{"id":2324,"date":"2019-10-28T11:31:08","date_gmt":"2019-10-28T11:31:08","guid":{"rendered":"https:\/\/www.sifcoasc.com\/?p=2324"},"modified":"2023-01-25T11:05:09","modified_gmt":"2023-01-25T11:05:09","slug":"quaker-houghton-acquires-operating-divisions-of-norman-hay-plc","status":"publish","type":"post","link":"https:\/\/www.sifcoasc.com\/enuk\/blog\/quaker-houghton-acquires-operating-divisions-of-norman-hay-plc","title":{"rendered":"Quaker Houghton Acquires Operating Divisions of Norman Hay plc"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><div class=\"right-image\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"70\" src=\"\/wp-content\/uploads\/NH_website_QH_logo_200x70-1.png\" alt=\" Quaker Houghton\" title=\"Quaker Houghton \" class=\"alignnone size-full wp-image-1843\" \/>\n<\/div>\n<p>Quaker Houghton (NYSE: KWR) has closed its previously announced acquisition of the operating divisions of Norman Hay plc, a private UK company that provides specialty chemicals, operating equipment, and services to industrial end markets, for a purchase price of 80 million GBP (~$98 million at today\u2019s rates), subject to post-closing adjustments. Prior to close, Quaker Houghton received German regulatory approval as required.<\/p>\n<p>The Company continues to expect the acquired divisions to have 2019 revenues of ~63 million GBP (~$77 million at today\u2019s rates) and adjusted EBITDA of ~11.3 million GBP (~$13.9 million at today\u2019s rates).  The purchase price represents a multiple of ~7.1x of the divisions\u2019 projected 2019 adjusted EBITDA.<\/p>\n<p>Michael F. Barry, Chairman, Chief Executive Officer and President of Quaker Houghton, said, \u201cWe are very excited to close the acquisition of the operating divisions of Norman Hay plc and believe that this acquisition adds new technologies with good growth characteristics in attractive core market segments with high barriers to entry such as die casting, automotive OEM and aerospace.  We also believe it provides a strategic opportunity to take advantage of external market trends such as the light-weighting of vehicles and 3D printing where we have the opportunity to leverage our global footprint and complementary geographic strengths.  In addition, Norman Hay\u2019s engineering expertise, which includes robotics applications, strengthens the existing equipment solutions platform inside Quaker Houghton and further positions the company for Industry 4.0.\u201d<\/p>\n<p>Norman Hay plc was established in 1946 as a decorative electroplating business and has evolved into a global specialty chemicals sealant, surface coatings and engineering group.  The company is headquartered at its modern, state of the art production facility in Coventry, England.  The company has approximately 400 employees with production and R&#038;D facilities across Europe and the United States. For additional information regarding the Norman Hay operating divisions, please visit:<\/p>\n<ul type=\"disc\">\n<li><a href=\"https:\/\/www.ultraseal-impregnation.com\">Ultraseal&nbsp;(https:\/\/www.ultraseal-impregnation.com)<\/a><\/li>\n<li><a href=\"https:\/\/www.sifcoasc.com\">SIFCO ASC&nbsp;(https:\/\/www.sifcoasc.com)<\/a><\/li>\n<li><a href=\"https:\/\/www.surfacetechnology.co.uk\">Surface Technology&nbsp;(https:\/\/www.surfacetechnology.co.uk)<\/a><\/li>\n<li><a href=\"https:\/\/www.nhe.uk.com\">Norman Hay Engineering&nbsp;(https:\/\/www.nhe.uk.com)<\/a><\/li>\n<\/ul>\n<p><strong>Non-GAAP Measures<\/strong><br \/>\nThe information included in this public release references certain non-GAAP (unaudited) financial measures.  The Company presents EBITDA, which is calculated as net income attributable to the Company before depreciation and amortization, interest expense, net, and taxes on income before equity in net income of associated companies.  The Company also presents adjusted EBITDA, which is calculated as EBITDA plus or minus certain items that are not indicative of future operating performance or not considered core to the Company\u2019s operations.  The non-GAAP figures of Norman Hay plc\u2019s adjusted EBITDA referenced in this release were calculated in accordance with the Company\u2019s methodologies. The Company believes the non-GAAP financial measures provide meaningful supplemental information as they enhances a reader\u2019s understanding of the financial performance of the Company and the acquisition, are more indicative of future operating performance of the Company, and facilitate a better comparison among fiscal periods, as the non-GAAP financial measures exclude items that are not indicative of future operating performance or not considered core to the Company\u2019s or the acquisition\u2019s operations.  Non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP.<\/p>\n<p><strong>Forward-Looking Statements<\/strong><br \/>\nThis press release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These statements can be identified by the fact that they do not relate strictly to historical or current facts.  We have based these forward-looking statements on our current expectations about future events.  These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, and business, including but not limited to statements relating to the contemplated acquisition described above, our current and future results and plans, and statements that include the words \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan\u201d or similar expressions.  These forward-looking statements 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 demand for the Company\u2019s products and services is largely derived from the demand for its customers\u2019 products, which subjects the Company to uncertainties related to downturns in a customer\u2019s 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, significant changes in applicable tax rates and regulations, future terrorist attacks and other acts of violence. Furthermore, the Company is subject to the same business cycles as those experienced by steel, automobile, aircraft, appliance, and durable goods manufacturers.  Our forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to change based on various important factors, some of which are beyond our control.  These risks, uncertainties, and possible inaccurate assumptions relevant to the Company\u2019s business could cause its actual results to differ materially from expected and historical results.<\/p>\n<p>Other factors, including those related to the acquisition described above, could also adversely affect us including, but not limited to:<\/p>\n<ul type=\"disc\">\n<li>potential adverse effects on the Company\u2019s business, properties or operations caused by the implementation of the acquisition;<\/li>\n<li>the company\u2019s ability to promptly, efficiently and effectively integrate the acquired business\u2019 operations with those of the Company;<\/li>\n<li>risks related to disruption of management time from ongoing business operations due to the acquisition; and<\/li>\n<li>the outcome of any legal proceedings that may be instituted against the companies following announcement of the acquisition and transactions contemplated in the related purchase agreement.<\/li>\n<\/ul>\n<p>Therefore, we caution you not to place undue reliance on our forward-looking statements.  For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our Form 10-K for the year ended December 31, 2018, as amended, and in our quarterly and other reports filed from time to time with the SEC.  We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.  This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.<\/p>\n<p><strong>About Quaker Houghton<\/strong><br \/>\n Quaker Houghton (NYSE: KWR) is the global leader in industrial process fluids. With a robust presence around the world, including operations in over 25 countries, our customers include thousands of the world\u2019s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With 4,000 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Quaker Houghton will host an Investor Day on Wednesday, December 11, 2019 in New York City at the New York Stock Exchange.  Visit quakerhoughton.com to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quaker Houghton (NYSE: KWR) has closed its previously announced acquisition of the operating divisions of Norman Hay plc, a private UK company that provides specialty chemicals, operating equipment, and services to industrial end markets, for a purchase price of 80 million GBP (~$98 million at today\u2019s rates), subject to post-closing adjustments. Prior to close, Quaker [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-2324","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Quaker Houghton Acquires Operating Divisions of Norman Hay plc - SIFCO Applied Surface Concepts<\/title>\n<meta name=\"description\" content=\"Quaker Houghton (NYSE: KWR) has closed its previously announced acquisition of the operating divisions of Norman Hay plc, a private UK company that provides specialty chemicals, operating equipment, and services to industrial end markets, for a purchase price of 80 million GBP (~$98 million at today\u2019s rates), subject to post-closing adjustments. 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