Cyclical growth funded by acquisition

The growth is very cyclical, there was not much growth before 2018, then there was a good growth between 2018 and 2022 mainly from a merger, and since then no growth. The growth profile come from the cyclical nature of the industry it serves, and is particularly dependent of the volume of the industry, not much their financial results. 2024 and 2025, there was strong acquisitions of smaller companies, which may be a good idea in a cyclical down market, but it adds weight on the balance sheet and it might be to hide the slow organic growth. Even though the end market is contracting in volume, Quaker volume doesn't decline, meaning it gains market shares. Since 2022, the raw materials for chemical products dropped, which lowered the products prices. The growth seems to restart in 2025, and might be driven in the future by U.S. reindustrialization initiated by Trump, USA representing 40-45% of revenues, driven by steel and automotive fluids.