Leading Sustainably: Ingersoll Rand Highlights Accelerated Progress in 2023 Sustainability Report and Announces New Goals
DAVIDSON, N.C., June 27, 2024 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and life science and industrial solutions, has unveiled its 2023 Sustainability Report. "Leading Sustainably through execution" details the company's commitment, action, and accomplishments related to a more sustainable future, guided by Ingersoll Rand Execution Excellence (IRX) and an ownership mindset.
Sustainability is a key component of Ingersoll Rand's purpose of Making Life Better. The company's Lead Sustainably strategic imperative focuses on two main areas: Grow Sustainably and Operate Sustainably.
"We continue to grow and operate sustainably by developing innovative and sustainable products and services that deliver immediate value to our customers through efficiency, circularity, and safety while improving our own operations," said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. "Our dedication to Leading Sustainably demonstrates our commitment to Making Life Better and I am excited about what we can achieve together in 2024 and beyond."
In 2023, Ingersoll Rand achieved measurable progress against its sustainability goals, including:
Grow Sustainably:
- Employing a Design for Sustainability (DfS) process for all new product development, with 80 new innovative products launched in 2023.
- Offering a portfolio of products in which 66% feature sustainable attributes.
- Anticipating products with sustainable attributes will account for more than 25% of our total revenue by 2030.
- Continuing to support customers in high-growth, sustainable end markets such as clean energy, food, life sciences, and water.
Operate Sustainably:
- Prioritizing employee safety and surpassing the industry average by 73%1, with a safety total recordable incident rate approaching world-class.2
- Upholding our commitment to employee ownership by granting equity to more than 1,800 employees through our Ownership Works program, growing the total number of employees who received grants to more than 23,000 since May 12, 2017.
- Powering 45 sites worldwide with renewable energy through the use of solar panels and green energy contracts.
- Achieving our water reduction goal seven years ahead of our 2030 target.
- Being named to the "A List" by CDP (formerly the Carbon Disclosure Project) and included on the Dow Jones Sustainability Indices (DJSI)3, among other awards for leadership in sustainability practices and results.
Looking ahead, the company has set two ambitious new goals to accelerate even further progress for customers and within its own operations:
- New operational goal to reduce absolute water usage by 30% in water-stressed sites by 2030.4
- By 2040, helping Ingersoll Rand's customers reduce or avoid 1 billion metric tons carbon dioxide equivalent (CO2e) in their Scope 2 emissions through the use of our products and services.5
"As we continue to innovate climate solutions through our products and services, we believe that we are able to better provide the answers our customers need to reach their decarbonization goals," added Reynal.
Download and view the full report here.
Forward-Looking Statements
This news release contains "forward-looking statements" that are subject to risks and uncertainties. Forward-looking statements are based on Ingersoll Rand's current expectations and projections about future trends, events and uncertainties. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "target," "endeavor," "seek," "predict," "intend," "strategy," "plan," "may," "could," "should," "will," "would," "will be," "on track to" "will continue," "will likely result," or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements other than historical facts are forward-looking statements.
These forward-looking statements are based on Ingersoll Rand's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics, geopolitical tensions, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC's website at http://www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this news release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.
1 Average Total Recordable Incident Rate (TRIR) for all Industrial Machinery Manufacturing companies in 2022 (most recent data available) was 2.6 according to the U.S. Bureau of Labor Statistics. At the end of 2023, Ingersoll Rand's TRIR was 0.69.
2 World Class defined as top quartile of manufacturing companies with >1,000 employees per U.S. Bureau of Labor Statistics (2020).
3 Receipt of an S&P Global ESG Score does not represent a sponsorship, endorsement or recommendation on the part of S&P Global to buy, sell or hold any security and a decision to invest in any subject company should not be made based on the receipt of any such note. S&P, S&P Global, and the S&P Global logo are trademarks of S&P Global Inc. or its subsidiaries, registered in many jurisdictions worldwide.
4 Based on current year World Resources Institute (WRI) high and extremely high-risk data.
5 Details regarding the methodology used to calculate this goal can be found on page 11 in our 2023 Sustainability Report here. Greenfield growth using more efficient technology is treated as avoidance of CO2e compared to a less efficient alternative utilized in the base year. Although efforts have been made to ensure accuracy, it is possible that some of these data, assumptions, and extrapolations are inaccurate. For example, there are known deficiencies related to product unit level attribution and aggregation that could account for noteworthy fluctuations in reported values. We expect to make regular adjustments to our Scope 3 emissions data, procedures, assumptions, and models as we collaborate with external advisors to enhance our methodology and transition from broad measurement approaches (such as spend or average) to more detailed methods. These procedural enhancements and external feedback have the potential to lead to noteworthy fluctuations in the Scope 3 emissions data reported for previously reported periods.
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