Fox Factory Publishes 2023 Sustainability Report

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Fox Factory Holding Corp. (Nasdaq: FOXF) has released its third annual sustainability report, highlighting progress in 2023 across four strategic areas: Planet, People, Product, and Business Fundamentals. Key achievements include:

Planet: 37% increase in renewable energy use at major facilities, expansion of Trail Trust initiative, and ISO certifications for environmental and safety management.

People: Launch of employee recognition program, new Learning Management System, and Veterans Employee Resource Group.

Product: Increased pre-production testing, new testing facilities, and sustainable packaging initiatives.

The report underscores Fox Factory's commitment to innovation, sustainability, and industry leadership in performance and adventure products.

DULUTH, Ga., Aug. 27, 2024 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (Nasdaq: FOXF) (the “Company”), a global leader in performance and adventure products, released its third annual sustainability report, detailing progress made over the last year. Rooted in a commitment to innovation and pushing potential further, Fox Factory is making advancements across all four of its strategic frontiers: Planet, People, Product, and Business Fundamentals. The report provides a comprehensive overview of accomplishments from 2023 and aspirations for the future, reinforcing the Company’s dedication to driving measured, positive change within the industry and beyond. 

“2023 was a big year for Fox Factory, with our acquisitions of Custom Wheel House, Marucci Sports, and Ride Concepts. As we continue to grow, we remain steadfast in our commitment to not only winning through innovation and performance-defining products, but to do so while prioritizing sustainability,” said Mike Dennison, Chief Executive Officer.  

Key highlights from 2023:

PLANET – Protecting Our Global Playground 

• Increased renewable energy procurement at its two largest facilities (in Gainesville, Ga., and Taichung City, Taiwan) by 37%
  
  
• Expanded Fox Factory’s signature outreach initiative, Trail Trust. Since its launch, the initiative has partnered with 120+ nonprofits to build or maintain over 750 miles of trails, deliver countless hours of responsible recreation training, and expand opportunities to more than 27,000 underserved adventurers
  
  
• Achieved ISO 14001 and ISO 45001 at its Gainesville, Ga., facility, ISO 45001 at its Taichung City, Taiwan, facility, and ISO 9001 at its Jasper, Ind., facility, demonstrating a strong commitment to safety, quality, and environmental management in operations
  

PEOPLE – United in Shared Well-being and Adventure 

• Launched Game Changers, a new virtual employee recognition program to celebrate employee accomplishments and service milestones
  
  
• Rolled out a new centralized Learning Management System, a one stop-shop for employee training and development, and launched additional Leadership Development Programs for high-potential employees and senior leaders
  
  
• Created the Veterans Employee Resource Group (V.E.R.G.) to foster an environment of belonging in the workplace for veterans, active service members, and their families and supporters
  

PRODUCT – Redefining Sustainable Performance

• Increased pre-production testing volume by 48% for the Specialty Sports Group and 23% for the Powered Vehicles Group to deliver optimal product quality 
    
• Opened a new mechatronics lab in Scotts Valley, Cali., a 5,000-square-foot testing compound in the desert of Ocotillo, Cali., and made significant enhancements in bike test labs in Canada and Taiwan 
    
• Implemented packaging initiatives across the Company to increase the use of recycled and sustainable materials as well as reduce overall packaging mass  
  

Underpinning these accomplishments is the Company’s commitment to strong business fundamentals, upholding high standards of ethics, compliance, governance, and security.  
For more information on Fox Factory’s sustainability initiatives and to view the full 2023 sustainability report, click here.

About Fox Factory Holding Corp. (NASDAQ: FOXF) 
Fox Factory Holding Corp. is a global leader in the design and manufacturing of premium products that deliver championship-level performance for specialty sports and on- and off-road vehicles. Its portfolio of brands, including FOX, Marucci, Method Race Wheels, and more, are fueled by unparalleled innovation that continuously earns the trust of professional athletes and passionate enthusiasts all around the world. The Company is a direct supplier of shocks, suspension, and components to leading powered vehicle and bicycle original equipment manufacturers. The company acquires complementary businesses to integrate engineering and manufacturing expertise to reach beyond its core shock and suspension business, diversifying its product offerings and increasing its market potential. It also provides products in the aftermarket through its global network of retailers and distributors and through direct-to-consumer channels. 

FOX, Method Race Wheels, Marucci Sports, and Ride Concepts are registered trademarks of Fox Factory, Inc. NASDAQ Global Select Market is a registered trademark of The NASDAQ OMX Group, Inc. All rights reserved.  

FAQ

What were Fox Factory's key sustainability achievements in 2023?

Fox Factory (FOXF) increased renewable energy use by 37% at major facilities, expanded the Trail Trust initiative, achieved ISO certifications, launched an employee recognition program, improved product testing, and implemented sustainable packaging initiatives.

How has Fox Factory (FOXF) improved its environmental efforts in 2023?

Fox Factory increased renewable energy procurement by 37% at its largest facilities in Gainesville, GA, and Taichung City, Taiwan. The company also achieved ISO 14001 certification for environmental management at its Gainesville facility.

What new employee initiatives did Fox Factory (FOXF) introduce in 2023?

Fox Factory launched the Game Changers virtual employee recognition program, implemented a new centralized Learning Management System, and created the Veterans Employee Resource Group (V.E.R.G.) to support veterans and active service members.

How has Fox Factory (FOXF) enhanced its product testing capabilities in 2023?

Fox Factory increased pre-production testing volume by 48% for Specialty Sports Group and 23% for Powered Vehicles Group. They also opened a new mechatronics lab in Scotts Valley, CA, and a 5,000-square-foot testing compound in Ocotillo, CA.

What acquisitions did Fox Factory (FOXF) make in 2023?

In 2023, Fox Factory acquired Custom Wheel House, Marucci Sports, and Ride Concepts, expanding its portfolio of performance and adventure product brands.