THOR Industries Publishes FY2020 Sustainabililty Report
THOR Industries (NYSE: THO) has released its FY2020 sustainability report, emphasizing responsible and sustainable business practices. The report includes ambitious targets such as a commitment to achieve net-zero greenhouse gas emissions by 2050, a 50% reduction in GHG emissions by 2030, and a waste management target to cut landfill waste by 50%. THOR also signed the CEO Action for Diversity & Inclusion Pledge and appointed a VP for Global Supply Management and Sustainability to lead these initiatives. This commitment aims to positively impact communities, customers, and the environment.
- Commitment to net-zero GHG emissions by 2050.
- 50% reduction in GHG emissions by 2030.
- 50% reduction in landfill waste by 2030.
- Enhanced focus on diversity and inclusion in the workplace.
- Dependence on external factors like pandemic effects on customer demand.
- Risks from raw material price fluctuations and supply restrictions.
- Potential impact of tariffs on material costs.
ELKHART, Ind., Oct. 29, 2020 /PRNewswire/ -- For 40 years, THOR has utilized responsible and sustainable business practices to make it easier and more enjoyable for families to connect with nature, and one another. Today, THOR Industries, Inc. (NYSE: THO), the world's largest recreational vehicle manufacturer, issued their FY2020 sustainability report, formalizing a comprehensive, global approach to sustainability.
"We're excited to continue our sustainability journey, which is an integral part of our culture," shared Bob Martin, THOR President and CEO. "Our commitment to sustainability reflects our ongoing effort to understand and address environmental, social and governance risk by being more proactive, resilient and adaptive. We believe these ongoing sustainability efforts will have a very positive impact on our business, consumers, team members, partners and the communities in which we live, work and play."
As the global leader in the growing RV industry, THOR takes its responsibility to promote a clean and safe environment through responsible and sustainable business practices very seriously. THOR believes that by pushing to do more with sustainable business practices, it will encourage others in the industry to do the same. THOR took significant steps in its sustainability journey in FY2020 to lead the way for the industry.
Specifically, THOR:
- Signed the UN Global Compact Business Ambition for 1.5°C Commitment, pledging net-zero greenhouse gas (GHG) emissions by 2050.
- Announced an interim target of
50% reduction in GHG emissions by 2030. - Set a waste management target of
50% reduction in solid waste to landfills by 2030. - Signed the CEO Action for Diversity & Inclusion Pledge™ to reinforce THOR's commitment to creating a more inclusive workplace.
- Created a new senior management role to lead the Company's sustainability efforts. Chris Workman was named VP of Global Supply Management and Sustainability.
- Established processes to collect and measure climate-related risks of GHG emissions, water usage and waste management.
"Our sustainability program highlights our deep-rooted commitment to better the lives of our team members and customers, foster the viability of communities, and promote a clean and safe environment," continued Martin. "THOR products inspire people to travel, build connections with family and friends, and develop a lasting appreciation for nature, and our sustainability efforts are beneficial for our Company, our customers, the industry and the environment over the long term."
THOR's FY2020 Sustainability Report may be viewed on the Company's website at: www.thorindustries.com/sustainability-report
ABOUT THOR INDUSTRIES
THOR is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of RVs. For more information, please visit: https://www.thorindustries.com/.
FORWARD-LOOKING STATEMENTS
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon Thor, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the extent and impact from the continuation of the coronavirus pandemic, along with the responses to contain the spread of the virus by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, or our production and which may have a negative impact on our consolidated results of operations, financial position, cash flows and liquidity; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply restrictions; the impact of tariffs on material or other input costs; the level and magnitude of warranty claims incurred; legislative, regulatory and tax law and/or policy developments including their potential impact on our dealers and their retail customers or on our suppliers; the costs of compliance with governmental regulation; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; interest rate fluctuations and their potential impact on the general economy and specifically on our dealers and consumers; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions, and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs to attract production personnel in times of high demand; the loss or reduction of sales to key dealers; disruption of the delivery of units to dealers; increasing costs for freight and transportation; asset impairment charges; cost structure changes; competition; the impact of potential losses under repurchase or financed receivable agreements; the potential impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other regulatory standards in the various jurisdictions in which our products are produced and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2020.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contact: Tyler Deur, tdeur@lambert.com
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SOURCE THOR Industries, Inc.
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