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Company Reports Results Ahead of its 2030 Goals
SKOKIE, Ill., June 9, 2022 /PRNewswire/ -- Continuing its commitment to "Making Tomorrow Better," Tenneco Inc. (NYSE: TEN) published the company's fourth annual Sustainability Report, covering operations from January 1 – December 31, 2021, and highlighting the company's continued achievements and progress toward long-term sustainability goals. The 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.
In 2021, Tenneco's Environment, Social and Governance (ESG) performance highlights include the following:
Our People: Tenneco maintained an enterprise-wide safety recordable incident rate well below industry benchmark, reflecting the company's ongoing focus to keep team members safe every day. Tenneco also remains steadfast in its prioritization of inclusion and diversity; the IDEA Board (Inclusion, Diversity, Equity and Action), launched in 2020, continues to implement the company's efforts to engrain the values of diversity into the fabric of the culture. In 2021, 20 percent of U.S. team members were racially diverse, with 21 percent of positions at the manager-level-or-above held by women.
Our Planet: Tenneco is committed to minimizing the environmental impact of its operations through energy efficiency and sourcing renewable energy. In 2021, Tenneco reported an 8 percent reduction in energy use and a 10 percent reduction in Greenhouse gas (GHG) emissions intensity, both compared to a 2019 baseline. It also recycled 78 percent of manufacturing waste throughout its facilities.
Our Products: In 2021, 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 99 percent from 97 percent in 2020.
"First and foremost, we are proud of our ability to keep our team members safe throughout another challenging year. As we continue to evolve our ESG strategy, we strive to have a more positive impact on the world in which we live," said Kim Yapchai, senior vice president and chief ESG officer. "At Tenneco, we take our responsibility to social initiatives and strengthening our communities very seriously, and as we work toward our 2030 goals, we are very excited to continue our progress toward 'Making Tomorrow Better.'"
Looking ahead, Tenneco is focused on driving progress on its ESG goals through several key global initiatives. We expect to perform a climate scenario analysis; develop a renewable energy roadmap for achieving our 2030 carbon reduction goals; engage suppliers with ESG assessments to confirm alignment with our supplier code of conduct; and conduct product lifecycle assessments (LCAs).
To view Tenneco's 2021 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 2021 revenues of $18 billion and approximately 71,000 team members working at more than 260 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 near and long-term sustainability and ESG-related practices, initiatives and 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; disasters, local and global public health emergencies or other catastrophic events, where we or our customers do business, and any resultant disruptions; 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 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; 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, of governments and vehicle manufacturers to limit production of diesel and gasoline powered vehicles in various national and local jurisdictions; 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, 2021 and the quarterly report on Form 10-Q for the quarter ended March 31, 2022.
Media Relations – North America
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SOURCE Tenneco Inc.