Quaker buys Summit and Sea-Land heads for Europe
US chemical manufacturer, Quaker, has bought specialist grease producer Summit Lubricants Inc in an early New Year deal.
The acquisition, worth around $30m based on Summit's 2011 sales projections, is set to turn Quaker Chemical Corporation into one of the US' leading speciality grease providers.
Summit produces a range of specialist grease products for commercial and military use, as well as grease toll manufacturing for third parties. The company, with plants in Batavia, New York, will operate as a stand-alone subsidiary of Quaker.
Summit has been planning to significantly expand its production which has made the company such an attractive target, according to Quaker Chairman, CEO and President, Michael F. Barry: "Summit is currently in the process of increasing its manufacturing capacity more than twofold. In addition to Summit's ability to grow its business through its current customer base, we are excited at the prospect of offering Summit's complementary product line to our existing customers both in the U.S. and globally."
Meanwhile Ohio-based Sea-Land Chemical Company has set up Sea-Land Chemical Europe. With a new headquarters in the UK, the company will supply Sea-Land's speciality chemicals to the European lubes, household and cleaning markets. European marketing and product sourcing will be handled by former Polatertech employee, Robert Stubbs.
