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 - several 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 and 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.