Quaker Chemical Corp. will spend $19.8 million to triple production at its Middletown, Ohio, plant, which makes steel, cleaner and hydraulic fluids, the company said today.
The Conshohocken company also said it will transfer all production except for metalworking fluids to Middletown from its plant in Detroit.
About half of the expansion funds will come from industrial development bonds to be issued by the Butler County, Ohio, port authority. In addition, the company will receive a $3.5 million loan from the State of Ohio.
When the upgrade is completed, Quaker said, its cash flow will improve by $3 million annually, mostly attributable to lower manufacturing costs.