Tennant Company Publishes 2024 (FY23) Sustainability Report

Rhea-AI Summary

Tennant Company (NYSE: TNC) has published its 2024 (FY23) Sustainability Report, marking the first year of reporting under its new 'Thriving People. Healthy Planet.' framework. Significant achievements include a 13% reduction in Scope 1 and 2 greenhouse gas emissions and sourcing 92% of global electricity from renewable sources. Tennant also reduced Scope 3 emissions by 8%, increased the number of women in leadership roles to 23%, and saw 25.4% of U.S. employees identifying as BIPOC.

In 2023, Tennant invested over $1.1 million in community support and helped clean 9.7 trillion square feet of shared spaces with its products. The company aims to have 33% of leadership positions held by women and 30% of U.S. employees identifying as BIPOC by 2030. Further details are available in the full report on Tennant's investor website.

Highlights First Year of Reporting on New Sustainability Framework in a Record Year for the Company

MINNEAPOLIS--(BUSINESS WIRE)-- Tennant Company (NYSE: TNC),, a world leader in designing, manufacturing, and marketing solutions to reinvent how the world cleans, has released its annual Sustainability Report. The report, detailing achievements for the 2023 fiscal year, also marks the first year of reporting on the company’s Thriving People. Healthy Planet. sustainability framework.

“Our Thriving People. Healthy Planet. framework is rooted in our daily activity to integrate sustainability into every aspect of our business,” said President and CEO Dave Huml. “We’re proud of the work we’ve accomplished and of the bold goals we’ve set – ambitions that will create shared value for our company, people, communities, and the planet.”

Actioning Tennant’s Thriving People. Healthy Planet. Sustainability Framework: 2024 (FY23) Sustainability Report

Launched in 2023, Tennant’s sustainability framework defines the company’s material sustainability issues and outlines where it can drive the most meaningful impact for all stakeholders. The Thriving People. Healthy Planet. framework serves as the lens for the company to set goals, align plans, and continue our journey of integrating sustainability into our business.

The 2024 (FY23) report details the company's actions against its commitments across the two pillars, each targeting key impact areas where the company intends to drive progress. Tennant has made significant progress against its goals and ambitions. Highlights include:

• We maintained progress toward our validated net-zero targets by:
  • Reducing our Scope 1 and 2 (operations and fleet) greenhouse gas emissions by 13% compared to the 2021 base year.
  • Sourcing 92% of our global electricity from renewable energy sources.
  • Reducing our Scope 3 Category 11 (use of sold products) emissions by 8% compared to the 2021 base year.
• We made strides in our DE&I journey:
  • In 2023, 23.0% of leadership positions globally were held by women, an increase from the 2022 base year and on track toward our 2030 ambition.
  • In 2023, 25.4% of U.S. employees identified as BIPOC (Black, Indigenous, People of Color), an increase from the 2022 base year and on track toward our 2030 ambition.
• We invested over $1.1 million to support the communities in which we operate through the Tennant Foundation and corporate philanthropy.
• In 2023, in partnership with our customers, our products enabled the cleaning of 9.7 trillion square feet of shared spaces.

Thriving People: BIPOC Ambition

With the launch of the 2023 (FY22) Sustainability Report, Tennant announced its ambition to increase women in leadership globally to 33% by the end of 2030. At the end of 2023, the company created a second ambition focused on increasing the percentage of U.S. employees identifying as BIPOC to 30% over the same time frame.

“Everyone has better outcomes when our business is inclusive and reflects the customers we serve,” said Senior Director of Sustainability and ESG Reilly Goodwin. “We recognize our unique opportunity – and responsibility – to create sustainable value for our business, customers, and society. Across our Thriving People. Healthy Planet. framework, we are enabling business performance, setting goals that drive efficiencies and innovation across our business, and delivering solutions for our customers, and against our collective global challenges.”

Progress against this work and Tennant’s other sustainability and ESG commitments are reported each year in the Company’s annual Sustainability Report. The full Tennant Company 2024 (FY23) Sustainability Report may be viewed and downloaded on the company’s investor website.

Company Profile

Founded in 1870, Tennant Company (TNC), headquartered in Eden Prairie, Minnesota, is a world leader in the design, manufacture and marketing of solutions that help create a cleaner, safer and healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.24 billion in 2023 and has approximately 4,500 employees. Tennant has manufacturing operations throughout the world and sells products direct in 15 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol “®” are trademarks of Tennant Company registered in the United States and/or other countries.

Forward-Looking Statements

Certain statements contained in this document are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and provide current expectations or forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. These include factors that affect all businesses operating in a global market as well as matters specific to us and the markets the Company serves. Particular risks and uncertainties presently facing it include: economic uncertainty throughout the world; geopolitical tensions or health epidemics; the Company's ability to comply with global laws and regulations; the Company's ability to adapt pricing to the competitive marketplace and customer pricing sensitivities; the competition in the Company's business; fluctuations in the cost, quality or availability of raw materials and purchased components; increasing cost pressures; unforeseen product liability claims or product quality issues; the Company's ability to attract, retain and develop key personnel and create effective succession planning strategies; the Company's ability to effectively develop and manage strategic planning and growth processes and the related operational plans; the Company's ability to successfully upgrade and evolve its information technology systems; the Company's ability to successfully protect our information technology systems from cybersecurity risks; the occurrence of a significant business interruption; the Company's ability to maintain the health and safety of its workers; the Company's ability to integrate acquisitions; and the Company's ability to develop and commercialize new innovative products and services.

The Company cautions that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Information about factors that could materially affect the Company's results can be found in its 2023 Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are advised to consult any further disclosures by the Company in its filings with the Securities and Exchange Commission and in other written statements on related subjects. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627052592/en/

INVESTOR RELATIONS CONTACT:

Lorenzo Bassi

Vice President, Finance and Investor Relations

investors@tennantco.com

763-540-1242

MEDIA CONTACTS:

Jason Peterson

Tennant Company

Director, Corporate Communications

jason.peterson@tennantco.com

763-513-1849

Source: Tennant Company

FAQ

What sustainability achievements did Tennant Company report in 2024?

Tennant Company reported a 13% reduction in Scope 1 and 2 greenhouse gas emissions, sourcing 92% of global electricity from renewable sources, and an 8% reduction in Scope 3 emissions.

What are Tennant Company's leadership diversity goals by 2030?

Tennant Company aims to have 33% of leadership positions globally held by women and 30% of U.S. employees identifying as BIPOC by 2030.

How much did Tennant Company invest in community support in 2023?

Tennant Company invested over $1.1 million in community support through the Tennant Foundation and corporate philanthropy in 2023.

What framework does Tennant Company use for its sustainability reporting?

Tennant Company uses the 'Thriving People. Healthy Planet.' framework for its sustainability reporting.

How many square feet of shared spaces did Tennant's products help clean in 2023?

In 2023, Tennant's products helped clean 9.7 trillion square feet of shared spaces.

Where can the full 2024 Tennant Company Sustainability Report be accessed?

The full 2024 Tennant Company Sustainability Report can be viewed and downloaded from the company's investor website.