CONSHOHOCKEN, Pa., June 23 /PRNewswire-FirstCall/ -- The Board of Directors of Quaker Chemical Corporation today declared a quarterly dividend of $0.23 per share, payable on July 31, 2009, to shareholders of record at the close of business on July 17, 2009.
Michael F. Barry, Chairman, Chief Executive Officer and President, commented, "As expected, we continue to see improvement in our second quarter earnings compared to the first quarter, primarily due to the actions taken as we reacted to significantly lower volumes in our markets. In addition, we have received favorable news relative to two of our customers, GM and Chrysler. While both customers filed for bankruptcy during the second quarter, we have been notified by each of them that our pre-bankruptcy invoices will be paid and, therefore, we anticipate having no or limited bad debt exposure."
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.
This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. A major risk is that the Company's demand is largely derived from the demand for its customers' products, which subjects the Company to downturns in a customer's business and unanticipated customer production shutdowns. Other major risks and uncertainties include, but are not limited to, significant increases in raw material costs, customer financial stability, worldwide economic and political conditions, foreign currency fluctuations, and future terrorist attacks such as those that occurred on September 11, 2001. Other factors could also adversely affect us. Therefore, we caution you not to place undue reliance on our forward-looking statements. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.
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/
