Quaker Houghton names Joseph Berquist as new CEO

CONSHOHOCKEN, Pa. - Quaker Houghton (NYSE: KWR) today announced the immediate appointment of Joseph Berquist as its new Chief Executive Officer and President, as well as a member of the company's Board of Directors. Berquist succeeds Andy Tometich, who led the company for the past three years.

Chairman of the Board, Michael F. Barry, expressed gratitude to Tometich for his contributions and highlighted the decision to transition leadership to someone with deep industry knowledge. Barry noted Berquist's extensive experience and leadership within Quaker Houghton, which spans over 25 years, and his instrumental role in the company's growth initiatives.

Berquist has been with Quaker Houghton since 1997 and has held various leadership positions, including Managing Director North America and Chief Strategy Officer. In his previous role as Executive Vice President and Chief Commercial Officer, he oversaw all global business operations. His tenure includes the successful integration of the 2019 Quaker Houghton combination, which significantly expanded the company's size and produced over $80 million in synergies.

In his statement, Berquist expressed his honor at being chosen to lead the company and his eagerness to build upon Quaker Houghton's strong foundation. He emphasized the opportunity to scale the business, strengthen its culture, and deliver long-term value to customers and shareholders.

Quaker Houghton is known as a global leader in industrial process fluids, serving industries such as steel, aluminum, automotive, aerospace, and mining. The company has operations in over 25 countries and employs approximately 4,400 people.

This leadership change is based on a press release statement and comes as part of Quaker Houghton's strategic plan to enhance its market position and drive shareholder value. The company's forward-looking statements are subject to various risks and uncertainties, and they caution against undue reliance on these statements, which are subject to change.

tags.

• Decide which information to add with the objective of adding value and relevant information to the reader.

• Mimic the style of the article.

• Only add information that is related to the article.

• Try avoid the words "However, Despite, Furthermore". There is no need to always present contradicting metrics. Focus on metrics and tips that will be most relevant to enrich the value of the article.

• Write in a human way as possible, emulating the style of The Wall Street Journal and the article below.

• Choose the metrics and tips that are most relevant to the article. If possible, explain why these tips are related to the article.

• Always refer to these tips as "InvestingPro Tips"

• When referencing tips, subtly promote the InvestingPro product that includes additional tips.

• Count and list how many additional tips are listed in InvestingPro as a way to promote the InvestingPro product.

• Information is provided in USD.

• Don't include any links or hyperlinks

• Simplify the data, especially the date and timeframes provided. For example: do not write LTM2023.Q1 but use an easier to understand term such as "last twelve months as of Q1 2023", and instead of "FY2023.Q1" write "Q1 2023".

VERY IMPORTANT Start your response immediately with the headline, don't add any prefix text like "Ok, here is your response:", just start with the article right away

In other recent news, Quaker Chemical (NYSE:KWR) Corporation, also known as Quaker Houghton, has been in the spotlight following its recent third-quarter earnings release and updated fourth-quarter guidance. The company reported a 6% decrease in net sales year-over-year, amounting to $462 million, while maintaining stable gross margins at 37.3%. Despite a year-over-year decline, adjusted EBITDA stood at $79 million, showcasing resilience amid market headwinds.

Piper Sandler adjusted its price target for Quaker Chemical, raising it to $200 from the previous $190, while keeping an Overweight rating on the stock. The firm cited a slight decrease in the EBITDA forecast for the fourth quarter and the year 2025, attributing this to expected seasonal trends and a more gradual economic recovery in Asia and the European Union.

Despite these challenges, Piper Sandler increased the price target based on a revised valuation multiple, reflecting a positive long-term outlook on Quaker Chemical's earnings potential. The firm's outlook remains positive on Quaker Chemical's shares, indicating confidence in the company's ability to navigate the current economic landscape.

These recent developments reflect Quaker Houghton's strategic focus on cost management and operational optimization, positioning itself for recovery and growth once market conditions improve. The company also achieved over $20 million in annual cost savings from its Cost and Optimization Program, and maintained a strong cash position with over $200 million in cash.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.