Quaker Houghton, a producer of industrial fluids, agreed to acquire the operating division of Norman Hay, a specialty chemical manufacturer, for $97m. This transaction is consistent with Quaker Houghton's strategy to increase shareholder value through strategic "bolt-on" acquisitions that complement its existing business. "This acquisition represents an opportunity to add new technologies with good growth characteristics in attractive core market segments with high barriers to entry such as die-casting, automotive OEM and aerospace." Michael F. Barry, Quaker Houghton CEO.