Quaker Chemical Corp. in Conshohocken has just acquired Binol AB of Karlshamn, Sweden, a bio-lubricants producer primarily serving the Nordic region.
The announced purchase price was $18.9 million. Quaker reports Binol will have an estimated $15.3 million in revenues this year. Binol develops, produces and markets environmentally friendly products (Binol® and BioSafe®) to the metal working, forestry and construction sectors.
Its customers are in the Nordic region and Binol, with 22 employees, has an international network of distributors. Binol will be a wholly owned subsidiary.
“Quaker believes this is an attractive opportunity to acquire a platform in a market supported by strong underlying fundamentals,” said Michael F. Barry, chairman, CEO and president. “We also feel that this acquisition provides a strategic opportunity for Quaker to leverage Binol’s environmentally friendly technology and customer-aligned products, including neat oil technology for metalworking applications and biodegradable hydraulic oils, across our global footprint.”
