Regal Rexnord Corporation Announces Publication Of 2022 Sustainability Report
BELOIT, Wis., Dec. 5, 2022 /PRNewswire/ -- Regal Rexnord Corporation (NYSE: RRX) today published its 2022 Sustainability Report. The report reaffirms the company's strategic commitment to making energy efficiency and sustainable manufacturing processes top considerations when developing all new or redesigned products. Investing in Regal Rexnord's associates, leveraging the company's technology leadership to create products and solutions that customers value, adhering to 80/20 principals, and remaining guided by the Regal Rexnord Values also remain strategic pillars.
Notably, the report provides additional detail regarding Regal Rexnord's previously-announced commitment to achieving Carbon Emission Neutrality in its operations across Scopes 1 and 2 by 2032, to achieving Net Zero across scopes 1, 2 and 3 by 2050, and to pursuing the latter in alignment with science based targets. Regal Rexnord is beginning the foundational work to achieve these Net Zero goals by focusing significant time and effort on improving its environmental data reporting and accuracy, outlining a strategy to achieve its environmental impact goals, defining the relevant metrics to track its progress, and establishing a robust governance structure to help ensure accountability.
Commenting on Regal Rexnord's Net Zero goals, CEO Louis Pinkham emphasized "In a year characterized by a host of accomplishments as we continue transforming into a higher-performing enterprise, one that clearly stands out is announcing our commitments to achieving Carbon Emission Neutrality. Our associates are excited and interested in the direction we are taking in setting these environmental impact goals – and I am proud to be leading an enterprise that is actively participating in efforts that many believe are important to the health of our planet."
The report is available here and on the Regal Rexnord investor relations website.
Regal Rexnord Corporation is a global leader in the engineering and manufacturing of industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products and specialty electrical components and systems, serving customers around the world. Through longstanding technology leadership and an intentional focus on producing more energy-efficient products and systems, Regal Rexnord helps create a better tomorrow – for its customers and for the planet.
Regal Rexnord is comprised of four segments: Motion Control Solutions, Climate Solutions, Commercial Systems and Industrial Systems. Regal Rexnord is headquartered in Beloit, Wisconsin and has manufacturing, sales and service facilities worldwide. For more information, visit RegalRexnord.com.
This release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Regal Rexnord's current estimates, expectations and projections about Regal Rexnord's future results, performance, prospects and opportunities. Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as "anticipate," "believe," "confident," "estimate," "expect," "intend," "plan," "may," "will," "project," "forecast," "would," "could," "should," and similar expressions. Forward-looking statements in this report may include, among other things: statements regarding Regal Rexnord's emissions, energy consumption, water consumption, and other environmental targets, external ESG commitments, transportation management system improvements, and operational strategies.
These forward-looking statements are based upon information currently available to Regal Rexnord and are subject to a number of risks, uncertainties, and other factors that could cause actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Nothing in this release should be interpreted as material to the financial condition of Regal Rexnord, unless stated otherwise.
Important factors that could cause actual results to differ materially from the results referred to in the forward-looking statements Regal Rexnord makes in this release include: dependence on key suppliers and the potential effects of supply disruptions; fluctuations in commodity prices and raw material costs; any unforeseen changes to or the effects on liabilities, future capital expenditures, revenue, expenses, synergies, indebtedness, financial condition, losses and future prospects; the possibility that the conditions to the consummation of the proposed acquisition of Altra Industrial Motion Corp. ("Altra") (the "Altra Transaction") will not be satisfied on the terms or timeline expected, or at all; failure to obtain, or delays in obtaining, or adverse conditions related to obtaining, shareholder or regulatory approvals sought in connection with the Altra Transaction; failure to achieve the debt financing necessary for the Altra Transaction on the desired terms, or at all; Regal Rexnord's substantial indebtedness as a result of the Altra Transaction and the effects of such indebtedness on the combined company's financial flexibility after the Altra Transaction; Regal Rexnord's ability to achieve its objectives on reducing its indebtedness on the desired timeline; the possibility that the pendency of the Altra Transaction could materially and adversely affect our and Altra's business, financial condition, results of operation or cash flows; the possibility that Regal Rexnord may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the Altra Transaction, the merger with the Rexnord Process & Motion Control business (the "Rexnord PMC business") and the acquisition of Arrowhead Systems, LLC (together with the Altra Transaction and the merger with the Rexnord PMC business, the "Transactions") within the expected time-frames or at all and to successfully integrate Altra, the Rexnord PMC business and Arrowhead; expected or targeted future financial and operating performance and results; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) being greater than expected following the Transactions; Regal Rexnord's ability to retain key executives and employees; the continued financial and operational impacts of and uncertainties relating to the COVID-19 pandemic on customers and suppliers and the geographies in which they operate; uncertainties regarding the ability to execute restructuring plans within expected costs and timing; challenges to the tax treatment that was elected with respect to the acquisition of the Rexnord PMC business and related transactions; requirements to abide by potentially significant restrictions with respect to the tax treatment of the Rexnord PMC business which could limit Regal Rexnord's ability to undertake certain corporate actions that otherwise could be advantageous; actions taken by competitors and their ability to effectively compete in the increasingly competitive global electric motor, drives and controls, power generation and power transmission industries; the ability to develop new products based on technological innovation, such as the Internet of Things, and marketplace acceptance of new and existing products, including products related to technology not yet adopted or utilized in geographic locations in which Regal Rexnord does business; dependence on significant customers; seasonal impact on sales of products into HVAC systems and other residential applications; risks associated with global manufacturing, including public health crises and political, societal or economic instability, including instability caused by the conflict between Russia and Ukraine; issues and costs arising from the integration of acquired companies and businesses and the timing and impact of purchase accounting adjustments; Regal Rexnord's overall debt levels and its ability to repay principal and interest on its outstanding debt; prolonged declines in one or more markets, such as heating, ventilation, air conditioning, refrigeration, power generation, oil and gas, unit material handling, water heating and aerospace; economic changes in global markets, such as reduced demand for products, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, tariffs, immigration, customs, border actions and the like, and other external factors that Regal Rexnord cannot control; product liability, asbestos and other litigation, or claims by end users, government agencies or others that products or customers' applications failed to perform as anticipated, particularly in high volume applications or where such failures are alleged to be the cause of property or casualty claims; unanticipated liabilities of acquired businesses; unanticipated adverse effects or liabilities from business exits or divestitures; unanticipated costs or expenses that may be incurred related to product warranty issues; infringement of intellectual property by third parties, challenges to intellectual property, and claims of infringement on third party technologies; effects on earnings of any significant impairment of goodwill; losses from failures, breaches, attacks or disclosures involving information technology infrastructure and data; cyclical downturns affecting the global market for capital goods; and other risks and uncertainties including, but not limited, to those described in the section entitled "Risk Factors" in Regal Rexnord's Annual Report on Form 10-K on file with the SEC and from time to time in other filed reports including Regal Rexnord's Quarterly Reports on Form 10-Q.
For a more detailed description of the risk factors associated with Regal Rexnord, please refer to Part I, Item 1A in Regal Rexnord's Annual Report on Form 10-K for the fiscal year ended January 1, 2022 on file with the SEC and subsequent SEC filings, including Regal Rexnord's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date of this release, and Regal Rexnord undertakes no obligation to update any forward-looking information contained in this release to reflect subsequent events or circumstances.
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