanced solutions and metalworking fluids .
- Implemented a $20 million cost reduction program delivering approximately $15 million in SG&A benefits .
- Faced challenges from soft industrial activity, tariffs, and market uncertainty affecting demand and margins .
- Maintained healthy liquidity and a 1.9x leverage ratio, underscoring effective cost management .
- Completed Acquisition: Quaker Chemical Corp completed its acquisition of Dipsol Chemicals (a Japan-headquartered supplier) for 23 billion JPY (~$153 million) and announced the acquisition of Natech, Ltd. (a U.K.-based manufacturer) for 4 million GBP (~$5.2 million).
- Strategic Expansion: These acquisitions are intended to expand the company's advanced solutions businesses and enhance cross-selling opportunities, reinforcing its global market leadership.
- Quaker Houghton completed the acquisition of Dipsol Chemicals Co., Ltd. for 23 billion JPY (~$153 million), enhancing its position in industrial process fluids and surface treatment solutions.
- The deal values Dipsol at a 10.5x multiple of its estimated adjusted EBITDA of ~$15 million over the trailing twelve months, further strengthening its market footprint.
- Additionally, Quaker Houghton announced the acquisition of Natech Ltd., a UK-based manufacturer of surface treatment chemicals, for approximately 4 million GBP (~$5.2 million).
- Quaker Houghton has entered into a purchase agreement to acquire Dipsol Chemicals Co., Ltd, a leading supplier of surface treatment and plating solutions, enhancing its advanced solutions portfolio.
- The transaction is valued at approximately $153 million (23 billion JPY) at a 10.5x trailing adjusted EBITDA multiple and is expected to close in the second quarter of 2025.
- Acquisition Announcement: Quaker Houghton announced the acquisition of Dipsol Chemicals for 23 billion JPY (~$153 million), representing approximately a 10.5x adjusted EBITDA multiple based on Dipsol’s trailing twelve-month performance.
- Business Profile: Dipsol, established in 1953 and headquartered in Japan, is a leading supplier of surface treatment and plating solutions with $82 million in revenues over the prior twelve months and around 450 employees globally.
- Strategic Significance: The deal, expected to close in the second quarter of 2025 subject to regulatory approvals, expands Quaker Houghton’s advanced solutions portfolio and enhances its cross-selling and global capabilities.
- Q4 2024 GAAP net sales of $444M marked a 5% year-over-year decline, with stable volumes impacted by lower selling prices and product mix; non-GAAP earnings per diluted share were $1.33
- Adjusted EBITDA was $65M in Q4 and reached $311M for the full year, reflecting strong cost management despite softer end market conditions
- The company generated $205M in operating cash flow in 2024, underscoring robust operational efficiency
- The balance sheet remains strong with a net debt leverage ratio of 1.7x as of December 31, 2024, operating within bank covenants
- Executives highlighted progress on their growth strategy with new business wins in Asia Pacific and targeted investments, including a new plant in China and facility consolidations
- For 2025, the outlook is positive with expectations of comparable gross margins, revenue and EBITDA growth, and market expansion of 1-2%, despite FX headwinds and economic uncertainties
- Q4 2024 Highlights: Reported net sales of $444.1M, net income of $14.2M (EPS $0.81) and non-GAAP net income of $23.6M with EPS $1.33 , .
- Full Year 2024 GAAP Results: Achieved net sales of $1.84B and net income of $116.6M (EPS $6.51); non-GAAP full year figures included net income of $133.5M and EPS $7.44 , , .
- Financial Metrics: Adjusted EBITDA reached $64.8M in Q4 (up to $310.9M for the full year) and operating cash flow was $204.6M in 2024 , .
- Shareholder Return: Returned approximately $82.4M to shareholders through dividends and share repurchases , .
- Strategic Focus: Management is aiming for enhanced operational efficiency with targeted cost savings of at least $20M in 2025 and pursuing key strategic acquisitions , .