Quaker Houghton Sets Sights on Global Sustainability, Announces 2030 Goals

Rhea-AI Impact

(No impact)

Rhea-AI Sentiment

(Neutral)

Tags

08/02/2021 - 04:15 PM

CONSHOHOCKEN, Pa., Aug. 2, 2021 /PRNewswire/ -- Quaker Houghton ("the Company"; NYSE: KWR), the global leader in industrial process fluids, today announced goals for its global sustainability program. The announcement builds on the Company's earlier commitment to achieve carbon neutrality by 2030 and net zero emissions across its entire value chain by 2050. The full list of 2030 goals announced today reach beyond the critical issue of climate change to complete Quaker Houghton's comprehensive sustainability strategy.

"These commitments demonstrate Quaker Houghton's dedication to driving innovation and delivering a sustainable future for the public, our customers, and our business," said Michael F. Barry, Chairman, Chief Executive Officer and President. Mr. Barry continued, "We have an opportunity to create meaningful progress that benefits future generations and helps our customers keep pace with the demands of a changing world. I am extremely proud of our global team and the goals we have set forth today."

The new 15 long-term goals are based on the results of the Company's 2020 materiality assessment, which was completed with input from customers, investors, suppliers, and internal stakeholders. The targets also align with the United Nations Sustainable Development Goals.

The Company's goals are grouped under four pillars as part of a refreshed sustainability strategy and vision, announced earlier in its 2020 Sustainability Report. By 2030, Quaker Houghton aspires to:

Innovating Together for a Better Tomorrow

Achieve 100% of finished goods in Quaker Houghton's portfolio not classified as carcinogenic, mutagenic, or reprotoxic (CMRs)
Reduce the Company's use of fossil-based raw materials by 30%
Eliminate 45,000 metric tons of waste at QH FLUIDCARE™ partner locations

Protecting Our Planet

Achieve carbon neutrality in its global operations
Set science-based targets¹ to achieve net zero greenhouse gas emissions across its value chain by 2050
Reduce waste to landfill, hazardous waste, and water per ton produced by 20% each

Empowering Our Colleagues & Communities

Have zero serious injury recordables
Achieve zero recordable incidents with more than 5 lost work days at 98% of Quaker Houghton and customer locations
Achieve engagement scores greater than the Company's industry peers
Provide career enhancement programming to 100% of its colleagues
Increase female representation globally and in management to 25-27%
Increase ethnic diversity in the U.S. to 25-27%
Work together to reach 250,000 cumulative hours of volunteering
Invest time and resources to conduct impactful projects in all of the communities where Quaker Houghton manufactures, works, and conducts research around the globe

Sourcing Our Materials Responsibly

Achieve 75% of total direct spend with suppliers that exceed Quaker Houghton's sustainability performance threshold

While the full set of goals announced today complete the Company's holistic sustainability program, Quaker Houghton has also identified short-term milestones that it will reach to help accelerate the achievement of their 2030 targets. These milestones and more information can be found at quakerhoughton.com/sustainability. The Company will also disclose progress updates in its annual sustainability report.

Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have based these forward-looking statements with respect to the Company's business, results of operations and financial condition, on our current expectations about future events. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, and business, including but not limited to our current and future results and plans and statements that include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan" or similar expressions. Therefore, we caution you not to place undue reliance on our forward-looking statements. For more information regarding certain risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020, and in subsequent reports filed from time to time with the Securities and Exchange Commission. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

About Quaker Houghton
Quaker Houghton (NYSE: KWR) is the global leader in industrial process fluids. With a robust presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge, and customized services. With approximately 4,200 employees, including chemists, engineers, and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.

¹ Science-based targets provide companies with a clearly defined path to reduce emissions through the Science Based Target Initiative, which is in line with the Paris Climate Agreement.