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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