ESAB Corporation Releases Second Annual Sustainability Report

Rhea-AI Summary

ESAB announces a new commitment to have 50% of its global electricity sourced from renewable energy by 2030. The company's sustainability report highlights workplace health and safety achievements and environmental goals, including a 50% reduction in GHG emissions by 2035.

Positive

• ESAB commits to sourcing 50% of global electricity from renewable sources by 2030.
• The company achieved an industry-leading total recordable incident rate of 0.43 in 2023.
• ESAB aims to reduce its global Scope 1 and Scope 2 GHG emissions by 50% by 2035.
• The company launched six new product offerings in line with sustainable product regulations.
• ESAB continues to focus on diversity, inclusion, and community reflection.

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• None.

Announces new commitment to 50% global electricity coming from renewable sources by 2030.

NORTH BETHESDA, Md.--(BUSINESS WIRE)-- As it enters its 120^th Anniversary, ESAB Corporation (“ESAB” or “the Company”) (NYSE: ESAB), has published its second annual sustainability report, continuing its commitment to sustainable operations and shaping a better world.

As part of shaping a better world, ESAB is raising the bar of the commitments made in its inaugural report with an additional commitment to having 50% of the Company’s global electricity come from renewable energy sources by the year 2030. The report also highlights the Company’s continued commitment to workplace health and safety for all of its 9,000 global associates which resulted in an industry-leading total recordable incident rate of 0.43 in 2023.

“This year, as we celebrate 120 years as a company, we are excited to showcase the ongoing efforts towards shaping a better world and improving the communities in which we work and live,” said Shyam P. Kambeyanda, President and CEO, ESAB Corporation. “In addition to our environmental commitments and leading safety records, we are dedicated to designing products that reduce our carbon footprint.”

Additional highlights from ESAB’s second sustainability report include:

• An expanded commitment to reduce the Company’s absolute global Scope 1 and Scope 2 GHG emissions by 50% by the year 2035 from a 2022 baseline.
• Showcasing the company’s Ultimate Line Up portfolio of fabrication equipment designed to meet the standards outlined in the European Commissions’ Ecodesign for Sustainable Products Regulation with the launch of six new product offerings.
• Progress on our diversity and inclusion journey and efforts towards reflecting the communities and regions we are part of.

More information about ESAB’s sustainability journey and the Company’s sustainability reports can be found at www.ESABcorporation.com/sustainability.

About ESAB Corporation

Founded in 1904, ESAB Corporation (NYSE: ESAB) is a focused premier industrial compounder. The Company’s rich history of innovative products, workflow solutions and business system ESAB Business Excellence, enables its purpose of Shaping the world we imagine.^TM ESAB Corporation is based in North Bethesda, Maryland and employs approximately 9,000 associates and serves customers in approximately 150 countries. To learn more, visit www.ESABcorporation.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that are not historical facts, including statements regarding our sustainability targets, goals, commitments, and programs, and other business plans, initiatives, and objectives. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon, or similar terminology generally intended to identify forward-looking statements. Our actual future results, including the achievement of our targets, goals, or commitments, could differ materially from our projected results as the result of changes in circumstances, assumptions not being realized, or other risks, uncertainties, and factors, many of which are outside of the Company’s control. Such risks, uncertainties, and factors include the risk factors discussed in Item 1A of our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. We urge you to consider all the risks, uncertainties, and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this press release.

Information included in this press release as well as the Company’s sustainability report is not necessarily material within the meaning of U.S. federal securities laws and its inclusion should not be construed as a determination by the Company as to its materiality for purposes of the federal securities laws or other applicable laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240408430187/en/

Media Contact:

Tilea Coleman

Vice President, Corporate Communications

E-mail: mediarelations@esab.com

Phone: 1-301-323-9092

Investor Relations Contact:

Mark Barbalato

Vice President, Investor Relations

E-mail: investorrelations@esab.com

Phone: 1-301-323-9098

Source: ESAB Corporation

FAQ

What is ESAB 's new commitment regarding renewable energy by 2030?

ESAB aims to have 50% of its global electricity sourced from renewable energy by 2030.

What was ESAB's total recordable incident rate in 2023?

ESAB achieved an industry-leading total recordable incident rate of 0.43 in 2023.

How much does ESAB plan to reduce its global GHG emissions by 2035?

ESAB plans to reduce its global Scope 1 and Scope 2 GHG emissions by 50% by 2035.

What new product offerings did ESAB launch in line with sustainable product regulations?

ESAB launched six new product offerings in line with sustainable product regulations.

What aspects of sustainability does ESAB focus on besides environmental goals?

ESAB also focuses on workplace health and safety, diversity, inclusion, and community reflection.