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QUAKER CHEMICAL ISSUES ANNOUNCEMENT

 QUAKER CHEMICAL ISSUES ANNOUNCEMENT
 CONSHOHOCKEN, Pa., Feb. 3 /PRNewswire/ -- Quaker Chemical


Corporation (NASDAQ: QCHM) today announced it plans to record a one- time, non-cash accrual of approximately $6 million for its 1991 fiscal year in conjunction with its adoption of Financial Accounting Standards No. 106 (FAS 106).
 The charge represents the after-tax present value of health and life insurance benefits attributable to past service of retired and active employees. The company plans to restate its results for the first three quarters of 1991. Economic conditions in the company's major markets continued to deteriorate in the fourth quarter of 1991 and will adversely affect financial results for the quarter and the year, the company said.
 Commenting on the decision to record the transition obligation as a one-time charge and looking to the future, Peter A. Benoliel, chairman of the board, said, "A number of specific accomplishments took place in 1991 that can be characterized as solidfying the company's longer term, strategic future. Getting this obligation behind us positions the company to reflect the full benefit of these accomplishments to enhance shareholder value."
 The company has chosen to record the transition obligation as a one- time charge to reduce the impact of FAS 106 on future financial results. Ongoing annual expense under FAS 106, after recognition of the transition obligation, is expected to be only marginally higher than projected costs under the company's prior pay-as-you-go accounting practices. This is in large part due to changes in postretirement benefit programs for eligible participants, adopted by the company during 1991.
 Possible funding of the obligation is under review by the company.
 /delval/
 -0- 2/3/92
 /CONTACT: Joseph F. Spanier, vp and corporate controller of Quaker Chemical, 215-832-4000/
 (QCHM) CO: Quaker Chemical Corporation ST: Pennsylvania IN: CHM SU: ERP


MK-LJ -- PH021 -- 6157 02/03/92 11:49 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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