Quaker Chemical Corporation (NYSE:KWR) will look for M&A. During the company?s third quarter 2023 earnings conference call, Andrew Tometich, President and Chief Executive Officer said that ?For sure, M&A is a key part of our capital allocation strategy, and we continue to be focused on where we're going to add shareholder value. We also lined it up in a disciplined fashion with our enterprise growth strategy. So, while we invest in organic growth, we want to align that with inorganic opportunities.

We have an active pipeline. We're continuing to make progress with a number of opportunities. We've had a lot of success at Quaker Houghton over the years with bolt-ons that take advantage of our service model to provide even more solutions for our customers as we expand our position in their overall spend, and we'll continue to move those forward and make use of a balance sheet that will reinforce our ability to do it?.

Shane Hostetter, Executive Vice President and Chief Financial Officer said that ?Our capital allocation priorities remain consistent: return capital through dividends, strengthen our balance sheet and invest to grow the business both organically and inorganically?.