CONSHOHOCKEN, Pa., Dec. 23 /PRNewswire-FirstCall/ -- The Board of
Directors of Quaker Chemical Corporation (NYSE: KWR) today declared a
quarterly dividend of $0.23 per share, payable on January 30, 2009, to
shareholders of record at the close of business on January 16, 2009.
"While the global economic downturn has been severe in our primary end-use
markets of steel and automotive, this dividend today is an indication of our
continued confidence in our future," commented Michael F. Barry, Chief
Executive Officer and President. "The dramatic demand fall-off will have a
significant negative effect on our fourth quarter operating results, and we
have implemented a series of cost reductions to better align our cost
structure with these market realities. Equally important, though, is our
continuing commitment to funding our most important growth initiatives so that
we will leave this difficult period in the strongest competitive position."
As part of its cost reduction efforts, the Company has eliminated over 80
positions, primarily in North America and Europe, representing approximately
10 percent of the workforce in those regions. The Company expects to take a
restructuring charge of approximately $3 million in the fourth quarter.
Quaker Chemical Corporation is a leading global provider of process
chemicals, chemical specialties, services, and technical expertise to a wide
range of industries -- including steel, automotive, mining, aerospace, tube
and pipe, coatings, and construction materials. Our products, technical
solutions, and chemical management services enhance our customers' processes,
improve their product quality, and lower their costs. Quaker's headquarters is
located near Philadelphia in Conshohocken, Pennsylvania.
SOURCE Quaker Chemical Corporation
/CONTACT: Mark A. Featherstone, Vice President and Chief Financial
Officer of Quaker Chemical Corporation, +1-610-832-4160/
/Web Site: http://www.quakerchem.com /
CO: Quaker Chemical Corporation
IN: CHM FIN
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8389 12/23/200817:00 ESThttp://www.prnewswire.com