Melt wax and oleic acid together and heat to 200'F. Add triethanolamine and "Span" 65 and react for 10 minutes at 200'F. Slowly add water at 200'F to the other four ingredients with vigorous agitation. Add water slowly until 300 parts have been added, and agitate vigorously until the temperature has dropped to 120'F. Enough water will evaporate to yield a product of approximately 40% solids. An exothermic reaction occurs as the emulsion is formed.
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