Niche industrial process fluids producer

Quaker Houghton is the global leader in industrial process fluids. The business is very diversified, they develops, produces, and markets a broad range of formulated specialty chemical products and offers chemical management services (Fluidcare). Specialty chemical products are basically all the fluids used in a factory, it goes from fluids used at very high temperature, to industrial cleaners, rust preventives and die casting lubricants. Basically, industrial companies cannot operate without them. The biggest product line as percentage of net sales are displayed in the following table :

The majority of sales come from its own employees and its Fluidcare programs. Employees visits the plants of customers regularly to identify production needs which can be resolved by existing products or by creating new formulations in their laboratory. Through Fluidcare, certain third party products sales are managed by Quaker itself.
Quaker 5 largest customers account for approximately 11% of net sales, which shows a really important diversification of customers, the largest accounting for 3%.

The company depends a lot on raw materials which are very often oil and gas derivatives.
Significant revenues are generated by non-U.S. operations, the company is thus subject to currency fluctuations, mainly between USD and EURO, Brazilian real, Mexican peso, Chinese renminbi, British pound and Indian rupee.

The distribution of revenues by industries of end products is shown below :