MILWAUKEE, Sept. 13,
2024 /PRNewswire/ -- Regal Rexnord Corporation (NYSE:
RRX) today published its annual Sustainability Report, including
progress towards its 2032 sustainability goals. The report provides
an update on how sustainability, social considerations, and good
governance are intertwined with the Company's growth strategy:
- Developing innovative products and sustainable solutions that
customers value, while intentionally factoring environmental
considerations into how they are designed and manufactured;
- Creating a diverse and inclusive workplace, where associates
leverage their unique perspectives to foster innovation and drive
success for customers, fellow associates, and shareholders;
and
- Maintaining sound corporate governance policies and practices
that are considered a cornerstone of effective risk
management.
In 2023, the Company achieved two notable strategic milestones:
(1) the acquisition of Altra Industrial Motion Corp., which
extended its leadership in industrial power transmission and
established it as a meaningful player in industrial automation; and
(2) announcing the sale of its Industrial Systems business, which
closed earlier in 2024, and has allowed Regal Rexnord to focus on
its most valuable growth opportunities. These transactions marked
the completion of a series of highly intentional actions to create
a more durable and faster-growing portfolio. Consistent with an
evolved portfolio, earlier this year the Company updated its
business purpose:
We Create a Better Tomorrow with Sustainable
Solutions that Power, Transmit & Control Motion
Helping its customers, its communities, and the planet by
providing sustainable solutions remains core to how and why
Regal Rexnord operates.
The report also shares progress towards the Company's goal of
achieving carbon emission neutrality across Scope 1 and 2
greenhouse gas (GHG) emissions by 2032. In 2023, the Company
achieved a 15.5% year-over-year reduction in absolute Scope 1 and 2
GHG emissions and decreased its GHG emission intensity by 10.2%.
Further, for the first time, this year's report also includes data
on the Company's Scope 3 GHG emissions, by providing its Scope 3
emissions inventory for 2022.
Regal Rexnord's CEO, Louis
Pinkham, commented on strategic updates in the report:
"Environmental, social and governance considerations remained
critical to successfully executing various aspects of our growth
strategy in 2023. Approximately 60% of our products now make our
end users' applications more environmentally friendly. We made
great progress towards our own scope 1 and 2 emissions reduction
goals. And underpinning our success – great, highly-engaged talent.
In 2023, more than 80 percent of our associates participated in our
bi-annual associate engagement survey, and I am proud to report
that, on average, our most recent survey results outperformed the
manufacturing norm by 5 points."
Mr. Pinkham continued, "Looking ahead, our strategic focus
will continue to be on advancing innovation and sustainability
initiatives that align with our Regal Rexnord Values, support our
emission reduction targets, and help our customers meet their
sustainability goals. I believe a key to our continued success is
acknowledging that our customers' environmental and economic
objectives tend to be intertwined, and this consideration also
remains fundamental to our own growth strategy."
Regal Rexnord's annual sustainability report and accompanying
disclosures demonstrate its progress around the world and provide
key data and metrics prepared consistent with the Task Force on
Climate-Related Financial Disclosure (TCFD), the Global Reporting
Initiative (GRI), and the Sustainability Accounting Standards Board
(SASB). The report covers the fiscal year that ended December 31, 2023, with reference to certain
actions and developments during 2024. The current and prior
sustainability reports are available here and on the Regal Rexnord
investor relations website.
About Regal Rexnord
Regal Rexnord's 30,000 associates
around the world help create a better tomorrow by providing
sustainable solutions that power, transmit and control motion. The
Company's electric motors and air moving subsystems provide the
power to create motion. A portfolio of highly engineered power
transmission components and subsystems efficiently transmits motion
to power industrial applications. The Company's automation
offering, comprised of controls, actuators, drives, and precision
motors, controls motion in applications ranging from factory
automation to precision control in surgical tools.
The Company's end markets benefit from meaningful secular demand
tailwinds, and include factory automation, food & beverage,
aerospace, medical, data center, warehouse, alternative energy,
residential and commercial buildings, general industrial,
construction, metals and mining, and agriculture.
Regal Rexnord is comprised of three operating segments:
Industrial Powertrain Solutions, Power Efficiency Solutions, and
Automation & Motion Control. Regal Rexnord is headquartered in
Milwaukee, Wisconsin and has
manufacturing, sales and service facilities worldwide. For more
information, including a copy of our Sustainability Report, visit
RegalRexnord.com.
Forward-Looking Statements
All statements in this new
release, other than those relating to historical facts, including
goals for and projections of future results, the expected execution
and effect of our sustainability strategies and initiatives and the
amounts and timing of their expected impact, constitute
forward-looking statements that are based on management's
expectations and beliefs concerning future events impacting the
Regal Rexnord.
Many factors outside our control, including competitive
pressures, evolving legal and regulatory requirements, and societal
and market conditions globally and in the markets in which we do
business, could cause actual results to vary. Issues identified as
material for purposes of this release may not be considered
material for SEC reporting purposes. There can be no assurance that
these future events will occur as anticipated. Forward-looking
statements speak only as of the date they were made, and we
undertake no obligation to publicly update them. Please see Regal
Rexnord's latest Annual Report on Form 10-K and subsequent SEC
filings for a discussion of risk factors as they relate to
forward-looking statements.
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SOURCE Regal Rexnord Corporation