nVent Announces Second Social Responsibility Report
nVent Electric plc (NYSE:NVT) has released its second Social Responsibility Report, outlining new goals focused on people, products, and planet. By the end of 2025, it aims to increase women's representation in management by 20% and racially diverse U.S. professionals by 25%, alongside achieving a safety incident rate of ≤0.50. The company also targets a 25% reduction in Scope 1 and 2 greenhouse gas emissions by 2030. Notable 2020 achievements include a rise in employee satisfaction and a decrease in safety incidents. Full details can be accessed at nvent.com/socialresponsibility.
- Increased employee satisfaction favorability by 8% since 2018.
- 10% growth in employee resource group membership across 16 countries.
- Reduction in total recordable incident rate from 0.82 in 2019 to 0.61.
- None.
nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today released its second Social Responsibility Report, which includes new social responsibility goals for the company’s focus areas of people, products and planet.
“At nVent, our commitment to social responsibility and continuous improvement guides us toward a more sustainable future,” said nVent Chief Executive Officer Beth Wozniak. “I am proud of our accomplishments and the steps we’ve taken to strengthen this commitment, and I’m excited about the future we are creating and our role in social responsibility.”
Announcing new goals
nVent is building on its commitment to social responsibility and continuous improvement by announcing new goals to help communicate the company’s progress on important issues, such as inclusion and diversity and environmental impact.
nVent's social responsibility goals include:
People: by the end of 2025:
-
Increase representation of women in management globally by
20% -
Increase representation of racially diverse U.S. professional employees by
25% - Reach an employee safety total recordable incident rate of ≤0.50
Products: by the end of 2021:
- Establish New Product Introduction Guidelines to help deliver socially responsible products and end-user solutions
- Develop baseline metrics and long-term goals
Planet: by the end of 2030:
-
Achieve
25% reduction in Scope 1 and Scope 2 greenhouse gas emissions -
Reach
20% renewable energy consumption
2020 highlights
nVent made significant progress in several key areas in 2020, which includes:
- An eight-point increase in employee satisfaction favorability, compared to 2018, as reported in the employee engagement survey
-
A
10% increase in employee resource group membership, with participants in 16 countries - An employee safety total recordable incident rate of 0.61, down from 0.82 in 2019
- Launching a record number of new products that provide customer solutions
- The introduction of a new sustainability performance management system
- Entering into the organization’s first United States green energy contract
A full copy of the 2020 Social Responsibility Report can be downloaded at nvent.com/socialresponsibility.
About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.
nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,” “should,” “would,” “positioned,” “strategy,” “future,” “are confident,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this press release are also forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include adverse effects on our business operations or financial results, including due to the impact of the COVID-19 pandemic and potential impairment of goodwill and trade names; overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this press release. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.
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