SKF AND QUAKER HOUGHTON ENTER COLLABORATION TO DELIVER CIRCULAR USE OF OIL

SKF and Quaker Houghton (NYSE: KWR),the global leader in industrial process fluids,have entered into a new collaboration to offer industrial customers a fully circular use of industrial oil.

GOTHENBURG,Sweden,July 21,2022 --SKF has entered into a collaboration that will combine Quaker Houghton's industrial oils and application expertise with SKF RecondOil's Double Separation Technology (DST) to enable the industry to more efficiently utilize its resources by reducing the unsustainable linear of use of oil. The circular use of oil will also help reduce the industry's environmental footprint through a reduction in CO2emissions,lessen the amount of neat cutting oil purchased,and reduce handling and disposal costs whilst providing significant performance improvements.

The tailored solutions will be offered under fee- or performance-based contracts,helping provide Quaker Houghton and SKF customers with future-oriented offers and facilitate their transition into a circular economy.

Thomas Fröst,President,Independent and Emerging Businesses,says: "Optimized service structures and new business models in factories - seen as eco-systems - will play a central role for all companies. Our collaboration will make reduction of CO2a reality for the industry,with improved smart factory services,improved process stability,reduced throughput and cycle time resulting in a significant cost reduction."

Joe Berquist,EVP,Chief Strategy Officer and Managing Director - Global Specialty Businesses for Quaker Houghton,says: "SKF is a valued partner for Quaker Houghton and shares a common motivation for providing differentiated solutions and services to enable our customers to improve their businesses. This collaboration builds on our combined global expertise,shared goal to improve the customer experience,and intent to bring data-based Industry 4.0 offeringsand more sustainable solutions to market."

The offerings will be introduced gradually throughout Europe,with a long-term aim to offer circular use of oil worldwide.

CONTACT:

Sian How,Manager Group PR

M: +44 (0) 7545903710sian.how@skf.com

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