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QUAKER CHEMICAL REACHES AGREEMENT IN PRINCIPLE WITH PETROLITE

 QUAKER CHEMICAL REACHES AGREEMENT IN PRINCIPLE WITH PETROLITE
 ST. LOUIS/CONSHOHOCKEN, Pa., May 6 /PRNewswire/ -- William E. Nasser, chairman, president and chief executive officer of Petrolite Corporation (NASDAQ: PLIT), and Peter A. Benoliel, chairman and chief executive officer of Quaker Chemical Corporation (NASDAQ: QCHM), today announced that their companies have reached an agreement in principle concerning Petrolite's acquisition of Quaker's SULFA-SCRUB(R) technology and business and concerning the business of Quaker's affiliated operation, Alpine Labs.
 The SULFA-SCRUB(R) technology provides for the removal of hydrogen sulfide and organic sulfides from liquid and gaseous streams. In the proposed transaction, Petrolite will service and sell products incorporating the technology in petroleum and gas-producing markets and certain other markets and will grant back to Quaker a license to sell products incorporating the technology in certain other markets not serviced by Petrolite. Alpine Labs provides service programs and sells chemical specialties to the petroleum industry.
 The terms of the proposed transaction were not disclosed. The transaction is subject to the signing of a definitive agreement, the approval of the boards of directors of both companies, and other conditions.
 /delval/
 -0- 5/6/92
 /CONTACT: Karl H. Spaeth, vp and corporate secretary of Quaker Chemical, 215-832-4000/
 (PLIT QCHM) CO: Quaker Chemical Corporation; Petrolite Corporation ST: Pennsylvania, Missouri IN: CHM SU:


MP-XX -- PH036 -- 7207 05/06/92 15:10 EDT
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Publication:PR Newswire
Date:May 6, 1992
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