Quaker Houghton Chemical (KWR) interesting small-cap with a large trade on Friday as 1,250 July $240 OTM calls were bought for $6.50 or $812,500 and 11X all the call open interest. KWR is a $3.55B specialty chemical company that focuses on products for a range of heavy industrial and manufacturing applications. This includes metal removal fluids, cleaning fluids, corrosion inhibitors, hydraulic fluids, specialty greases, and surface treatment chemicals. They serve a number of end-markets with steel/aluminum their largest at 51% of sales, while specialty businesses like automotive, aerospace, and energy markets make up the remainder. KWR has reach across the entire metalworking process which gives them a level of customer engagement and knowledge that is unmatched larger global players. KWR is also nearly the only pure-play in the $13B market that has solutions from start to finish on projects which creates value from expanding equipment life, increasing utilization, reducing scrap an waste, and reducing operating costs. The company currently has about a 13% share in the $13B market with their biggest opportunity to expand in metalworking, especially in transportation-focused OEMs. KWR’s biggest potential catalyst is in EVs. They note that 10% of their current revenue is tied to growth around hybrid vehicles and full-battery vehicles which utilize more fluids than ICE. They think over the next decade their growth in the next-gen powertrain market to be 2-3% CAGR. KWR sees little analyst coverage. Seaport upgraded to Buy on 1/18 with a $265 PT, listing it as among the companies in the chemicals space about which they are positive heading into Q4 earnings season as they’ve been capturing higher costs through pricing. Durable Capital with 1.5M shares.