Tenneco Meets 2021 Sustainability Goals Early and Announces New Goals
LAKE FOREST, Ill., Sept. 15, 2021 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) today published the company's third annual Sustainability Report. Covering operations during 2020, the report highlights Tenneco's sustainability progress including the completion of a formal materiality assessment; the development of a framework to align the company's corporate strategy to sustainability and focus efforts on key impacts; and the establishment of new goals that will drive further performance improvement.
Titled "Making Tomorrow Better," Tenneco's report was prepared in accordance with the Global Reporting Initiative (GRI) Standards and covers metrics within the Sustainability Accounting Standards Board (SASB) Auto Parts Industry Standards, and features updates on a broad range of the company's ESG initiatives, including:
- Our People: Tenneco reported an enterprise-wide safety recordable incident rate in 2020 that decreased over 19 percent from 2019, reflecting the company's ongoing focus to keep team members safe every day Additionally, Tenneco launched the IDEA (Inclusion, Diversity, Equity, Action) Board to promote an inclusive culture, engage in thoughtful dialogue, and help attract and support diverse talent.
- Our Planet: Tenneco is committed to minimizing the environmental impact of its operations through energy efficiency and sourcing renewable energy. In 2020, Tenneco reported a 2.9 percent reduction in Greenhouse gas (GHG) emissions intensity and a 4.8 percent reduction in energy intensity enterprise wide. It also reduced waste intensity by 3.7 percent in select business units.
- Our Products: In 2020, 41 percent of revenue came from products from Tenneco's Clean Air and Powertrain business segments that directly contribute to fuel efficiency or emissions reduction. The company also saw an increase in the number of plants certified for product quality management (IATF 16949) to 97 percent from 92 percent in 2019.
"Throughout a challenging 2020, Tenneco remained committed to the safety of our global team members while continuing to improve our ability to operate our business in a sustainable, responsible manner," said Brian Kesseler, chief executive officer, Tenneco. "Good governance, risk management and managing our business impact remain top priorities for us; we know that ESG management is integral to our business strategy, financial performance, customer and supplier relationships, and investor expectations, as well as our continued goal of driving global mobility."
In 2021, Tenneco appointed Kim Yapchai to the position of senior vice president and chief environmental, social and governance (ESG) officer, and elevated the ESG role to the company's executive leadership team.
"Although we essentially met our 2021 goals a year early, we are focused on strengthening our business by meeting, or exceeding, our new goals and reporting progress. We are proud of our team members for driving this and for making a positive impact on our neighboring communities and the world around us," added Yapchai.
Looking ahead, Tenneco has introduced a new set of long-term sustainability goals, achievable by 2030 from a 2019 baseline. These include a commitment to increasing both gender diversity globally and minority group representation in the U.S. to one-third each at the manager level or above; reducing its scope 1 and scope 2 GHG emissions by 30 percent; decreasing operational energy demand by 10 percent; and sourcing 15 percent more renewable energy.
"We have been recognized for our progress in the past and are excited about achieving these new goals over the next nine years with increased focus and dedicated resources to deliver results. Sustainability is key to operating excellence and is just one example of our corporate value to 'Make Tomorrow Better' in action," concluded Yapchai.
To view Tenneco's 2020 Sustainability Report in full, click here.
Tenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide. Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, Tenneco is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket.
Visit www.tenneco.com to learn more.
This release contains forward-looking statements. These forward-looking statements include, among others, statements relating to our long-term sustainability goals. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements, including general economic, business, social and market conditions, including the effects of the COVID-19 pandemic; our ability (or inability) to successfully execute cost reduction, performance improvement and other plans, including our plans in response to the COVID-19 pandemic and our previously announced accelerated performance improvement plan ("Accelerate"), and to realize the anticipated benefits from these plans; changes in capital availability or costs, including increases in our cost of borrowing; our working capital requirements; our ability to source and procure needed materials, components and other products, and services in accordance with customer demand and at competitive prices; supply chain disruptions, including constraints on steel and semiconductors and resulting increases in costs, impacting our company, our customers or the automotive industry; changes in consumer demand for our OE products or aftermarket products, prices; the continued evolution of the automotive industry towards car and ride sharing and autonomous vehicles; announced plans, in an effort to reduce greenhouse gas emissions to limit production of diesel and gasoline powered vehicles; the ability to retain and hire key personnel and maintain relationships with customers, suppliers or other business partners; as well as the risk factors and cautionary statements included in Tenneco's periodic and current reports (Forms 10-K, 10-Q and 8-K) filed from time to time with the SEC. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Unless otherwise indicated, the forward-looking statements in this release are made as of the date of this communication, and, except as required by law, Tenneco does not undertake any obligation, and disclaims any obligation, to publicly disclose revisions or updates to any forward-looking statements. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its annual report on Form 10-K for the year ended December 31, 2020 and quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021.
Media Relations – North America
Media Relations – North America
SOURCE Tenneco Inc.