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QUAKER CHEMICAL REPORTS RESULTS

 QUAKER CHEMICAL REPORTS RESULTS
 CONSHOHOCKEN, Pa., Feb. 25 /PRNewswire/ -- Peter A. Benoliel,


chairman of the board of Quaker Chemical Corporation (NASDAQ: QCHM), a producer of industrial chemical specialty products, today announced operating results for the fourth quarter and 12 months ended Dec. 31, 1991.
 Benoliel noted that economic conditions in the company's major markets continued to deteriorate in the fourth quarter of 1991 aggravating operating results for the quarter and the year. He further commented that while signs of an economic upturn are not yet evident, programs focused on maintenance of profit margins and close control of costs should prove beneficial when production volumes at customers increase.
 The company also announced the early adoption of Financial Accounting Standards No. 109 (FAS 109), Accounting for Income Taxes. The cumulative effect of the adoption of FAS 109 was immaterial. The company's decision to record a one-time non-cash charge relating to health and life insurance benefits attributable to past service of retired and active employees was announced previously.
 QUAKER CHEMICAL CORPORATION
 (In thousands, except per-share figures)
 Fourth quarter 12 months
 1991 1990 1991 1990
 Net sales $45,856 $50,896 $191,051 $201,474
 Income before taxes 2,389 5,186 16,888 22,580
 Taxes on income 675 1,949 6,098 8,474
 Income before cumulative
 effect of change in
 accounting principle 1,714 3,237 10,790 14,106
 Cumulative effect of
 change in accounting
 for postretirement
 health and life
 insurance benefits --- --- 5,675 ---
 Net income 1,714 3,237 5,115 14,106
 Per share data:
 Income per share before
 cumulative effect of
 change in accounting
 principle $.19 $.36 $1.20 $1.51
 Cumulative effect of
 change in accounting
 for postretirement
 health and life
 insurance benefits --- --- $.63 ---
 Net income per share .19 .36 .57 1.51
 Based on weighted
 average number of
 shares outstanding 9,011,665 9,146,873 8,976,591 9,347,268
 /delval/
 -0- 2/25/92
 /CONTACT: Joseph F. Spanier, vp and corporate controller of Quaker Chemical, 215-832-4000/
 (QCHM) CO: Quaker Chemical Corporation ST: Pennsylvania IN: CHM SU: ERN


KA-MP -- PH018 -- 2446 02/25/92 14:55 EST
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Date:Feb 25, 1992
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