Quaker Chemical Corporation shareholders yesterday approved at a special meeting the proposal necessary to complete the transaction to combine with Houghton International. The transaction proposal received more than 99% support of all votes cast by shareholders.
Quaker Chemical, headquartered in Conshohocken, Penn., U.S.A., is a leading global provider of process fluids, chemical specialties, and technical expertise to a wide range of industries, including steel, aluminum, automotive, mining, aerospace, tube and pipe, cans and others.
Houghton International, headquartered in Valley Forge, Penn., U.S.A., is a global leader in delivering advanced metalworking fluids and services for the automotive, aerospace, metals, mining, machinery, offshore and beverage industries. Houghton International is a Hinduja Group Company, which has owned more than 95% of Houghton International since 2012.
“We want to thank all our shareholders for their strong show of support; this vote recognises the benefits the combined company will bring to customers, shareholders and associates,” said Michael F. Barry, chairman, chief executive officer and president of Quaker Chemical.
The completion of the transaction, which is expected by the end of 2017 or early 2018, is subject to other customary closing conditions, including regulatory approvals.
In addition, the shareholders also approved the elimination of a charter provision providing for a 10-1 voting right for shareholders holding shares for 36 consecutive months. Going forward, all shareholders will have 1-1 voting right regardless of ownership duration.