<SEC-DOCUMENT>0000081362-21-000011.txt : 20210624
<SEC-HEADER>0000081362-21-000011.hdr.sgml : 20210624
<ACCEPTANCE-DATETIME>20210624164624
ACCESSION NUMBER:		0000081362-21-000011
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210624
DATE AS OF CHANGE:		20210624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUAKER CHEMICAL CORP
		CENTRAL INDEX KEY:			0000081362
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRODUCTS OF PETROLEUM &  COAL [2990]
		IRS NUMBER:				230993790
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12019
		FILM NUMBER:		211043427

	BUSINESS ADDRESS:	
		STREET 1:		ONE QUAKER PARK
		STREET 2:		901 HECTOR STREET
		CITY:			CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		6108324000

	MAIL ADDRESS:	
		STREET 1:		ONE QUAKER PARK
		STREET 2:		901 HECTOR ST
		CITY:			CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>kwr202011k.htm
<DESCRIPTION>FORM 11-K
<TEXT>
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<div id="a0" style="position:absolute;font-size:2.72px;left:48px;top:47.9px;">&#160;</div><div id="a1" style="position:absolute;font-size:2.72px;left:48px;top:51px;">&#160;</div><div id="a2" style="position:absolute;font-size:10.72px;left:48px;top:54.4px;">&#160;</div><div id="a3" style="position:absolute;font-size:18.72px;font-weight:bold;left:333.507px;top:66.8px;">UNITED STATES </div><div id="a7" style="position:absolute;font-size:18.72px;font-weight:bold;left:207.067px;top:88.2px;">SECURITIES AND EXCHANGE COMMISSION </div><div id="a15" style="position:absolute;font-weight:bold;left:337.347px;top:109.7px;">Washington, D. C. 20549 </div><div id="a23" style="position:absolute;font-size:12px;left:48px;top:124.9px;"><div style="display:inline-block;width:3.04px">&#160;</div></div><div id="a25" style="position:absolute;font-size:2.72px;left:48px;top:138.3px;">&#160;</div><div id="a26" style="position:absolute;font-size:1.28px;left:48px;top:142.5px;">&#160;</div><div id="a27" style="position:absolute;font-size:2.72px;left:48px;top:143.9px;">&#160;</div><div id="a28" style="position:absolute;font-size:2.72px;left:48px;top:147.1px;">&#160;</div><div id="a29" style="position:absolute;font-size:10.72px;left:48px;top:150.4px;">&#160;</div><div id="a30" style="position:absolute;font-size:18.72px;font-weight:bold;left:357.507px;top:162.8px;">FORM 11-K </div><div id="a36" style="position:absolute;font-size:12px;left:48px;top:184.3px;"><div style="display:inline-block;width:3.04px">&#160;</div></div><div id="a38" style="position:absolute;font-size:2.72px;left:48px;top:197.7px;">&#160;</div><div id="a39" style="position:absolute;font-size:1.28px;left:48px;top:201.9px;">&#160;</div><div id="a40" style="position:absolute;font-size:2.72px;left:48px;top:203.3px;">&#160;</div><div id="a41" style="position:absolute;font-size:2.72px;left:48px;top:206.3px;">&#160;</div><div id="a42" style="position:absolute;font-size:12px;left:48px;top:209.7px;"><div style="display:inline-block;width:3.04px">&#160;</div></div><div id="a44" style="position:absolute;font-weight:bold;left:48px;top:223.6px;">[X] </div><div id="a46" style="position:absolute;font-weight:bold;left:84px;top:223.6px;">ANNUAL REPORT PURSUANT TO<div style="display:inline-block;width:4.77px">&#160;</div>SECTION 15(d) OF THE SECURITIES EXCHANGE<div style="display:inline-block;width:4.74px">&#160;</div>ACT OF 1934 </div><div id="a72" style="position:absolute;font-size:10.72px;font-weight:bold;left:327.107px;top:256.5px;">For the fiscal year ended December 31, 2020 </div><div id="a88" style="position:absolute;font-size:10.72px;font-weight:bold;left:408.067px;top:268.8px;">&#160;</div><div id="a89" style="position:absolute;font-size:10.72px;font-weight:bold;left:400.067px;top:281.1px;">OR </div><div id="a91" style="position:absolute;font-size:12px;left:48px;top:293.4px;"><div style="display:inline-block;width:3.04px">&#160;</div></div><div id="a93" style="position:absolute;font-weight:bold;left:48px;top:307.3px;">[<div style="display:inline-block;width:6.78px">&#160;</div>] </div><div id="a97" style="position:absolute;font-weight:bold;left:84px;top:307.3px;">TRANSITION REPORT PURSUANT TO<div style="display:inline-block;width:4.97px">&#160;</div>SECTION 15(d) OF THE SECURITIES EXCHANGE<div style="display:inline-block;width:4.74px">&#160;</div>ACT OF 1934 </div><div id="a123" style="position:absolute;font-size:16px;left:48px;top:340.2px;">&#160;</div><div id="a124" style="position:absolute;font-size:10.72px;font-weight:bold;left:87.552px;top:358.6px;">For the transition period from<div style="display:inline-block;width:37.01px">&#160;</div>to<div style="display:inline-block;width:34.59px">&#160;</div></div><div id="a140" style="position:absolute;font-size:10.72px;left:48px;top:370.8px;">&#160;</div><div id="a141" style="position:absolute;font-size:10.72px;font-weight:bold;left:327.587px;top:383.1px;">Commission file number 001-12019 </div><div id="a151" style="position:absolute;font-size:12px;left:48px;top:395.4px;"><div style="display:inline-block;width:3.04px">&#160;</div></div><div id="a153" style="position:absolute;font-size:2.72px;left:48px;top:408.8px;">&#160;</div><div id="a154" style="position:absolute;font-size:1.28px;left:48px;top:413px;">&#160;</div><div id="a155" style="position:absolute;font-size:2.72px;left:48px;top:414.4px;">&#160;</div><div id="a156" style="position:absolute;font-size:2.72px;left:48px;top:417.4px;">&#160;</div><div id="a157" style="position:absolute;font-size:12px;left:48px;top:421px;"><div style="display:inline-block;width:3.04px">&#160;</div></div><div id="a159" style="position:absolute;font-size:10.72px;font-weight:bold;left:48px;top:434.6px;">A. Full title of the plan and the address of the plan, if different from that of the issuer named below: </div><div id="a201" style="position:absolute;font-size:10.72px;left:48px;top:446.9px;">&#160;</div><div id="a202" style="position:absolute;font-size:22.72px;font-weight:bold;left:319.587px;top:459.3px;">Quaker Houghton<div style="display:inline-block;width:5.21px">&#160;</div></div><div id="a207" style="position:absolute;font-size:22.72px;font-weight:bold;left:288.387px;top:485.4px;">Retirement Savings Plan </div><div id="a214" style="position:absolute;font-size:10.72px;left:48px;top:511.4px;">&#160;</div><div id="a215" style="position:absolute;font-size:10.72px;font-weight:bold;left:48px;top:523.6px;">B. Name of issuer of the securities held pursuant to the plan and the address<div style="display:inline-block;width:1.22px">&#160;</div>of its principal executive office: </div><div id="a255" style="position:absolute;font-size:10.72px;left:48px;top:535.9px;">&#160;</div><div id="a256" style="position:absolute;font-size:10.72px;font-weight:bold;left:337.827px;top:548.2px;">Quaker Chemical Corporation </div><div id="a262" style="position:absolute;font-size:10.72px;font-weight:bold;left:367.107px;top:560.4px;">One Quaker Park </div><div id="a268" style="position:absolute;font-size:10.72px;font-weight:bold;left:361.827px;top:572.7px;">901 E. 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<div id="a288" style="position:absolute;font-size:14.72px;font-weight:bold;left:329.987px;top:48.3px;">QUAKER HOUGHTON<div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a293" style="position:absolute;font-size:14.72px;font-weight:bold;left:330.627px;top:67.7px;">Retirement Savings Plan </div><div id="a299" style="position:absolute;font-size:14.72px;font-weight:bold;left:350.307px;top:87.1px;">Table<div style="display:inline-block;width:5.04px">&#160;</div>of Contents<div style="display:inline-block;width:3.34px">&#160;</div></div><div id="a306" style="position:absolute;left:48px;top:106.6px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a308" style="position:absolute;font-weight:bold;left:667.013px;top:106.6px;">Page </div><div id="a311" style="position:absolute;font-weight:bold;left:657.093px;top:126.5px;">Number </div><div id="a313" style="position:absolute;color:#0000FF;left:48px;top:146.5px;"><a href="#a555" style="color:#0000FF;text-decoration:underline;">Report of Independent Registered Public Accounting<div style="display:inline-block;width:4.82px;text-decoration:underline">&#160;</div>Firm </a></div><div id="a327" style="position:absolute;left:677.413px;top:146.5px;">1 </div><div id="a329" style="position:absolute;left:48px;top:164.7px;"><a href="#a555" style="color:#000000;text-decoration:none;">Financial Statements</a></div><div id="a334" style="position:absolute;color:#0000FF;left:74.72px;top:183.9px;"><a href="#a1577" style="color:#0000FF;text-decoration:underline;">Statements of Net Assets Available<div style="display:inline-block;width:5.12px;text-decoration:underline">&#160;</div>for Benefits</a></div><div id="a348" style="position:absolute;left:677.413px;top:183.9px;">2 </div><div id="a350" style="position:absolute;color:#0000FF;left:74.72px;top:203.1px;"><a href="#a1801" style="color:#0000FF;text-decoration:underline;">Statements of Changes in Net Assets Available<div style="display:inline-block;width:5.3px;text-decoration:underline">&#160;</div>for Benefits</a></div><div id="a368" style="position:absolute;left:677.413px;top:203.1px;">3 </div><div id="a370" style="position:absolute;color:#0000FF;left:74.72px;top:222.3px;"><a href="#a2209" style="color:#0000FF;text-decoration:underline;">Notes to Financial Statements</a></div><div id="a378" style="position:absolute;left:671.813px;top:222.3px;">4-8 </div><div id="a382" style="position:absolute;left:48px;top:241.5px;">Additional Information* </div><div id="a387" style="position:absolute;color:#0000FF;left:74.72px;top:260.7px;"><a href="#a9132" style="color:#0000FF;text-decoration:underline;">Schedule I &#8211; Schedule of Assets (Held at End of Year)</a></div><div id="a409" style="position:absolute;left:677.413px;top:260.7px;">9 </div><div id="a411" style="position:absolute;left:48px;top:279.9px;"><div style="display:inline-block;width:13.44px">&#160;</div>*<div style="display:inline-block;width:10px">&#160;</div>Other supplemental schedules required by Section 2520.103-10<div style="display:inline-block;width:4.69px">&#160;</div>of the Department of Labor Rules and<div style="display:inline-block;width:4.06px">&#160;</div></div><div id="a446" style="position:absolute;left:48px;top:299.1px;"><div style="display:inline-block;width:30.24px">&#160;</div>Regulations for Reporting and Disclosure under ERISA have been<div style="display:inline-block;width:4.7px">&#160;</div>omitted because they are not applicable. </div><div id="a479" style="position:absolute;color:#0000FF;left:74.72px;top:318.3px;"><a href="#a9566" style="color:#0000FF;text-decoration:underline;">Signature</a></div><div id="a481" style="position:absolute;left:674.053px;top:318.3px;">10 </div><div id="a484" style="position:absolute;left:48px;top:337.6px;">Exhibits </div><div id="a487" style="position:absolute;color:#0000FF;left:74.72px;top:356.8px;"><a href="exhibit231.htm" style="color:#0000FF;text-decoration:underline;">Exhibit 23.1 &#8211; Consent of Independent Registered<div style="display:inline-block;width:4.71px;text-decoration:underline">&#160;</div>Public Accounting Firm</a></div></div>
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<div id="a509" style="position:absolute;left:48px;top:36.7px;">&#160;</div><div id="a510" style="position:absolute;left:404.707px;top:993.2px;">1 </div><div id="a512" style="position:absolute;font-weight:bold;left:240.987px;top:49.3px;">Report of Independent Registered Public Accounting<div style="display:inline-block;width:4.79px">&#160;</div>Firm </div><div id="a526" style="position:absolute;font-size:10.72px;left:48px;top:64.5px;">&#160;</div><div id="a527" style="position:absolute;left:48px;top:76.8px;">To the Plan<div style="display:inline-block;width:4.69px">&#160;</div>Administrator and Plan Participants of<div style="display:inline-block;width:4.03px">&#160;</div></div><div id="a544" style="position:absolute;left:48px;top:92.2px;">Quaker Houghton Retirement Savings Plan: </div><div id="a554" style="position:absolute;font-weight:bold;left:48px;top:107.6px;">&#160;</div><div id="a555" style="position:absolute;font-weight:bold;left:48px;top:123px;">Opinion on the Financial 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Reporting and Disclosure under the Employee Retirement Income<div style="display:inline-block;width:4.86px">&#160;</div>Security Act of </div><div id="a1485" style="position:absolute;left:48px;top:659.7px;">1974.<div style="display:inline-block;width:6.92px">&#160;</div>In our opinion, the supplemental information is fairly stated, in<div style="display:inline-block;width:4.75px">&#160;</div>all material respects, in relation to the financial statements as a </div><div id="a1529" style="position:absolute;left:48px;top:674.9px;">whole. </div><div id="a1531" style="position:absolute;left:48px;top:690.2px;">&#160;</div><div id="a1532" style="position:absolute;left:48px;top:705.6px;">We have served<div style="display:inline-block;width:4.93px">&#160;</div>as the Plan&#8217;s auditor since 2020. </div><div id="a1551" style="position:absolute;font-weight:bold;left:48px;top:720.9px;">&#160;</div><div id="a1552" style="position:absolute;left:48px;top:736.3px;">/s/ Baker Tilly US, LLP </div><div id="a1563" style="position:absolute;left:48px;top:751.5px;">&#160;</div><div id="a1564" style="position:absolute;left:48px;top:766.9px;">Philadelphia, Pennsylvania </div><div id="a1568" style="position:absolute;left:48px;top:782.3px;">June 24, 2021 </div></div>
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<div id="a2187" style="position:absolute;font-size:14.72px;font-weight:bold;left:350.787px;top:48.2px;">Quaker Houghton </div><div id="a2191" style="position:absolute;font-size:14.72px;font-weight:bold;left:330.627px;top:65px;">Retirement Savings Plan </div><div id="a2197" style="position:absolute;font-size:14.72px;font-weight:bold;left:314.787px;top:81.9px;">Notes to Financial Statements<div style="display:inline-block;width:3.11px">&#160;</div></div><div id="a2206" style="position:absolute;font-weight:bold;left:408.067px;top:98.9px;">&#160;</div><div id="a2207" style="position:absolute;left:404.707px;top:993.2px;">4 </div><div id="a2209" style="position:absolute;font-weight:bold;left:48px;top:114.3px;">NOTE 1 &#8211; DESCRIPTION OF PLAN </div><div id="a2221" style="position:absolute;left:48px;top:137.7px;">The following description of the Quaker Houghton<div style="display:inline-block;width:4.72px">&#160;</div>Retirement Savings Plan (the &#8220;Plan&#8221;) (formerly the &#8220;Quaker<div style="display:inline-block;width:4.73px">&#160;</div>Chemical Corporation </div><div id="a2255" style="position:absolute;left:48px;top:153px;">Retirement Savings Plan&#8221;) provides only general<div style="display:inline-block;width:4.7px">&#160;</div>information.<div style="display:inline-block;width:6.94px">&#160;</div>The Plan document provides a complete description<div style="display:inline-block;width:4.53px">&#160;</div>of the Plan&#8217;s </div><div id="a2291" style="position:absolute;left:48px;top:168.4px;">provisions. </div><div id="a2293" style="position:absolute;font-style:italic;left:48px;top:191.6px;">General </div><div id="a2295" style="position:absolute;left:48px;top:215px;">The Plan is a defined contribution plan for certain U.S. employees<div style="display:inline-block;width:4.88px">&#160;</div>of Quaker Chemical Corporation (doing business as Quaker </div><div id="a2335" style="position:absolute;left:48px;top:230.3px;">Houghton) (the &#8220;Company&#8221;) and participating employer<div style="display:inline-block;width:1.47px">&#160;</div>s<div style="display:inline-block;width:3.31px">&#160;</div>(AC Products, Inc. (&#8220;AC&#8221;), Epmar Corporation (&#8220;Epmar&#8221;), Summit </div><div id="a2364" style="position:absolute;left:48px;top:245.7px;">Lubricants, Inc. (&#8220;Summit&#8221;), ECLI Products, LLC (&#8220;ECLI&#8221;),<div style="display:inline-block;width:4.7px">&#160;</div>Houghton International Inc. (&#8220;Houghton&#8221;), and Wallover<div style="display:inline-block;width:5.64px">&#160;</div>Oil Company, </div><div id="a2395" style="position:absolute;left:48px;top:260.9px;">Inc. (&#8220;Wallover&#8221;)).<div style="display:inline-block;width:8.35px">&#160;</div>The Plan is administered by the Retirement Savings Plan Committee<div style="display:inline-block;width:1.37px">&#160;</div>,<div style="display:inline-block;width:3.24px">&#160;</div>which is appointed by the Company&#8217;s<div style="display:inline-block;width:5.04px">&#160;</div>Board </div><div id="a2435" style="position:absolute;left:48px;top:276.2px;">of Directors, and is subject to the Employee Retirement Income<div style="display:inline-block;width:4.89px">&#160;</div>Security Act of 1974 (&#8220;ERISA&#8221;).<div style="display:inline-block;width:7.37px">&#160;</div></div><div id="a2467" style="position:absolute;left:48px;top:299.6px;">Employees of the Company and adopting affiliates<div style="display:inline-block;width:4.75px">&#160;</div>are eligible to participate in the Plan on their first day<div style="display:inline-block;width:4.76px">&#160;</div>of employment or as soon as </div><div id="a2517" style="position:absolute;left:48px;top:315px;">administratively practicable thereafter,<div style="display:inline-block;width:4.95px">&#160;</div>unless specified differently in any bargaining<div style="display:inline-block;width:4.8px">&#160;</div>unit agreement.<div style="display:inline-block;width:3.64px">&#160;</div></div><div id="a2540" style="position:absolute;font-style:italic;left:48px;top:338.4px;">Plan Amendments </div><div id="a2545" style="position:absolute;left:48px;top:361.7px;">Effective January 1, 2020, the Plan was amended<div style="display:inline-block;width:4.93px">&#160;</div>and restated as the &#8220;Quaker Houghton Retirement Savings Plan&#8221;<div style="display:inline-block;width:4.78px">&#160;</div>(the &#8220;2020 </div><div id="a2583" style="position:absolute;left:48px;top:376.9px;">Restatement&#8221;), merging the Houghton International<div style="display:inline-block;width:4.86px">&#160;</div>Inc. Tax Advantaged<div style="display:inline-block;width:4.75px">&#160;</div>Capital Accumulation Plan and the Wallover<div style="display:inline-block;width:5.38px">&#160;</div>Enterprises </div><div id="a2613" style="position:absolute;left:48px;top:392.3px;">Inc. Profit Sharing Plan and Trust into<div style="display:inline-block;width:4.78px">&#160;</div>the Plan.<div style="display:inline-block;width:7.01px">&#160;</div>The 2020 Restatement changed the Plan to: (i) incorporate amendments<div style="display:inline-block;width:4.72px">&#160;</div>adopted after </div><div id="a2655" style="position:absolute;left:48px;top:407.6px;">the 2016 Restatement; (ii) add Houghton and Wallover<div style="display:inline-block;width:5.8px">&#160;</div>as participating employers in the Plan; (iii) clarify the definition<div style="display:inline-block;width:4.74px">&#160;</div>of </div><div id="a2694" style="position:absolute;left:48px;top:423px;">compensation; (iv) increase the deferral limitation<div style="display:inline-block;width:4.6px">&#160;</div>from 50% to 75% of compensation; (v) increase the automatic<div style="display:inline-block;width:4.8px">&#160;</div>enrollment </div><div id="a2728" style="position:absolute;left:48px;top:438.4px;">percentage to 6% of compensation with automatic<div style="display:inline-block;width:4.7px">&#160;</div>increases up to 10% of compensation;<div style="display:inline-block;width:4.06px">&#160;</div>(vi) permit hardship withdrawals for all </div><div id="a2767" style="position:absolute;left:48px;top:453.7px;">vested amounts; (vii) permit qualified reservist distributions<div style="display:inline-block;width:4.77px">&#160;</div>and deemed severance distributions; and (viii) increase involuntary<div style="display:inline-block;width:4.91px">&#160;</div>cash-</div><div id="a2799" style="position:absolute;left:48px;top:469.1px;">outs to $5,000 or less (with automatic rollovers above<div style="display:inline-block;width:4.63px">&#160;</div>$1,000).<div style="display:inline-block;width:3.42px">&#160;</div></div><div id="a2820" style="position:absolute;left:48px;top:492.3px;">Effective March 1, 2020 pursuant to Amendment<div style="display:inline-block;width:4.92px">&#160;</div>No. 1 to the 2020 Restatement, the Plan was amended to<div style="display:inline-block;width:4.81px">&#160;</div>automatically enroll </div><div id="a2860" style="position:absolute;left:48px;top:507.6px;">eligible employees hired on or after March 1, 2020<div style="display:inline-block;width:4.64px">&#160;</div>as of the first pay date on or after the 30th day after their<div style="display:inline-block;width:4.66px">&#160;</div>hire date.<div style="display:inline-block;width:6.76px">&#160;</div></div><div id="a2912" style="position:absolute;left:48px;top:531px;">Effective February 10, 2020 pursuant to Amendment<div style="display:inline-block;width:5px">&#160;</div>No. 2 to the 2020 Restatement, the Plan was amended to clarify<div style="display:inline-block;width:4.76px">&#160;</div>eligibility for </div><div id="a2955" style="position:absolute;left:48px;top:546.4px;">nonelective contributions for certain collectively bargained<div style="display:inline-block;width:5.23px">&#160;</div>employees.<div style="display:inline-block;width:6.8px">&#160;</div></div><div id="a2970" style="position:absolute;left:48px;top:569.7px;">Effective April 17, 2020 pursuant to Amendment<div style="display:inline-block;width:4.9px">&#160;</div>No. 3 to the 2020 Restatement, the Plan was amended to<div style="display:inline-block;width:4.65px">&#160;</div>permit matching </div><div id="a3010" style="position:absolute;left:48px;top:584.9px;">contributions and nonelective contributions to be<div style="display:inline-block;width:4.7px">&#160;</div>made in cash or in Company common stock, in the sole discretion<div style="display:inline-block;width:4.89px">&#160;</div>of the Retirement </div><div id="a3052" style="position:absolute;left:48px;top:600.3px;">Savings Plan Committee. </div><div id="a3058" style="position:absolute;font-style:italic;left:48px;top:623.7px;">Contributions </div><div id="a3060" style="position:absolute;left:48px;top:647px;">Participants may elect to contribute on a before-tax<div style="display:inline-block;width:4.78px">&#160;</div>and/or after-tax basis any whole percentage of their compensation<div style="display:inline-block;width:5.07px">&#160;</div>as defined,<div style="display:inline-block;width:3.44px">&#160;</div>up to </div><div id="a3107" style="position:absolute;left:48px;top:662.4px;">75%,<div style="display:inline-block;width:3.54px">&#160;</div>during the year, not to exceed the<div style="display:inline-block;width:4.83px">&#160;</div>annual Internal Revenue Code (&#8220;IRC&#8221;) limits.<div style="display:inline-block;width:7.42px">&#160;</div>At the discretion of the Retirement Savings </div><div id="a3152" style="position:absolute;left:48px;top:677.6px;">Plan Committee,<div style="display:inline-block;width:3.72px">&#160;</div>the Plan matches 50% of the first 6% of compensation<div style="display:inline-block;width:4.74px">&#160;</div>as defined that is contributed to the Plan, with a maximum </div><div id="a3199" style="position:absolute;left:48px;top:692.9px;">matching contribution of 3% of compensation.<div style="display:inline-block;width:7.91px">&#160;</div>No changes were made to the discretionary matching provision<div style="display:inline-block;width:4.8px">&#160;</div>during 2020 or 2019, </div><div id="a3241" style="position:absolute;left:48px;top:708.3px;">except as provided in Amendment No. 3 as described<div style="display:inline-block;width:4.79px">&#160;</div>above.<div style="display:inline-block;width:6.73px">&#160;</div>In addition, the Plan provides for non-elective nondiscret<div style="display:inline-block;width:1.4px">&#160;</div>ionary </div><div id="a3282" style="position:absolute;left:48px;top:723.7px;">contributions on behalf of participants who have<div style="display:inline-block;width:4.73px">&#160;</div>completed one year of service equal to 3% of the eligible participant&apos;s compensation<div style="display:inline-block;width:1.98px">&#160;</div>, </div><div id="a3323" style="position:absolute;left:48px;top:739px;">as defined.<div style="display:inline-block;width:3.63px">&#160;</div></div><div id="a3328" style="position:absolute;left:48px;top:762.4px;">The Company&#8217;s Board<div style="display:inline-block;width:4.75px">&#160;</div>of Directors (and AC&#8217;s Board of<div style="display:inline-block;width:4.71px">&#160;</div>Directors with respect to AC participants) reserves the right to<div style="display:inline-block;width:4.79px">&#160;</div>make future </div><div id="a3372" style="position:absolute;left:48px;top:777.6px;">discretionary non-elective contributions, which are allocated<div style="display:inline-block;width:4.76px">&#160;</div>on the basis of eligible participants&#8217; compensation, as defined.<div style="display:inline-block;width:8.26px">&#160;</div>Upon </div><div id="a3407" style="position:absolute;left:48px;top:793px;">completing one year of service, an eligible participant is eligible<div style="display:inline-block;width:4.84px">&#160;</div>to receive discretionary non-elective contributions on the first<div style="display:inline-block;width:4.72px">&#160;</div>day of </div><div id="a3449" style="position:absolute;left:48px;top:808.3px;">the month coinciding with or following the date on<div style="display:inline-block;width:4.71px">&#160;</div>which the participant meets the one year of service requirement<div style="display:inline-block;width:1.4px">&#160;</div>.<div style="display:inline-block;width:6.76px">&#160;</div>Epmar, Summit </div><div id="a3493" style="position:absolute;left:48px;top:823.7px;">and ECLI participants are not eligible for discretionary<div style="display:inline-block;width:4.7px">&#160;</div>non-elective contributions.<div style="display:inline-block;width:3.75px">&#160;</div></div><div id="a3516" style="position:absolute;left:48px;top:847.1px;">Participants who are eligible to make contributions and<div style="display:inline-block;width:4.8px">&#160;</div>who have or will attain age 50 before the end of the Plan year are eligible<div style="display:inline-block;width:4.86px">&#160;</div>to </div><div id="a3566" style="position:absolute;left:48px;top:862.4px;">make catch-up contributions in accordance with, and<div style="display:inline-block;width:4.73px">&#160;</div>subject to, the limitations of IRC Section 414(v).<div style="display:inline-block;width:7.77px">&#160;</div>No Company matching </div><div id="a3606" style="position:absolute;left:48px;top:877.8px;">contributions are made with respect to catch-up contributions.</div></div>
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<div id="a3624" style="position:absolute;font-size:14.72px;font-weight:bold;left:350.787px;top:48.2px;">Quaker Houghton </div><div id="a3628" style="position:absolute;font-size:14.72px;font-weight:bold;left:330.627px;top:65px;">Retirement Savings Plan </div><div id="a3634" style="position:absolute;font-size:14.72px;font-weight:bold;left:275.747px;top:81.9px;">Notes to Financial Statements - Continued </div><div id="a3646" style="position:absolute;font-weight:bold;left:408.067px;top:98.9px;">&#160;</div><div id="a3647" style="position:absolute;left:404.707px;top:993.2px;">5 </div><div id="a3649" style="position:absolute;left:48px;top:114.3px;">Beginning with the first pay date on or after April 17,<div style="display:inline-block;width:4.68px">&#160;</div>2020 and continuing until the first pay date on or after<div style="display:inline-block;width:4.73px">&#160;</div>April 1, 2021, the </div><div id="a3702" style="position:absolute;left:48px;top:129.7px;">Company matched both non-elective and elective contributions<div style="display:inline-block;width:4.86px">&#160;</div>in shares of the Company&#8217;s common<div style="display:inline-block;width:5.01px">&#160;</div>stock rather than cash.<div style="display:inline-block;width:7.06px">&#160;</div>The </div><div id="a3742" style="position:absolute;left:48px;top:145px;">Company made non-cash contributions of approximately<div style="display:inline-block;width:4.64px">&#160;</div>$3,111,977 for the year ended December<div style="display:inline-block;width:4.93px">&#160;</div>31, 2020.<div style="display:inline-block;width:6.88px">&#160;</div>There were no non-cash </div><div id="a3787" style="position:absolute;left:48px;top:160.4px;">contributions made by the Company during the year ended<div style="display:inline-block;width:4.7px">&#160;</div>December 31, 2019.<div style="display:inline-block;width:3.87px">&#160;</div></div><div id="a3812" style="position:absolute;font-style:italic;left:48px;top:183.6px;">Participant Accounts </div><div id="a3816" style="position:absolute;left:48px;top:207px;">Each participant&#8217;s account<div style="display:inline-block;width:4.87px">&#160;</div>is credited or deducted with the participant&#8217;s<div style="display:inline-block;width:4.86px">&#160;</div>contribution and any applicable direct expenses and allocation </div><div id="a3853" style="position:absolute;left:48px;top:222.3px;">of the Company&#8217;s contributions<div style="display:inline-block;width:4.84px">&#160;</div>and any Plan earnings and losses.<div style="display:inline-block;width:7.39px">&#160;</div>Allocations are based on participant earnings, account balances,<div style="display:inline-block;width:4.93px">&#160;</div>or </div><div id="a3891" style="position:absolute;left:48px;top:237.7px;">specific participation transactions, as defined.<div style="display:inline-block;width:7.83px">&#160;</div>The benefit to which a participant is entitled is the benefit<div style="display:inline-block;width:4.77px">&#160;</div>that can be provided from the </div><div id="a3935" style="position:absolute;left:48px;top:253px;">participant&#8217;s vested account<div style="display:inline-block;width:4.85px">&#160;</div>balance. </div><div id="a3943" style="position:absolute;font-style:italic;left:48px;top:276.2px;">Participant Notes Receivable </div><div id="a3949" style="position:absolute;left:48px;top:299.6px;">Participants may borrow from their fund accounts (other<div style="display:inline-block;width:4.73px">&#160;</div>than amounts invested in the Company Stock Fund) an amount<div style="display:inline-block;width:4.88px">&#160;</div>limited to the </div><div id="a3991" style="position:absolute;left:48px;top:315px;">lesser of $50,000 or 50% of the participant&#8217;s<div style="display:inline-block;width:5.16px">&#160;</div>vested account balance.<div style="display:inline-block;width:7.23px">&#160;</div>The loans bear interest at a rate equal to the prevailing rate of </div><div id="a4040" style="position:absolute;left:48px;top:330.4px;">interest charged for similar loans by lending<div style="display:inline-block;width:4.8px">&#160;</div>institutions in the community (generally the prime rate), plus<div style="display:inline-block;width:4.78px">&#160;</div>1%.<div style="display:inline-block;width:6.66px">&#160;</div>The term of each </div><div id="a4082" style="position:absolute;left:48px;top:345.7px;">participant loan generally may not exceed five years except<div style="display:inline-block;width:4.77px">&#160;</div>for the purchase of principal residence loans.<div style="display:inline-block;width:7.73px">&#160;</div>Interest rates on outstanding </div><div id="a4123" style="position:absolute;left:48px;top:360.9px;">participant notes receivable at December 31, 2020 ranged<div style="display:inline-block;width:4.74px">&#160;</div>from 4.25% to 6.50%.<div style="display:inline-block;width:7.28px">&#160;</div>Principal and interest are paid ratably through </div><div id="a4161" style="position:absolute;left:48px;top:376.3px;">periodic payroll deductions.<div style="display:inline-block;width:7.24px">&#160;</div>Loan application fees and annual maintenance fees on<div style="display:inline-block;width:4.83px">&#160;</div>all outstanding loans are paid by the participant. </div><div id="a4199" style="position:absolute;left:48px;top:399.6px;">Additionally, pursuant<div style="display:inline-block;width:4.9px">&#160;</div>to the Coronavirus Aid, Relief and Economic Security Act (&#8220;CARES<div style="display:inline-block;width:4.73px">&#160;</div>Act&#8221;), for participants who are: (i) </div><div id="a4235" style="position:absolute;left:48px;top:415px;">&#8220;qualified individuals&#8221; as defined in the CARES Act, and (ii)<div style="display:inline-block;width:4.77px">&#160;</div>have a Plan loan outstanding on or after March 27, 2020,<div style="display:inline-block;width:4.69px">&#160;</div>payments on </div><div id="a4281" style="position:absolute;left:48px;top:430.4px;">the loan that are due during the period beginning<div style="display:inline-block;width:4.7px">&#160;</div>March 27, 2020 and ending on December 31, 2020, may be delayed<div style="display:inline-block;width:4.84px">&#160;</div>for one year.<div style="display:inline-block;width:4.3px">&#160;</div></div><div id="a4329" style="position:absolute;left:48px;top:445.7px;">The Plan has not yet been amended to provide for this CARES<div style="display:inline-block;width:4.78px">&#160;</div>Act change; the deadline to amend the Plan for CARES Act<div style="display:inline-block;width:4.73px">&#160;</div>changes is </div><div id="a4379" style="position:absolute;left:48px;top:461.1px;">December 31, 2022. </div><div id="a4385" style="position:absolute;font-style:italic;left:48px;top:484.3px;">Payment of Benefits </div><div id="a4391" style="position:absolute;left:48px;top:509.9px;">Generally, upon<div style="display:inline-block;width:4.77px">&#160;</div>separation of service, for any reason, a participant may receive<div style="display:inline-block;width:4.72px">&#160;</div>a lump sum amount equal to the value of the </div><div id="a4435" style="position:absolute;left:48px;top:525.2px;">participant&#8217;s account.<div style="display:inline-block;width:8.05px">&#160;</div>In addition, a participant may elect to take an in-service distribution<div style="display:inline-block;width:4.74px">&#160;</div>from their rollover account prior to </div><div id="a4477" style="position:absolute;left:48px;top:540.6px;">reaching age 59 &#189;, and from all accounts upon reaching<div style="display:inline-block;width:4.89px">&#160;</div>age 59 &#189;.<div style="display:inline-block;width:6.77px">&#160;</div>If a 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<div id="a5021" style="position:absolute;font-size:14.72px;font-weight:bold;left:350.787px;top:48.2px;">Quaker Houghton </div><div id="a5025" style="position:absolute;font-size:14.72px;font-weight:bold;left:330.627px;top:65px;">Retirement Savings Plan </div><div id="a5031" style="position:absolute;font-size:14.72px;font-weight:bold;left:275.747px;top:81.9px;">Notes to Financial Statements - Continued </div><div id="a5043" style="position:absolute;font-weight:bold;left:408.067px;top:98.9px;">&#160;</div><div id="a5044" style="position:absolute;left:404.707px;top:993.2px;">6 </div><div id="a5046" style="position:absolute;font-style:italic;left:48px;top:114.3px;">Use of Estimates </div><div id="a5052" style="position:absolute;left:48px;top:137.7px;">The preparation of financial statements in conformity<div style="display:inline-block;width:4.76px">&#160;</div>with accounting principles generally accepted in the United States of<div style="display:inline-block;width:4.86px">&#160;</div>America </div><div id="a5088" style="position:absolute;left:48px;top:153px;">requires management to make estimates and assumptions that<div style="display:inline-block;width:4.79px">&#160;</div>affect the reported amounts of assets, liabilities, and<div style="display:inline-block;width:4.9px">&#160;</div>changes therein, </div><div id="a5124" style="position:absolute;left:48px;top:168.2px;">and disclosure of contingent assets and liabilities.<div style="display:inline-block;width:7.83px">&#160;</div>The most significant estimate is the determination<div style="display:inline-block;width:4.73px">&#160;</div>of the fair values of the Plan&#8217;s </div><div id="a5167" style="position:absolute;left:48px;top:183.6px;">investments.<div style="display:inline-block;width:7.03px">&#160;</div>Actual results could differ from those estimates. </div><div id="a5183" style="position:absolute;font-style:italic;left:48px;top:207px;">Administration of Plan Assets </div><div id="a5191" style="position:absolute;left:48px;top:230.3px;">The Plan&#8217;s assets are held<div style="display:inline-block;width:4.7px">&#160;</div>by a collective trust managed by an affiliate of<div style="display:inline-block;width:4.77px">&#160;</div>Vanguard<div style="display:inline-block;width:4.95px">&#160;</div>Fiduciary Trust Company (&#8220;VFTC&#8221;), which<div style="display:inline-block;width:4.7px">&#160;</div>acts </div><div id="a5233" style="position:absolute;left:48px;top:245.7px;">as the Trustee for Plan investments.<div style="display:inline-block;width:8.05px">&#160;</div>Certain administrative functions are performed by officers<div style="display:inline-block;width:4.79px">&#160;</div>or employees of the Company.<div style="display:inline-block;width:8.4px">&#160;</div>No </div><div id="a5271" style="position:absolute;left:48px;top:260.9px;">such officer or employee receives compensation<div style="display:inline-block;width:4.68px">&#160;</div>from the Plan.<div style="display:inline-block;width:7.11px">&#160;</div>Substantially all administrative expenses, including the Trustee&#8217;s<div style="display:inline-block;width:5.93px">&#160;</div>and </div><div id="a5305" style="position:absolute;left:48px;top:276.2px;">audit fees, are paid directly by the Company and<div style="display:inline-block;width:4.7px">&#160;</div>are therefore excluded from these financial statements.<div style="display:inline-block;width:4.35px">&#160;</div></div><div id="a5338" style="position:absolute;font-style:italic;left:48px;top:299.6px;">Investment Valuation<div style="display:inline-block;width:5.39px">&#160;</div>and Income Recognition </div><div id="a5349" style="position:absolute;left:48px;top:323px;">The Plan&#8217;s investments are<div style="display:inline-block;width:4.82px">&#160;</div>recorded at fair value.<div style="display:inline-block;width:7.22px">&#160;</div>Fair value is the price that would be received to sell an<div style="display:inline-block;width:4.73px">&#160;</div>asset or paid to transfer a </div><div id="a5401" style="position:absolute;left:48px;top:338.4px;">liability in an orderly transaction between market participants at<div style="display:inline-block;width:4.71px">&#160;</div>the measurement date.<div style="display:inline-block;width:7.33px">&#160;</div>Plan management determines the Plan&#8217;s </div><div id="a5435" style="position:absolute;left:48px;top:353.7px;">valuation policies utilizing information provided by the<div style="display:inline-block;width:4.79px">&#160;</div>Trustee.<div style="display:inline-block;width:7.09px">&#160;</div>Refer to Note 4 &#8211; Fair Value<div style="display:inline-block;width:5.4px">&#160;</div>Measures for further information. </div><div id="a5474" style="position:absolute;left:48px;top:376.9px;">Purchases and sales of investments are recorded on a trade-date<div style="display:inline-block;width:4.75px">&#160;</div>basis.<div style="display:inline-block;width:6.76px">&#160;</div>Net appreciation in fair value of investments includes gains<div style="display:inline-block;width:4.71px">&#160;</div>and </div><div id="a5519" style="position:absolute;left:48px;top:392.3px;">losses on investments bought and sold during the year as well<div style="display:inline-block;width:4.7px">&#160;</div>as unrealized gains and losses on those held at year<div style="display:inline-block;width:4.76px">&#160;</div>end.<div style="display:inline-block;width:6.63px">&#160;</div>Interest </div><div id="a5565" style="position:absolute;left:48px;top:407.6px;">income is accrued when earned.<div style="display:inline-block;width:7.49px">&#160;</div>Dividend income is recorded on the ex-dividend date.<div style="display:inline-block;width:8.08px">&#160;</div>Capital gain distributions are included in </div><div id="a5606" style="position:absolute;left:48px;top:423px;">dividend income. </div><div id="a5610" style="position:absolute;left:48px;top:446.4px;">Net investment returns reflect certain fees paid by<div style="display:inline-block;width:4.71px">&#160;</div>the investment funds, which include costs for portfolio management,<div style="display:inline-block;width:4.87px">&#160;</div>administrative </div><div id="a5646" style="position:absolute;left:48px;top:461.7px;">and other services as described in each fund&#8217;s<div style="display:inline-block;width:5.16px">&#160;</div>prospectus.<div style="display:inline-block;width:6.76px">&#160;</div>These fees are deducted by the investment funds prior to<div style="display:inline-block;width:4.8px">&#160;</div>allocation of the </div><div id="a5691" style="position:absolute;left:48px;top:477.1px;">Plan&#8217;s investment earnings<div style="display:inline-block;width:4.86px">&#160;</div>activity and are therefore not separately identified as Plan expenses. </div><div id="a5717" style="position:absolute;font-style:italic;left:48px;top:500.3px;">Participant Notes Receivable </div><div id="a5724" style="position:absolute;left:48px;top:523.6px;">Notes receivable from participants are measured at<div style="display:inline-block;width:4.73px">&#160;</div>their unpaid principal balance plus any accrued but unpaid interest.<div style="display:inline-block;width:8.01px">&#160;</div>Interest </div><div id="a5760" style="position:absolute;left:48px;top:539px;">income is recorded on the accrual basis.<div style="display:inline-block;width:7.56px">&#160;</div>No allowance for credit losses was recorded as of December<div style="display:inline-block;width:4.78px">&#160;</div>31, 2020 or 2019.<div style="display:inline-block;width:6.94px">&#160;</div>Delinquent </div><div id="a5805" style="position:absolute;left:48px;top:554.4px;">notes receivable from participants are recorded as a benefit<div style="display:inline-block;width:4.59px">&#160;</div>payment when the Plan Administrator deems the participant<div style="display:inline-block;width:4.74px">&#160;</div>note </div><div id="a5841" style="position:absolute;left:48px;top:569.7px;">receivable to be in default based on the terms of the Plan<div style="display:inline-block;width:4.71px">&#160;</div>document.<div style="display:inline-block;width:3.51px">&#160;</div></div><div id="a5869" style="position:absolute;font-style:italic;left:48px;top:593.1px;">Payment of Benefits </div><div id="a5875" style="position:absolute;left:48px;top:616.3px;">Benefits are recorded when paid. </div><div id="a5885" style="position:absolute;font-weight:bold;left:48px;top:639.7px;">NOTE 3 &#8211; 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<div id="a6302" style="position:absolute;font-size:14.72px;font-weight:bold;left:350.787px;top:48.2px;">Quaker Houghton </div><div id="a6306" style="position:absolute;font-size:14.72px;font-weight:bold;left:330.627px;top:65px;">Retirement Savings Plan </div><div id="a6312" style="position:absolute;font-size:14.72px;font-weight:bold;left:275.747px;top:81.9px;">Notes to Financial Statements - Continued </div><div id="a6324" style="position:absolute;font-weight:bold;left:408.067px;top:98.9px;">&#160;</div><div id="a6325" style="position:absolute;left:404.707px;top:993.2px;">7 </div><div id="a6327" style="position:absolute;font-weight:bold;left:48px;top:114.3px;">NOTE 4 &#8211; FAIR VALUE<div style="display:inline-block;width:6.62px">&#160;</div>MEASURES </div><div id="a6339" style="position:absolute;left:48px;top:137.7px;">The Plan applies the guidance of the Financial Accounting<div style="display:inline-block;width:4.98px">&#160;</div>Standards Board regarding fair value measurements, 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<div id="a7860" style="position:absolute;font-size:14.72px;font-weight:bold;left:350.787px;top:48.2px;">Quaker Houghton </div><div id="a7864" style="position:absolute;font-size:14.72px;font-weight:bold;left:330.627px;top:65px;">Retirement Savings Plan </div><div id="a7870" style="position:absolute;font-size:14.72px;font-weight:bold;left:275.747px;top:81.9px;">Notes to Financial Statements - Continued </div><div id="a7882" style="position:absolute;font-weight:bold;left:408.067px;top:98.9px;">&#160;</div><div id="a7883" style="position:absolute;left:404.707px;top:993.2px;">8 </div><div id="a7885" style="position:absolute;left:48px;top:114.3px;">As of December 31, 2020 and 2019, the Plan&#8217;s<div style="display:inline-block;width:5.34px">&#160;</div>investments measured at fair value on a recurring basis were as follows: </div><div id="a7934" style="position:absolute;font-weight:bold;left:492.893px;top:138px;">Fair Value<div style="display:inline-block;width:4.84px">&#160;</div>Measurements at December 31, 2020 </div><div id="a7939" style="position:absolute;font-weight:bold;left:414.307px;top:154px;">Total </div><div id="a7942" style="position:absolute;font-weight:bold;left:550.173px;top:154px;">Using Fair Value<div style="display:inline-block;width:4.93px">&#160;</div>Hierarchy </div><div id="a7945" style="position:absolute;left:48.96px;top:170.3px;">Investments </div><div id="a7947" style="position:absolute;font-weight:bold;left:398.947px;top:170.3px;">Fair Value </div><div id="a7950" style="position:absolute;font-weight:bold;left:510.013px;top:170.3px;">Level 1 </div><div id="a7953" style="position:absolute;font-weight:bold;left:610.053px;top:170.3px;">Level 2 </div><div id="a7956" style="position:absolute;font-weight:bold;left:709.093px;top:170.3px;">Level 3 </div><div id="a7958" style="position:absolute;left:48.96px;top:186.3px;">Registered investment companies </div><div id="a7960" style="position:absolute;left:386.947px;top:186.3px;">$ </div><div id="a7962" style="position:absolute;left:405.347px;top:186.3px;">184,684,138 </div><div id="a7965" style="position:absolute;left:488.093px;top:186.3px;">$ </div><div id="a7967" style="position:absolute;left:506.493px;top:186.3px;">184,684,138 </div><div id="a7970" style="position:absolute;left:589.053px;top:186.3px;">$ </div><div id="a7972" style="position:absolute;left:659.013px;top:186.3px;">&#8212; </div><div id="a7975" style="position:absolute;left:688.133px;top:186.3px;">$ </div><div id="a7977" style="position:absolute;left:758.053px;top:186.3px;">&#8212; </div><div id="a7979" style="position:absolute;left:48.96px;top:202.8px;">Quaker Chemical Corporation stock fund </div><div id="a7982" style="position:absolute;left:412.067px;top:202.8px;">47,182,901 </div><div id="a7986" style="position:absolute;left:513.213px;top:202.8px;">47,182,901 </div><div id="a7990" style="position:absolute;left:659.013px;top:202.8px;">&#8212; </div><div id="a7994" style="position:absolute;left:758.053px;top:202.8px;">&#8212; </div><div id="a7996" style="position:absolute;left:48.96px;top:220.4px;">Participant-directed brokerage accounts </div><div id="a8002" style="position:absolute;left:418.787px;top:220.4px;">2,690,706 </div><div id="a8006" style="position:absolute;left:519.933px;top:220.4px;">2,690,706 </div><div id="a8010" style="position:absolute;left:659.013px;top:220.4px;">&#8212; </div><div id="a8014" style="position:absolute;left:758.053px;top:220.4px;">&#8212; </div><div id="a8017" style="position:absolute;left:64px;top:238.3px;">Total investments<div style="display:inline-block;width:4.7px">&#160;</div>in fair value hierarchy </div><div id="a8020" style="position:absolute;left:386.947px;top:238.3px;">$ </div><div id="a8022" style="position:absolute;left:405.347px;top:238.3px;">234,557,745 </div><div id="a8025" style="position:absolute;left:488.093px;top:238.3px;">$ </div><div id="a8027" style="position:absolute;left:506.493px;top:238.3px;">234,557,745 </div><div id="a8030" style="position:absolute;left:589.053px;top:238.3px;">$ </div><div id="a8032" style="position:absolute;left:659.013px;top:238.3px;">&#8212; </div><div id="a8035" style="position:absolute;left:688.133px;top:238.3px;">$ </div><div id="a8037" style="position:absolute;left:758.053px;top:238.3px;">&#8212; </div><div id="a8039" style="position:absolute;left:48.96px;top:255.6px;">Common/collective trust measured at NAV<div style="display:inline-block;width:6.04px">&#160;</div>* </div><div id="a8042" style="position:absolute;left:412.067px;top:255.6px;">23,218,127 </div><div id="a8054" style="position:absolute;left:64px;top:273.8px;">Total investments </div><div id="a8056" style="position:absolute;left:386.947px;top:273.8px;">$ </div><div id="a8058" style="position:absolute;left:405.347px;top:273.8px;">257,775,872 </div><div id="a8061" style="position:absolute;left:488.093px;top:273.8px;">$ </div><div id="a8063" style="position:absolute;left:506.493px;top:273.8px;">234,557,745 </div><div id="a8066" style="position:absolute;left:589.053px;top:273.8px;">$ </div><div id="a8068" style="position:absolute;left:659.013px;top:273.8px;">&#8212; </div><div id="a8071" style="position:absolute;left:688.133px;top:273.8px;">$ </div><div id="a8073" style="position:absolute;left:758.053px;top:273.8px;">&#8212; </div><div id="a8095" style="position:absolute;font-weight:bold;left:494.333px;top:307.4px;">Fair Value<div style="display:inline-block;width:4.84px">&#160;</div>Measurements at December 31, 2019 </div><div id="a8100" style="position:absolute;font-weight:bold;left:414.307px;top:323.5px;">Total </div><div id="a8103" style="position:absolute;font-weight:bold;left:551.613px;top:323.5px;">Using Fair Value<div style="display:inline-block;width:4.89px">&#160;</div>Hierarchy </div><div id="a8105" style="position:absolute;left:48.96px;top:339.8px;">Investments </div><div id="a8107" style="position:absolute;font-weight:bold;left:398.947px;top:339.8px;">Fair Value </div><div id="a8110" style="position:absolute;font-weight:bold;left:511.613px;top:339.8px;">Level 1 </div><div id="a8113" style="position:absolute;font-weight:bold;left:613.093px;top:339.8px;">Level 2 </div><div id="a8116" style="position:absolute;font-weight:bold;left:711.973px;top:339.8px;">Level 3 </div><div id="a8118" style="position:absolute;left:48.96px;top:356.6px;">Registered investment companies </div><div id="a8120" style="position:absolute;left:386.947px;top:356.6px;">$ </div><div id="a8122" style="position:absolute;left:412.067px;top:356.6px;">96,372,576 </div><div id="a8125" style="position:absolute;left:488.093px;top:356.6px;">$ </div><div id="a8127" style="position:absolute;left:516.253px;top:356.6px;">96,372,576 </div><div id="a8130" style="position:absolute;left:592.093px;top:356.6px;">$ </div><div id="a8132" style="position:absolute;left:662.053px;top:356.6px;">&#8212; </div><div id="a8135" style="position:absolute;left:691.013px;top:356.6px;">$ </div><div id="a8137" style="position:absolute;left:760.933px;top:356.6px;">&#8212; </div><div id="a8139" style="position:absolute;left:48.96px;top:373.9px;">Quaker Chemical Corporation stock fund </div><div id="a8142" style="position:absolute;left:412.067px;top:373.9px;">34,363,906 </div><div id="a8146" style="position:absolute;left:516.253px;top:373.9px;">34,363,906 </div><div id="a8150" style="position:absolute;left:662.053px;top:373.9px;">&#8212; </div><div id="a8154" style="position:absolute;left:760.933px;top:373.9px;">&#8212; </div><div id="a8156" style="position:absolute;left:48.96px;top:391.5px;">Participant-directed brokerage accounts </div><div id="a8162" style="position:absolute;left:418.787px;top:391.5px;">1,765,176 </div><div id="a8166" style="position:absolute;left:522.973px;top:391.5px;">1,765,176 </div><div id="a8170" style="position:absolute;left:662.053px;top:391.5px;">&#8212; </div><div id="a8174" style="position:absolute;left:760.933px;top:391.5px;">&#8212; </div><div id="a8177" style="position:absolute;left:64px;top:409.4px;">Total investments<div style="display:inline-block;width:4.7px">&#160;</div>in fair value hierarchy </div><div id="a8179" style="position:absolute;left:386.947px;top:409.4px;">$ </div><div id="a8181" style="position:absolute;left:405.347px;top:409.4px;">132,501,658 </div><div id="a8184" style="position:absolute;left:488.093px;top:409.4px;">$ </div><div id="a8186" style="position:absolute;left:509.533px;top:409.4px;">132,501,658 </div><div id="a8189" style="position:absolute;left:592.093px;top:409.4px;">$ </div><div id="a8191" style="position:absolute;left:662.053px;top:409.4px;">&#8212; </div><div id="a8194" style="position:absolute;left:691.013px;top:409.4px;">$ </div><div id="a8196" style="position:absolute;left:760.933px;top:409.4px;">&#8212; </div><div id="a8198" style="position:absolute;left:48.96px;top:426.7px;">Common/collective trust measured at NAV<div style="display:inline-block;width:6.04px">&#160;</div>* </div><div id="a8201" style="position:absolute;left:412.067px;top:426.7px;">14,053,213 </div><div id="a8213" style="position:absolute;left:64px;top:444.9px;">Total investments </div><div id="a8215" style="position:absolute;left:386.947px;top:444.9px;">$ </div><div id="a8217" style="position:absolute;left:405.347px;top:444.9px;">146,554,871 </div><div id="a8220" style="position:absolute;left:488.093px;top:444.9px;">$ </div><div id="a8222" style="position:absolute;left:509.533px;top:444.9px;">132,501,658 </div><div id="a8225" style="position:absolute;left:592.093px;top:444.9px;">$ </div><div id="a8227" style="position:absolute;left:662.053px;top:444.9px;">&#8212; </div><div id="a8230" style="position:absolute;left:691.013px;top:444.9px;">$ </div><div id="a8232" style="position:absolute;left:760.933px;top:444.9px;">&#8212; </div><div id="a8234" style="position:absolute;font-size:10.72px;left:48px;top:472.4px;">* Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.<div style="display:inline-block;width:4.43px">&#160;</div>The fair value </div><div id="a8295" style="position:absolute;font-size:10.72px;left:48px;top:484.7px;">amounts presented in these tables are intended to permit reconciliation of<div style="display:inline-block;width:1.19px">&#160;</div>the fair value hierarchies to the line items presented in the Statements of Net<div style="display:inline-block;width:1.29px">&#160;</div>Assets Available </div><div id="a8354" style="position:absolute;font-size:10.72px;left:48px;top:497px;">for Benefits. </div><div id="a8359" style="position:absolute;font-weight:bold;left:48px;top:517.2px;">NOTE 5 &#8211; RELATED<div style="display:inline-block;width:4.74px">&#160;</div>PARTY<div style="display:inline-block;width:4.99px">&#160;</div>AND PARTY<div style="display:inline-block;width:1.74px">&#160;</div>-IN-INTEREST TRANSACTIONS </div><div id="a8379" style="position:absolute;left:48px;top:540.6px;">The Plan invests in shares of mutual funds and a collective<div style="display:inline-block;width:4.7px">&#160;</div>trust managed by an affiliate of VFTC, which acts<div style="display:inline-block;width:4.72px">&#160;</div>as the Trustee for Plan </div><div id="a8431" style="position:absolute;left:48px;top:556px;">investments.<div style="display:inline-block;width:7.03px">&#160;</div></div><div id="a8435" style="position:absolute;left:48px;top:579.3px;">In addition, shares of Company common stock included<div style="display:inline-block;width:4.88px">&#160;</div>in the Quaker Chemical Corporation Stock Fund are offered<div style="display:inline-block;width:4.78px">&#160;</div>as an investment </div><div id="a8476" style="position:absolute;left:48px;top:594.5px;">to Plan participants.<div style="display:inline-block;width:7.3px">&#160;</div>As of December 31, 2020 and 2019, the Plan held approximately<div style="display:inline-block;width:4.79px">&#160;</div>186,207 and 208,874 shares of common stock </div><div id="a8527" style="position:absolute;left:48px;top:609.9px;">of Quaker Chemical Corporation, respectively,<div style="display:inline-block;width:5.4px">&#160;</div>with a fair value of $47,182,901 and $34,363,906.<div style="display:inline-block;width:8.02px">&#160;</div>Total sales at market<div style="display:inline-block;width:4.63px">&#160;</div>value related </div><div id="a8577" style="position:absolute;left:48px;top:625.3px;">to the Quaker Chemical Corporation Stock Fund for the<div style="display:inline-block;width:4.66px">&#160;</div>years ended December 31, 2020 and 2019 were $11<div style="display:inline-block;width:1.66px">&#160;</div>,508,270 and </div><div id="a8623" style="position:absolute;left:48px;top:640.6px;">$14,730,685,<div style="display:inline-block;width:3.75px">&#160;</div>respectively.<div style="display:inline-block;width:6.92px">&#160;</div>Total<div style="display:inline-block;width:4.26px">&#160;</div>contributions into the Quaker Chemical Corporation Stock<div style="display:inline-block;width:4.78px">&#160;</div>Fund for the years<div style="display:inline-block;width:3.85px">&#160;</div>ended December 31, </div><div id="a8662" style="position:absolute;left:48px;top:656px;">2020 and 2019 were $3,275,634 and $611,288<div style="display:inline-block;width:1.81px">&#160;</div>,<div style="display:inline-block;width:3.24px">&#160;</div>respectively.<div style="display:inline-block;width:6.92px">&#160;</div>Transactions in such investments qualify<div style="display:inline-block;width:4.75px">&#160;</div>as party-in-interest transactions </div><div id="a8703" style="position:absolute;left:48px;top:671.3px;">and are exempt from the prohibited transaction rules.<div style="display:inline-block;width:7.77px">&#160;</div></div><div id="a8720" style="position:absolute;left:48px;top:694.7px;">Participant notes receivable qualify as party-in-interest transactions<div style="display:inline-block;width:4.78px">&#160;</div>and are exempt from the prohibited transaction<div style="display:inline-block;width:4.55px">&#160;</div>rules. </div><div id="a8754" style="position:absolute;font-weight:bold;left:48px;top:717.9px;">NOTE 6 &#8211; TAX STATUS </div><div id="a8764" style="position:absolute;left:48px;top:741.3px;">The IRS informed the Company by letter dated November<div style="display:inline-block;width:4.84px">&#160;</div>15, 2017 that the Plan is qualified under IRC Section 401(a).<div style="display:inline-block;width:7.96px">&#160;</div>The Plan has </div><div id="a8811" style="position:absolute;left:48px;top:756.6px;">since been amended,<div style="display:inline-block;width:3.86px">&#160;</div>however, the Plan administrator continues<div style="display:inline-block;width:4.71px">&#160;</div>to believe the Plan is currently designed and being operated<div style="display:inline-block;width:4.73px">&#160;</div>in </div><div id="a8853" style="position:absolute;left:48px;top:772px;">compliance with the applicable requirements of the<div style="display:inline-block;width:4.57px">&#160;</div>IRC.<div style="display:inline-block;width:6.7px">&#160;</div>The Plan administrator has not identified any uncertain<div style="display:inline-block;width:4.74px">&#160;</div>tax positions which </div><div id="a8894" style="position:absolute;left:48px;top:787.4px;">would require adjustment to or disclosure in the Plan&#8217;s<div style="display:inline-block;width:5.53px">&#160;</div>financial statements.<div style="display:inline-block;width:6.88px">&#160;</div>The IRS has the ability to examine the Plan&#8217;s<div style="display:inline-block;width:5.11px">&#160;</div>tax return </div><div id="a8938" style="position:absolute;left:48px;top:802.6px;">filings for all open tax years, which generally relate to<div style="display:inline-block;width:4.76px">&#160;</div>the three prior years; however, there are<div style="display:inline-block;width:4.72px">&#160;</div>currently no audits for any tax periods </div><div id="a8986" style="position:absolute;left:48px;top:817.9px;">in progress.<div style="display:inline-block;width:7.03px">&#160;</div>The Plan administrator believes it is no longer subject to income<div style="display:inline-block;width:4.85px">&#160;</div>tax examinations for years prior to 2017. </div><div id="a9030" style="position:absolute;font-weight:bold;left:48px;top:841.3px;">NOTE 7 &#8211; SUBSEQUENT EVENTS </div><div id="a9040" style="position:absolute;left:48px;top:864.7px;">The Company and the Plan have evaluated subsequent<div style="display:inline-block;width:4.81px">&#160;</div>events through the date that these financial statements were available to<div style="display:inline-block;width:4.8px">&#160;</div>be </div><div id="a9080" style="position:absolute;left:48px;top:880px;">issued, and there were no subsequent events which would<div style="display:inline-block;width:4.8px">&#160;</div>require an adjustment or additional disclosures to the financial<div style="display:inline-block;width:4.74px">&#160;</div>statements.</div></div>
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style="position:absolute;font-weight:bold;left:53.92px;top:339.5px;">* </div><div id="a9234" style="position:absolute;left:72px;top:339.5px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>500 Index Fund Investor Shares </div><div id="a9237" style="position:absolute;left:442.173px;top:339.5px;">Registered Investment Company </div><div id="a9241" style="position:absolute;left:683.813px;top:339.5px;">26,932,268 </div><div id="a9243" style="position:absolute;font-weight:bold;left:53.92px;top:357.1px;">* </div><div id="a9245" style="position:absolute;left:72px;top:357.1px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Balanced Index Fund Investor Shares </div><div id="a9248" style="position:absolute;left:442.173px;top:357.1px;">Registered Investment Company </div><div id="a9252" style="position:absolute;left:690.533px;top:357.1px;">3,988,786 </div><div id="a9254" style="position:absolute;font-weight:bold;left:53.92px;top:374.7px;">* </div><div id="a9256" style="position:absolute;left:72px;top:374.7px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Extended Market Index Fund Investor Shares </div><div id="a9260" style="position:absolute;left:442.173px;top:374.7px;">Registered Investment Company </div><div id="a9264" style="position:absolute;left:690.533px;top:374.7px;">8,643,863 </div><div id="a9266" style="position:absolute;font-weight:bold;left:53.92px;top:392.3px;">* </div><div id="a9268" style="position:absolute;left:72px;top:392.3px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Federal Money Market Fund </div><div id="a9271" style="position:absolute;left:442.173px;top:392.3px;">Registered Investment Company </div><div id="a9275" style="position:absolute;left:707.173px;top:392.3px;">22,220 </div><div id="a9277" style="position:absolute;font-weight:bold;left:53.92px;top:409.9px;">* </div><div id="a9279" style="position:absolute;left:72px;top:409.9px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>International Growth Fund Investor Shares </div><div id="a9282" style="position:absolute;left:442.173px;top:409.9px;">Registered Investment Company </div><div id="a9286" style="position:absolute;left:683.813px;top:409.9px;">11,742,537 </div><div id="a9288" style="position:absolute;font-weight:bold;left:53.92px;top:427.5px;">* </div><div id="a9290" style="position:absolute;left:72px;top:427.5px;">Vanguard<div style="display:inline-block;width:5.14px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2015 Fund </div><div id="a9294" style="position:absolute;left:442.173px;top:427.5px;">Registered Investment Company </div><div id="a9298" style="position:absolute;left:690.533px;top:427.5px;">1,520,468 </div><div id="a9300" style="position:absolute;font-weight:bold;left:53.92px;top:445.1px;">* </div><div id="a9302" style="position:absolute;left:72px;top:445.1px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2020 Fund </div><div id="a9305" style="position:absolute;left:442.173px;top:445.1px;">Registered Investment Company </div><div id="a9309" style="position:absolute;left:683.813px;top:445.1px;">10,676,270 </div><div id="a9311" style="position:absolute;font-weight:bold;left:53.92px;top:462.7px;">* </div><div id="a9313" style="position:absolute;left:72px;top:462.7px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2025 Fund </div><div id="a9316" style="position:absolute;left:442.173px;top:462.7px;">Registered Investment Company </div><div id="a9320" style="position:absolute;left:683.813px;top:462.7px;">20,611,744 </div><div id="a9322" style="position:absolute;font-weight:bold;left:53.92px;top:480.3px;">* </div><div id="a9324" style="position:absolute;left:72px;top:480.3px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2030 Fund </div><div id="a9327" style="position:absolute;left:442.173px;top:480.3px;">Registered Investment Company </div><div id="a9331" style="position:absolute;left:683.813px;top:480.3px;">16,839,771 </div><div id="a9333" style="position:absolute;font-weight:bold;left:53.92px;top:497.9px;">* </div><div id="a9335" style="position:absolute;left:72px;top:497.9px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2035 Fund </div><div id="a9338" style="position:absolute;left:442.173px;top:497.9px;">Registered Investment Company </div><div id="a9342" style="position:absolute;left:683.813px;top:497.9px;">10,903,896 </div><div id="a9344" style="position:absolute;font-weight:bold;left:53.92px;top:515.5px;">* </div><div id="a9346" style="position:absolute;left:72px;top:515.5px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2040 Fund </div><div id="a9349" style="position:absolute;left:442.173px;top:515.5px;">Registered Investment Company </div><div id="a9353" style="position:absolute;left:690.533px;top:515.5px;">9,575,666 </div><div id="a9355" style="position:absolute;font-weight:bold;left:53.92px;top:533.1px;">* </div><div id="a9357" style="position:absolute;left:72px;top:533.1px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2045 Fund </div><div id="a9360" style="position:absolute;left:442.173px;top:533.1px;">Registered Investment Company </div><div id="a9364" style="position:absolute;left:690.533px;top:533.1px;">6,173,012 </div><div id="a9366" style="position:absolute;font-weight:bold;left:53.92px;top:550.7px;">* </div><div id="a9368" style="position:absolute;left:72px;top:550.7px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2050 Fund </div><div id="a9371" style="position:absolute;left:442.173px;top:550.7px;">Registered Investment Company </div><div id="a9375" style="position:absolute;left:690.533px;top:550.7px;">5,504,694 </div><div id="a9377" style="position:absolute;font-weight:bold;left:53.92px;top:568.3px;">* </div><div id="a9379" style="position:absolute;left:72px;top:568.3px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement 2055 Fund </div><div id="a9382" style="position:absolute;left:442.173px;top:568.3px;">Registered Investment Company </div><div id="a9386" style="position:absolute;left:690.533px;top:568.3px;">3,070,508 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style="position:absolute;left:700.453px;top:603.5px;">365,198 </div><div id="a9410" style="position:absolute;font-weight:bold;left:53.92px;top:621.1px;">* </div><div id="a9412" style="position:absolute;left:72px;top:621.1px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Target<div style="display:inline-block;width:4.75px">&#160;</div>Retirement Income </div><div id="a9415" style="position:absolute;left:442.173px;top:621.1px;">Registered Investment Company </div><div id="a9419" style="position:absolute;left:690.533px;top:621.1px;">2,783,999 </div><div id="a9421" style="position:absolute;font-weight:bold;left:53.92px;top:638.7px;">* </div><div id="a9423" style="position:absolute;left:72px;top:638.7px;">Vanguard<div style="display:inline-block;width:5.11px">&#160;</div>Total Bond Market<div style="display:inline-block;width:4.58px">&#160;</div>Index Fund Investor Shares </div><div id="a9426" style="position:absolute;left:442.173px;top:638.7px;">Registered Investment 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<div id="a9563" style="position:absolute;left:48px;top:50.8px;">&#160;</div><div id="a9564" style="position:absolute;left:401.347px;top:993.2px;">10 </div><div id="a9566" style="position:absolute;left:48px;top:66.8px;">Pursuant to the requirements of the Securities Exchange<div style="display:inline-block;width:4.7px">&#160;</div>Act of 1934, the trustees (or other persons who administer the<div style="display:inline-block;width:4.74px">&#160;</div>employee </div><div id="a9606" style="position:absolute;left:48px;top:82.1px;">benefit plan) have duly caused this annual report to<div style="display:inline-block;width:4.56px">&#160;</div>be signed by the undersigned hereunto duly authorized. </div><div id="a9640" style="position:absolute;left:48px;top:97.3px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9642" style="position:absolute;left:48px;top:112.7px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9644" style="position:absolute;left:390.947px;top:112.7px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9646" style="position:absolute;left:398.147px;top:112.7px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9648" style="position:absolute;left:417.827px;top:112.7px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9650" style="position:absolute;left:420.067px;top:112.7px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9652" style="position:absolute;left:48px;top:123.3px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9654" style="position:absolute;left:372.067px;top:123.3px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9656" style="position:absolute;left:398.147px;top:123.3px;">Quaker Houghton Retirement Savings Plan </div><div id="a9666" style="position:absolute;left:48px;top:138.6px;">June 24, 2021 </div><div id="a9672" style="position:absolute;left:390.947px;top:147.3px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9674" style="position:absolute;left:398.147px;top:147.3px;">By: </div><div id="a9676" style="position:absolute;left:417.827px;top:147.3px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9678" style="position:absolute;left:420.067px;top:146.3px;">/s/ Shane W.<div style="display:inline-block;width:4.79px">&#160;</div>Hostetter </div><div id="a9686" style="position:absolute;left:48px;top:162.6px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9688" style="position:absolute;left:390.947px;top:177.4px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9690" style="position:absolute;left:398.147px;top:177.4px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9692" style="position:absolute;left:417.827px;top:177.4px;"><div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a9694" style="position:absolute;left:420.067px;top:162.6px;">Shane W.<div style="display:inline-block;width:4.82px">&#160;</div>Hostetter, Senior<div style="display:inline-block;width:4.3px">&#160;</div>Vice President, Chief Financial </div><div id="a9711" style="position:absolute;left:420.067px;top:178px;">Officer<div style="display:inline-block;width:10.41px">&#160;</div></div><div id="a9715" style="position:absolute;left:48px;top:192.6px;">&#160;</div></div>
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<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit231.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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<div id="a0" style="position:absolute;left:48px;top:48.4px;">&#160;</div><div id="a1" style="position:absolute;left:48px;top:993.2px;">&#160;</div><div id="a2" style="position:absolute;font-weight:bold;left:699.173px;top:63.7px;">Exhibit 23.1 </div><div id="a7" style="position:absolute;font-size:10.72px;left:48px;top:78.9px;">&#160;</div><div id="a8" style="position:absolute;font-weight:bold;left:174.907px;top:91.2px;">CONSENT OF INDEPENDENT REGISTERED PUBLIC<div style="display:inline-block;width:4.78px">&#160;</div>ACCOUNTING FIRM </div><div id="a22" style="position:absolute;left:48px;top:106.6px;">&#160;</div><div id="a23" style="position:absolute;left:48px;top:122px;">&#160;</div><div id="a24" style="position:absolute;left:48px;top:137.4px;">We consent<div style="display:inline-block;width:4.7px">&#160;</div>to the incorporation by reference in the Registration Statement<div style="display:inline-block;width:4.81px">&#160;</div>(No. 333-208188, 333-159513, 333-115713,<div style="display:inline-block;width:4.89px">&#160;</div>033-54158) </div><div id="a64" style="position:absolute;left:48px;top:152.6px;">on Form S-8 of our report dated June 24, 2021,<div style="display:inline-block;width:4.51px">&#160;</div>which appears in this annual report on Form 11<div style="display:inline-block;width:1.63px">&#160;</div>-K of the Quaker Houghton Retirement </div><div id="a117" style="position:absolute;left:48px;top:167.9px;">Savings Plan for the year ended December 31, 2020. </div><div id="a135" style="position:absolute;left:48px;top:183.3px;">&#160;</div><div id="a136" style="position:absolute;left:48px;top:198.6px;">/s/ Baker Tilly US, LLP </div><div id="a147" style="position:absolute;font-weight:bold;left:48px;top:221.7px;">Philadelphia, Pennsylvania </div><div id="a151" style="position:absolute;font-weight:bold;left:48px;top:236.9px;">June 24, 2021</div><div id="a156" style="position:absolute;left:125.472px;top:236.9px;">&#160;</div></div>
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