Quaker Chemical (KWR, Financial), a global leader in process fluids and lubricant solutions for a diverse set of industries, predominantly steel and metalworking, was the sector’s largest relative detractor. Quaker finally closed its long-delayed merger with Houghton in July and subsequently announced quarterly results that fell below expectations and provided pro forma guidance for 2021 that disappointed many investors.
From Chuck Royce (Trades, Portfolio)'s Royce Premier Fund fourth-quarter 2019 commentary.
