"The proposed combination of Quaker Chemical and Houghton International represents the next phase of our evolution, and stays true to the vision of growing in our core specialties," Quaker Chemical chairman and chief executive Michael F. Barry said in a statement. 

“Joining forces with Houghton International combines two highly complementary businesses, each having a long history of building tremendous expertise, technology and customer-centric cultures dedicated to delivering long-term sustainable value to customers, shareholders and associates. The new company will capitalize on best practices and expertise from both businesses."

The companies, both headquartered in the Philadelphia, Pa., USA, area, said the deal will give them one of the world’s most expansive offerings of metalworking fluids and will create significant cross-selling opportunities. Those offerings will include removal fluids, forming fluids, protecting fluids, heat treating fluids, industrial lubricants and greases.

Barry, who will oversee the combined companies, told investors that although Quaker and Houghton sell similar products, there is little overlap in production and customers. In fact, of their 15,000 total customers, most are "unique" to one or the other, Barry said, the news website Philly.com reported. 

The deal is to be finalized by the end of this year or early 2018.