MILWAUKEE, Dec. 5, 2023
/PRNewswire/ -- Regal Rexnord Corporation (NYSE: RRX) today
published its annual Sustainability Report. The report reaffirms
critical elements of the Company's growth strategy, and provides an
update on how it is executing them:
- Developing products and solutions that customers value, have
leading energy efficiency, and are manufactured with sustainability
in mind;
- Creating a diverse and inclusive workplace, where associates
consistently leverage their unique experiences and perspectives to
drive success for key stakeholders – customers, fellow associates
and shareholders; and
- Maintaining sound corporate governance policies and practices,
which are a cornerstone of effective risk management.
The report also shares progress towards the Company's commitment
to achieving carbon emission neutrality in its operations across
Scopes 1 and 2 by 2032, to achieving Net Zero across scopes 1, 2
and 3 by 2050, and to pursuing the latter in alignment with
the Science Based Targets initiative (SBTi). In 2023, the Company
is on track for a 12% reduction in Scope 1 and 2 total greenhouse
gas (GHG) emissions, on a sales adjusted basis – exceeding its 10%
goal. The Company taking the necessary steps to ensure alignment
with SBTi is also proceeding as planned. Notably, after
completing the strategic acquisition of Altra Industrial Motion
Corp. in the first quarter of 2023, with its nearly $2 billion in sales, the Company remains
committed to its previously announced Net Zero goals.
Regal Rexnord's CEO, Louis
Pinkham, commented on the strategic updates outlined in the
report: "It is an exciting time at Regal Rexnord as we pursue
our many initiatives to accelerate profitable growth. What was
already a robust opportunity set increased significantly with the
recent addition of Altra. Our unified team is well aligned,
executing a robust pipeline of highly relevant new products – a
number of which are outlined in this latest sustainability report –
that lead in the realms of sustainability, energy efficiency, and
socially conscious investment."
Mr. Pinkham continued, "While we are early in our DEI
journey, our many growth initiatives are gaining momentum, in no
small part because an increasingly diverse and engaged team of
associates, operating in an inclusive environment, is leveraging
their many unique perspectives to drive success for our key
stakeholders. Despite the many exciting changes underway at Regal
Rexnord, what remains steadfast is our commitment to best-in-class
governance policies and practices. These provide clear and
consistent guideposts for keeping our actions aligned to our Regal
Rexnord values – critical to our success as we execute many value
creation objectives in the years ahead."
The current and historic sustainability reports are
available here and on the Regal Rexnord investor relations
website.
About Regal Rexnord
Regal Rexnord Corporation is
a global leader in the engineering and manufacturing of factory
automation sub-systems, industrial powertrain solutions, automation
and mechanical power transmission components, electric motors and
electronic controls, air moving products, and specialty electrical
components and systems.
Through longstanding technology leadership and an intentional
focus on producing more socially conscious and
environmentally-friendly products and sub-systems, the Company is
regularly addressing increasingly relevant secular demands of
customers in the medical, alternative energy, aerospace, food &
beverage, general industrial and warehouse/intralogistics end
markets, among others. In short, Regal Rexnord's 36,000 associates
around the world are proud to be working each day towards
fulfilling the Company's purpose – helping create a better tomorrow
– for its customers and for the planet.
Regal Rexnord is comprised of four operating segments:
Automation & Motion Control, Industrial Powertrain Solutions,
Power Efficiency Solutions and Industrial Systems. Regal Rexnord is
headquartered in Milwaukee,
Wisconsin and has manufacturing, sales and service
facilities worldwide. For more information, visit
RegalRexnord.com.
Forward Looking Statements
This release contains
forward-looking statements, within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, which reflect
Regal Rexnord's current estimates, expectations and projections
about Regal Rexnord's future results, performance, prospects and
opportunities. Such forward-looking statements may include, among
other things, statements about the acquisition of Altra Industrial
Motion Corp. ("Altra"), the benefits and synergies of the
acquisition of Altra (the "Altra Transaction"), future
opportunities for Regal Rexnord and any other statements regarding
Regal Rexnord's future operations, anticipated economic activity,
business levels, credit ratings, future earnings, planned
activities, anticipated growth, market opportunities, strategies,
competition and other expectations and estimates for future
periods. Forward-looking statements include statements that
are not historical facts and can be identified by forward-looking
words such as "anticipate," "believe," "confident," "estimate,"
"expect," "intend," "plan," "may," "will," "project," "forecast,"
"would," "could," "should," and similar expressions. These
forward-looking statements are based upon information currently
available to Regal Rexnord and are subject to a number of risks,
uncertainties, and other factors that could cause Regal Rexnord's
performance, prospects or opportunities to differ materially from
those expressed in, or implied by, these forward-looking
statements. Important factors that could cause Regal Rexnord's
actual results to differ materially from the results referred to in
the forward-looking statements Regal Rexnord makes in this release
include: Regal Rexnord's substantial indebtedness as a result of
the Altra Transaction and the effects of such indebtedness on Regal
Rexnord's financial flexibility; after the Altra Transaction; Regal
Rexnord's ability to achieve its objectives on reducing its
indebtedness on the desired timeline; dependence on key suppliers
and the potential effects of supply disruptions; fluctuations in
commodity prices and raw material costs; any unforeseen changes to
or the effects on liabilities, future capital expenditures,
revenue, expenses, synergies, indebtedness, financial condition,
losses and future prospects; the possibility that Regal Rexnord may
be unable to achieve expected benefits, synergies and operating
efficiencies in connection with the Altra Transaction, and the
merger with the Rexnord Process & Motion Control business (the
"Rexnord PMC business") within the expected time-frames or at all
and to successfully integrate Altra and the Rexnord PMC business;
expected or targeted future financial and operating performance and
results; operating costs, customer loss and business disruption
(including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers)
being greater than expected following the Altra Transaction or our
merger with the Rexnord PMC business; Regal Rexnord's ability to
retain key executives and employees; the continued financial and
operational impacts of and uncertainties relating to the COVID-19
pandemic on customers and suppliers and the geographies in which
they operate; uncertainties regarding the ability to execute
restructuring plans within expected costs and timing; challenges to
the tax treatment that was elected with respect to the merger with
the Rexnord PMC business and related transactions; requirements to
abide by potentially significant restrictions with respect to the
tax treatment of the merger with the Rexnord PMC business which
could limit Regal Rexnord's ability to undertake certain corporate
actions that otherwise could be advantageous; actions taken by
competitors and their ability to effectively compete in the
increasingly competitive global electric motor, drives and
controls, power generation and power transmission industries; the
ability to develop new products based on technological innovation,
such as the Internet of Things, and marketplace acceptance of new
and existing products, including products related to technology not
yet adopted or utilized in geographic locations in which Regal
Rexnord does business; dependence on significant customers;
seasonal impact on sales of products into HVAC systems and other
residential applications; risks associated with climate change and
uncertainty regarding our ability to deliver on our climate
commitments and/or to meet related investor, customer and other
third party expectations relating to our sustainability efforts;
risks associated with global manufacturing, including risks
associated with public health crises and political, societal or
economic instability, including instability caused by the conflict
between Russia and Ukraine; issues and costs arising from the
integration of acquired companies and businesses and the timing and
impact of purchase accounting adjustments; prolonged declines in
one or more markets, such as heating, ventilation, air
conditioning, refrigeration, power generation, oil and gas, unit
material handling, water heating and aerospace; economic changes in
global markets, such as reduced demand for products, currency
exchange rates, inflation rates, interest rates, banking crises,
recession, government policies, including policy changes affecting
taxation, trade, tariffs, immigration, customs, border actions and
the like, and other external factors that Regal Rexnord cannot
control; product liability, asbestos and other litigation, or
claims by end users, government agencies or others that products or
customers' applications failed to perform as anticipated,
particularly in high volume applications or where such failures are
alleged to be the cause of property or casualty
claims; unanticipated liabilities of acquired businesses;
unanticipated adverse effects or liabilities from business exits or
divestitures, including in connection with our proposed sale of the
industrial motors and generators businesses that comprise a
majority of our Industrial Systems operating segment; Regal
Rexnord's ability to identify and execute on future M&A
opportunities, including significant M&A transactions; the
impact of any such M&A transactions on Regal Rexnord's results,
operations and financial condition, including the impact from costs
to execute and finance any such transactions; unanticipated costs
or expenses that may be incurred related to product warranty
issues; infringement of intellectual property by third parties,
challenges to intellectual property, and claims of infringement on
third party technologies; effects on earnings of any significant
impairment of goodwill; losses from failures, breaches, attacks or
disclosures involving information technology infrastructure and
data; costs and unanticipated liabilities arising from rapidly
evolving data privacy laws and regulations; cyclical downturns
affecting the global market for capital goods; and other risks and
uncertainties including, but not limited, to those described in
Regal Rexnord's Annual Report on Form 10-K on file with the
Securities and Exchange Commission (the "SEC") and from time to
time in other filed reports including Regal Rexnord's Quarterly
Reports on Form 10-Q. For a more detailed description of the risk
factors associated with Regal Rexnord, please refer to Part I, Item
1A - Risk Factors in Regal Rexnord's Annual Report on Form 10-K for
the fiscal year ended December 31,
2022 on file with the SEC and subsequent SEC filings.
Shareholders, potential investors, and other readers are urged to
consider these factors in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this release are made only as of the date of this release and
Regal Rexnord undertakes no obligation to update any
forward-looking information contained in this release or with
respect to the announcements described herein to reflect subsequent
events or circumstances.
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SOURCE Regal Rexnord Corporation