The chemical maker said the dividend will be payable July 31 to shareholders of record July 17.
The company also said it continues to see improvement in its second-quarter earnings compared with the first quarter and said customers General Motors Corp. and Chrysler have told the company they will pay pre-bankruptcy invoices, reducing Quaker's bad debt exposure.
Michael F. Barry, Chairman, Chief Executive Officer and President, commented, "As expected, we continue to see improvement in our second quarter earnings compared to the first quarter, primarily due to the actions taken as we reacted to significantly lower volumes in our markets. In addition, we have received favorable news relative to two of our customers, GM and Chrysler. While both customers filed for bankruptcy during the second quarter, we have been notified by each of them that our pre-bankruptcy invoices will be paid and, therefore, we anticipate having no or limited bad debt exposure."
Quaker Chemical Corporation is a leading global provider of process chemicals, chemical specialties, services, and technical expertise to a wide range of industries -- including steel, automotive, mining, aerospace, tube and pipe, coatings, and construction materials. Our products, technical solutions, and chemical management services enhance our customers' processes, improve their product quality, and lower their costs. Quaker's headquarters is located near Philadelphia in Conshohocken, Pennsylvania.
Disclosure I am Long KWR shares in my Basic Materials Folio.
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