Simpson Manufacturing Co., Inc. Publishes Fiscal 2023 Corporate Social Responsibility Report

Rhea-AI Summary

Simpson Manufacturing (NYSE: SSD) has released its Fiscal 2023 Corporate Social Responsibility Report, highlighting significant strides in social responsibility and sustainability. Key achievements include over $2.5 million in corporate contributions and $5.5 million in donations to Habitat for Humanity over 16 years. The company increased annual scholarships from 100 to 120 and raised the amount from $2,500 to $3,000. Employee Matching Gift limits were increased from $1,000 to $5,000. A new VP of Strategic Partnerships & Engagement was appointed. Simpson launched 'Origin,' a financial well-being platform for employees and partnered with Gallup for a global employee engagement survey. The company also set diversity, equity, and inclusion goals, aimed to reduce TRIR below 1.5 by the end of 2024, and committed to improving its energy, water, and waste performance.

Positive

• Corporate contributions exceeded $2.5 million in 2023.
• $5.5 million donated to Habitat for Humanity over 16 years.
• Increased scholarships from 100 to 120 annually, and the amount from $2,500 to $3,000.
• Raised employee Matching Gift limit from $1,000 to $5,000.
• Established VP of Strategic Partnerships & Engagement to address labor shortages.
• Launched 'Origin,' a financial well-being platform for employees.
• Partnered with Gallup for a global employee engagement survey.
• Set diversity, equity, and inclusion goals.
• Committed to reducing TRIR below 1.5 by end of 2024.
• Initiated improvements in energy, water, and waste performance.

Negative

• No direct mention of revenue, earnings, or EPS in the report.
• Lack of immediate financial performance metrics related to CSR initiatives.
• Potential increased costs from expanded scholarships and higher matching gift limits.
• New VP role and financial platform may incur additional expenses.

PLEASANTON, Calif., June 17, 2024 /PRNewswire/ -- Simpson Manufacturing Co., Inc. (the "Company") (NYSE: SSD), an industry leader in engineered structural connectors and building solutions, announced today it has published its Fiscal 2023 Corporate Social Responsibility Report. Highlights of the Company's continued commitment to social responsibility and environmentally sustainable business practices to its employees and stakeholders include:

• In 2023, making corporate contributions of more than $2.5 million
• Making donations of more than $5.5 million in cash and products to Habitat for Humanity over the past 16 years.
• Increasing the number of scholarships from 100 to 120 a year, and the scholarship amount from $2,500 to $3,000.
• Increasing our individual Matching Gift limit for employees from $1,000 to $5,000.
• Establishing a Vice President of Strategic Partnerships & Engagement role to strengthen community connections and address the skilled labor shortage in the construction trades.
• Launching Origin, a financial platform designed to provide our employees with all the financial well-being tools they need.
• Partnering with Gallup to conduct our 2024 annual Global Employee Engagement Survey.
• Developing three goals relating to diversity, equity and inclusion.
• Setting the goal to reduce our TRIR to below 1.5 by the end of 2024.
• Adding an Innovation Pillar to our report.
• Committing to continuously improve energy, water and waste performance.

The report includes updated ESG-related metrics for the year ended December 31, 2023.  Simpson's Fiscal 2023 Corporate Social Responsibility Report can be found on the Company's website at https://simpsonmfg-esg.metrio.net/. 

About Simpson Manufacturing Co., Inc.

Simpson Manufacturing Co., Inc., headquartered in Pleasanton, California, through its subsidiaries, including Simpson Strong-Tie Company Inc., designs, engineers and is a leading manufacturer of wood construction products, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specialty chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials. The Company primarily supplies its building product solutions to both the residential and commercial markets in North America and Europe. The Company's common stock trades on the New York Stock Exchange under the symbol "SSD."

CONTACT:
Addo Investor Relations
investor.relations@strongtie.com
(310) 829-5400

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SOURCE Simpson Manufacturing Co., Inc.

FAQ

What significant contributions did SSD make in 2023?

Simpson Manufacturing made over $2.5 million in corporate contributions in 2023.

How much has SSD donated to Habitat for Humanity?

Simpson Manufacturing has donated $5.5 million in cash and products to Habitat for Humanity over the past 16 years.

What changes did SSD make to its scholarship program?

Simpson Manufacturing increased the number of scholarships from 100 to 120 annually and raised the scholarship amount from $2,500 to $3,000.

What is SSD's new employee matching gift limit?

Simpson Manufacturing increased its employee Matching Gift limit from $1,000 to $5,000.

What new role did SSD establish to address labor shortages?

Simpson Manufacturing established a Vice President of Strategic Partnerships & Engagement role.

What is SSD's 'Origin' platform?

'Origin' is a financial well-being platform launched by Simpson Manufacturing for its employees.

How is SSD improving employee engagement?

Simpson Manufacturing partnered with Gallup to conduct an annual Global Employee Engagement Survey.

What are SSD's goals regarding TRIR?

Simpson Manufacturing aims to reduce its Total Recordable Incident Rate (TRIR) to below 1.5 by the end of 2024.

What environmental commitments has SSD made?

Simpson Manufacturing committed to continuously improving its energy, water, and waste performance.

What diversity goals has SSD set?

Simpson Manufacturing developed three new goals related to diversity, equity, and inclusion.