Quaker and Houghton combine

Quaker Chemical Corp and Houghton International Inc, companies with a combined 250-year history as providers of metalworking cutting fluids and coolants, have executed a definitive agreement to merge. Both companies are headquartered in the Philadelphia area. Under the terms of the agreement, Houghton International shareholders will receive $172.5m of cash and 24.5% ownership of the combined company, representing approximately 4.3 million shares of newly-issued Quaker Chemical stock. In addition, Quaker Chemical will assume Houghton International’s debt and cash, with net debt of approximately $690m at year-end 2016.
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