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.
About Tenneco
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.
Safe Harbor
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.
Investor inquiries:
Linae Golla
847-482-5162
lgolla@tenneco.com
Rich Kwas
248-849-1340
rich.kwas@tenneco.com
Media contacts:
Bill
Dawson
Media Relations – North
America
847
482-5807
bdawson@tenneco.com
Karen Shulhan
Media Relations – North
America
313 617-2086
karen.shulhan@tenneco.com
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SOURCE Tenneco Inc.