SKF Acquires Cleantech Start-up Company

GOTHENBURG, Sweden, June 20, 2019 /PRNewswire/ -- SKF has acquired RecondOil Sweden AB, a Swedish cleantech start-up that has developed a chemical filtration and rejuvenation process for industrial lubrication fluid and slop oil.

RecondOil's turnover in 2017 was SEK 10 million and the acquisition will strengthen the Group's lubrication management business and rotating equipment performance offer.

Alrik Danielson, President and CEO, says: "This acquisition is a good strategic fit for us. It complements our existing offer around the rotating shaft and will strengthen our ability to offer customers a fee-based value proposition, in which lubrication management systems play an important role."

"The acquisition is also in-line with our ambition to develop and offer solutions that help customers reduce the environmental impact of their own operations. By bringing together RecondOil's technology with SKF's scope and industrial expertise, we will be able to industrialize this offering."

Aktiebolaget SKF     (publ)

For further information, please contact:PRESS: Theo Kjellberg, Director, Press Relations tel: +46-31-337-6576, mobile: +46-725-776576, e-mail: [email protected]

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations+46-31-337-2104; +46-705-472-104; [email protected]

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SOURCE SKF