Quaker Chemical Appoints New CEO

Pennsylvania-based industrial process fluids provider Quaker Chemical (KWR) has appointed Andrew Tometich as its new CEO and President, effective December 1. He will join the company in early October and also become a member of the Board of Directors starting December 1.

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Tometich will succeed Michael F. Barry, who will retire on December 31. Barry has been Quaker’s CEO and President for the last 13 years. Even after retirement, he will continue as the Chairman of the company’s Board.

Quaker Chemical produces process fluids for use in aluminum, steel, mining, automotive, aerospace, metalworking, can making, tube & pipe and other industrial processes. (See Quaker stock chart on TipRanks)

Barry said, “With his impressive accomplishments in growing complex global specialty chemical businesses, his strong strategic capabilities, and a passion for the customer-intimate approach, Andrew will be an excellent fit for Quaker Houghton.”

Tometich has worked across a variety of industries, including personal care, electronics, industrial manufacturing and processing, packaging, energy and transportation. He will join Quaker from adhesives manufacturing company H.B. Fuller Company (FUL), where he is serving as the Executive Vice-President of Hygiene, Health and Consumable Adhesives.

Furthermore, Quaker has made Joseph A. Berquist the Executive Vice-President, Chief Strategy Officer and Managing Director of Global Specialty Businesses.

Apart from overlooking the company’s strategic priorities, Berquist will also be responsible for leading Quaker’s digitization efforts, information technology, sustainability efforts and mergers and acquisitions. He will also oversee the company’s global specialty businesses.

Two months ago, Deutsche Bank analyst Katherine Griffin reiterated a Buy rating on Quaker with a price target of $300 (15.2% upside potential). The analyst expects the company to report earnings per share (EPS) of $1.88 in the third quarter.

Overall, the stock has a Moderate Buy consensus rating based on 1 Buy. The average Quaker Chemical price target of $300 implies upside potential of 15.2%. Shares of the company have gained 36.6% over the past year.