Fortive Releases 2023 Annual Sustainability Report

Rhea-AI Summary

Fortive (NYSE: FTV) has released its 2023 Annual Sustainability Report, showcasing significant reductions in greenhouse gas emissions, sustainable products and services, responsible sourcing, and third-party validation.

Positive

• Significant reduction in Scope 1 and 2 GHG emissions by 25.6%
• 60% of revenue from products aligned with UN Sustainable Development Goals
• Maintained responsible sourcing and supplier diversity standards
• Consistent recognition for responsible corporate practices

Negative

• None.

Enhanced Reporting Highlights Achievements in Sustainability-Enabling Product and Service Solutions and Reduced GHG Emissions

EVERETT, Wash.--(BUSINESS WIRE)-- Fortive Corporation ("Fortive") (NYSE: FTV) announced today it has published its annual Sustainability Report, detailing the company’s progress and continued commitment to achieving ambitious goals for a sustainable future.

“Sustainability is inextricably linked to our shared purpose—essential technologies for the people who accelerate progress. Our vision and commitment to Sustainability are both expansive and ambitious,” said James A. Lico, President and Chief Executive Officer of Fortive. “Our goal is clear: to deliver innovative solutions that empower our customers to make the world stronger, safer, and more sustainable.”

The report spotlights Fortive’s strategic framework for prioritizing the issues that drive progress for customers, partners, employees, and shareholders. Consistent with prior years, the 2023 report is grounded in Fortive’s impact assessment and has been prepared in alignment with the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), United Nations Sustainable Development Goals, and the United Nations Global Compact.

Highlights from the 2023 report include:

• Significant Greenhouse Gas (GHG) Emissions Reductions: Achieved a 25.6% absolute reduction in Scope 1 and 2 GHG emissions, compared to 2019 baseline, tracking toward our 2029 goal to reduce absolute Scope 1 and 2 GHG emissions 50% from 2019 levels.
• Comprehensive GHG Emissions Tracking: The 2023 report expands GHG emissions accounting to include relevant Scope 3 emissions, to better understand the related impacts and opportunities and drive greater efficiency in the near and long term.
• Delivered Sustainable Products and Services: Approximately 60% of Fortive’s revenue is generated from products and services that deliver Sustainability-related outcomes and are aligned with the United Nations Sustainable Development Goals.
• Maintained Responsible Sourcing and Supplier Diversity: Consistent with the Fortive Supplier Code, assessed more than 200 direct material suppliers, with 100% receiving a positive rating, and made progress toward 2025 aspirational goals in supplier diversity.
• Continued Third Party Validation: Named for the fifth consecutive year on Newsweek’s Most Responsible Companies list and achieved 100% compliance with the Human Rights Campaign Corporate Equality Index for the seventh consecutive year.

The full report can be found at fortive.com/sustainability, along with more information about the company's Sustainability programs, performance, and commitments.

ABOUT FORTIVE

Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive’s strategic segments - Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions - include well-known brands with leading positions in their markets. The company’s businesses design, develop, service, manufacture, and market professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 18,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.

FORWARD-LOOKING STATEMENTS

Statements in this release that are not strictly historical, including statements regarding anticipated achievement of sustainability goals, sustainability impact, financial results, delivery of solutions, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” “target,” or “will” or other words of similar meaning are “forward-looking” statements within the meaning of the federal securities laws. These factors include, among other things: deterioration of or instability in the economy, the markets we serve, international trade policies, the condition of the financial markets and the banking systems, security breaches or other disruptions of our information technology systems, public health measures, our ability to adjust purchases, supply chain management, and manufacturing capacity to reflect market conditions and customer demand, reliance on sole sources of supply, changes in relations with China, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations, including our cost of debt, on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, risk related to tax treatment of the separation of Vontier, impact of our indemnification obligation to Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2023. These forward-looking statements speak only as of the date of this release, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508140007/en/

Elena Rosman

Vice President, Investor Relations

Fortive Corporation

6920 Seaway Boulevard

Everett, WA 98203

Telephone: (425) 446-5000

Source: Fortive Corporation

FAQ

What did Fortive announce in its recent press release?

Fortive released its 2023 Annual Sustainability Report highlighting achievements in sustainability.

What is the stock symbol for Fortive ?

The stock symbol for Fortive is FTV.

Where can the full Sustainability Report be accessed?

The full report can be found at fortive.com/sustainability.

What is the percentage reduction in greenhouse gas emissions mentioned in the report?

Fortive achieved a 25.6% reduction in Scope 1 and 2 GHG emissions compared to a 2019 baseline.

What percentage of Fortive's revenue is generated from sustainable products and services?

Approximately 60% of Fortive's revenue comes from products and services aligned with UN Sustainable Development Goals.

How has Fortive demonstrated commitment to responsible sourcing?

Fortive assessed over 200 direct material suppliers, with 100% receiving a positive rating, and made progress in supplier diversity goals.

What recognition has Fortive received for its corporate practices?

Fortive has been named on Newsweek's Most Responsible Companies list for the fifth consecutive year and achieved 100% compliance with the Human Rights Campaign Corporate Equality Index for seven years.