Gates Releases 2023 Corporate Sustainability Report

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Gates (NYSE: GTES), a global manufacturer of power transmission and fluid power solutions, has released its 2023 Sustainability Report. The report highlights progress in four key areas: Governance, Technology, Environment, and Stewardship. Notable achievements include:

• Bringing 818,000 kWh of solar energy online
• Reducing 18M kWh of natural gas and 7M kWh of electricity consumption
• 20% decrease in Total Case Incident Rates (TCIR)
• 15% reduction in severe injuries

Gates continues to focus on decarbonization, waste reduction, and water conservation. The company's sustainability reporting aligns with international standards, including IFRS, SASB, TCFD, GRI, and UN SDGs. Gates employees are actively involved in community volunteer activities, demonstrating the company's commitment to making a positive impact globally.

Sixth Annual Report Highlights Continued Progress in Four Pillars of Sustainability Strategy: Governance, Technology, Environment, and Stewardship

DENVER, Sept. 6, 2024 /PRNewswire/ -- Gates (NYSE: GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, has published its annual Sustainability Report for 2023. The report highlights progress on the four pillars within the company's "GTES" Framework for sustainability strategy: Governance, Technology, Environment, and Stewardship.

"Gates is an innovation-driven company striving to improve our impact on people and the environment, taking into account the materials we use, our manufacturing processes, and the communities where we live and work," said Ivo Jurek, chief executive officer of Gates. "I'm proud of the ongoing commitment from our global teams to advance our sustainability efforts company-wide. We have further invested in our "GTES" organizational capabilities, established additional governance processes, enhanced our reporting to align with global standards, and continued to leverage our Eco-Innovation™ process to develop and manufacture products with a reduced environmental footprint while supporting our customers on their sustainability journeys."

As part of these efforts, the company has brought 818,000 kWh of solar energy online and invested in infrastructure projects to reduce 18M kWh of natural gas and 7M kWh of electricity consumption. With these key projects along with 73 other active GHG reduction projects underway, Gates remains steadfast in its pursuit of decarbonization. Gates is also working to reduce hazardous waste, landfill, and water consumption while increasing the number of zero-waste sites.

In 2023, Gates continued to achieve progress in enhancing health and safety across global operations through proactive efforts to reduce risk, the Life Critical Requirements program, and additional levels of training and communications across our global facilities and our workforce. The company saw a 20% decrease in Total Case Incident Rates (TCIR) and a 15% reduction in severe injuries, demonstrating the effectiveness of its safety initiatives. 

Across the globe, Gates employees are making meaningful contributions to their communities through a wide array of volunteer activities. Whether mentoring students in STEM programs, leading a local reforestation project, or offering hands-on support at food banks and community shelters, these efforts reflect a dedication to making a positive, lasting impact in the communities where they live and work.

Gates sustainability reporting process applies the standards and guidelines expressed by the International Financial Reporting Standards (IFRS) Foundation and its Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD). Reporting is also informed by the Global Reporting Initiative (GRI) and United Nations Sustainable Development Goals (SDGs).

For more details, please see the full Gates 2023 Sustainability Report, available to view or download at www.gates.com/sustainability

About Gates Industrial Corporation plc
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers as specified components. For more than a century, Gates has pushed the boundaries of materials science to engineer products that exceed expectations in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets including industrial on-highway, industrial off-highway, mobility and recreation, automotive, energy and resources as well as diversified industrial. Our products are sold in more than 130 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India. More about Gates can be found at www.gates.com.

Forward-Looking Statements
This press release contains 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. These statements are related to and based on management's current expectations regarding the performance of the Company's business and its plans, objectives, and intentions. Such forward-looking statements are subject to various risks and uncertainties that could cause the Company's results to differ materially from those described in the forward-looking statements. Certain of these risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed with the Securities and Exchange Commission ("SEC"). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement should circumstances change, except as required by law.

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SOURCE Gates Corporation

FAQ

What are the key highlights of Gates' 2023 Sustainability Report?

Gates' 2023 Sustainability Report highlights progress in four areas: Governance, Technology, Environment, and Stewardship. Key achievements include implementing 818,000 kWh of solar energy, reducing natural gas and electricity consumption, decreasing Total Case Incident Rates by 20%, and reducing severe injuries by 15%.

How is Gates (GTES) addressing environmental sustainability in 2023?

Gates (GTES) is addressing environmental sustainability through various initiatives, including implementing solar energy, reducing natural gas and electricity consumption, focusing on decarbonization, reducing hazardous waste and landfill use, decreasing water consumption, and increasing the number of zero-waste sites.

What safety improvements did Gates (GTES) report in 2023?

In 2023, Gates (GTES) reported significant safety improvements, including a 20% decrease in Total Case Incident Rates (TCIR) and a 15% reduction in severe injuries. These improvements were achieved through proactive risk reduction efforts, the Life Critical Requirements program, and enhanced training and communications.

Which sustainability reporting standards does Gates (GTES) follow in its 2023 report?

Gates (GTES) follows several international sustainability reporting standards in its 2023 report, including the International Financial Reporting Standards (IFRS), Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), Global Reporting Initiative (GRI), and United Nations Sustainable Development Goals (SDGs).