AAK is selling its biolubricants business Binol to Quaker Chemical, a provider of process fluids and specialty chemicals.
The companies did not disclose the acquisition cost.
AAK’s Binol business provides vegetable-based lubricants in the Nordic countries and is already Quaker Chemical’s exclusive distributor in the region, primarily serving the metal working, sawmill, forestry and construction industries.
Binol and its 19 employees will remain at the Karlshamn, Sweden headquarters. Binol’s annul net sales are about SEK 100 million with an EBIT margin of 15 percent.
Quaker Chemical, headquartered in Conshohocken, Pennsylvania, had revenues of $729 million in 2013.
In other acquisition news, Ceco Environmental, a global environmental technology company focused on air pollution control, energy and fluid handling and filtration industries, this month announced it acquired Emtrol, which designs and manufactures fluid catalytic cracking and industrial cyclone technology, for $36 million.