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Quaker Chemical Expects To Close Houghton Combination In Q4 2018

Quaker Chemical Corp. (KWR) said it continues to be in productive discussions with the European Commission and Federal Trade Commission regarding its combination with Houghton International Inc.

Based on these discussions, Quaker continues to expect the remedy will involve a divestment of some product lines which, in total, are approximately 3 percent or less of the revenues of the combined company. Quaker noted that this is consistent with its original projections and previous comments.

Quaker is in talks with potential buyers for the product lines to be divested and intends to present a remedy that meets the needs of both regulatory authorities in the third quarter.

Based on the information available to date, Quaker said it expects to receive approval from the regulatory authorities and close the combination with Houghton in the fourth quarter of 2018.

Michael Barry, Chairman, Chief Executive Officer and President of Quaker said, "While the regulatory process is taking longer than expected, it is moving in the right direction with constructive discussions with both regulatory authorities. The additional time will allow us to finalize the process with the potential buyers and the regulators."

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