The Toro Company Releases 2023 Sustainability Impact Report

Rhea-AI Summary

The Toro Company (NYSE: TTC) has released its 2023 Sustainability Impact Report, detailing achievements across its strategic priorities of growth, operational excellence, and empowering people. Key goals include increasing battery and hybrid product sales to 20% of total sales and reducing Scope 1 and 2 greenhouse gas emissions by 15% by 2025. Notable achievements include partnerships for workforce development, recognition by Newsweek as one of the World’s Most Trustworthy Companies, and substantial investments in scholarships and youth programs. The company also reported advancements in product innovation and operational efficiency, such as LED lighting installation, energy practice assessments, and eWaste recycling events. For the full report, visit www.thetorocompany.com/sustainability.

Positive

• Increased battery and hybrid product sales target to 20% by 2025.
• Reduced Scope 1 and 2 greenhouse gas emissions by 15% by 2025.
• Expanded Employee Resource Groups, including a 30% membership increase in the Women's Initiative Network.
• Recognized by Newsweek as one of the World’s Most Trustworthy Companies.
• Awarded over $400,000 in scholarships to 166 students.
• Received a 2023 WaterSense® Excellence Award from the U.S. EPA.
• Advanced energy efficiency with electric equipment offerings.
• Installed LED lighting across most facilities, reducing carbon footprint and costs.
• Conducted energy practice assessments for renewable energy incorporation.

Negative

• No specific data on financial performance or revenue growth provided.
• The press release lacks detailed information on the success rate of new product innovations.
• No mention of specific challenges or risks faced in achieving sustainability goals.
• information on the impact of sustainability initiatives on overall business profitability.

Company continues to cultivate a positive impact across the industries and communities it serves, in addition to furthering sustainability initiatives

BLOOMINGTON, Minn.--(BUSINESS WIRE)-- The Toro Company (NYSE: TTC), a leading global provider of solutions for the outdoor environment, today released its Sustainability Impact Report for fiscal 2023, highlighting key achievements and progress made towards its strategic priorities of accelerating profitable growth, achieving operational excellence and empowering people. The report builds on the company’s longstanding commitment to helping customers enrich the beauty, productivity and sustainability of the land. The full report can be found at www.thetorocompany.com/sustainability.

The Toro Company's Fiscal 2023 Sustainability Impact Report (Photo: Business Wire)

“For over a century, we have embraced the duty of being good stewards of the land for the customers, industries and communities we serve,” said Richard M. Olson, chairman and chief executive officer. “Inspired by the work we are doing today and eager to continue advancing our goals, we are excited to share our progress and provide the latest updates in our sustainability journey. By maintaining a positive relationship with the environment and those that inhabit it, not only can we be good stewards of resources, but we can also help preserve the landscapes we treasure for another 100 years and beyond.”

As a global manufacturer, TTC understands the responsibility that comes with caring for its people and communities, developing products with a lower impact on the planet, and reducing the environmental footprint of its operations. The report provides progress and metrics related to the previously identified company goals:

• Increase battery and hybrid product sales to at least 20% of total adjusted net sales (motorized product sales) by fiscal 2025.
• Reduce absolute Scope 1 and 2 greenhouse gas emissions by at least 15% by fiscal 2025 as compared to fiscal 2019.
• Increase the number of women and racial and ethnic minorities in leadership positions by at least 20% by fiscal 2025 as compared to fiscal 2021.

To further its progress and efforts in corporate responsibility, TTC takes an integrated approach based on three key pillars – People, Product and Process. Through the work of each pillar, the company strives to strengthen its environmental and societal commitments to drive a future of sustainable innovation and growth.

Valuing People

Valuing and recognizing people has been a fundamental driver of TTC’s growth and success. To attract and retain a skilled and diverse workforce, TTC prioritizes safety, employee growth and development, and well-being. By fostering a safe, inclusive and engaging workplace, employees are supported at work and in our communities. Notable achievements in fiscal 2023 include:

• Partnered in launching the Minnesota Center for Electrification Opportunity with the University of Minnesota’s Technological Leadership Institute to lead workforce development training and increase economic competitiveness in electrification infrastructure.
• Focused on expanding Employee Resource Groups across the organization, TTC’s Women’s Initiative Network completed its first mentorship program in 2023 and saw membership increase by over 30% since 2022.
• Recognized by Newsweek as one of the World’s Most Trustworthy Companies, and Most Trustworthy Companies in America.
• Extended 25-year commitment with First Tee to empower youth golfers, support diversity efforts, and ensure kids from all backgrounds have access to the game of golf.
• Awarded over $400,000 in scholarships to 166 students, investing in the next generation of leaders and promoting academic excellence for employees and their families.

Product Innovation

TTC strives to innovate for efficiency, prioritizing exceptional quality and problem-solving products. From design and innovation throughout the entire product life cycle, TTC delivers high-performance and efficient solutions, contributing to a more responsible future. Notable achievements in fiscal 2023 include:

• Leveraged HammerHead’s Bluelight® LED Cured-In-Place Pipe (CIPP) technology to repair underground pipes, effectively tackling infrastructure and conservation challenges for customers while preserving landscapes.
• Recognized for the ninth consecutive year by the U.S. Environmental Protection Agency with a 2023 WaterSense® Excellence Award for promoting water efficiency and conservation.
• Advanced energy efficiency by providing customers, partners and communities with electric equipment to help reduce their carbon footprint.
• Partnered with the American Green Zone Alliance (AGZA) and Univision to launch the ‘California CORE Project,’ a rebate program for battery-powered landscaping equipment to encourage the adoption of zero-emission products.
• With support from our Trencor business, we provided trenching equipment to help construct a 5-mile-long underground wall in Everglades National Park. The goal was to separate water for wildlife, reduce runoff from homes, and safeguard the natural habitats crucial for numerous animal species.

Operational Excellence

TTC’s century-long tradition of delivering high-quality products is sustained through a commitment to continuous improvement. The longstanding success relies on exceeding the expectations of valued customers and partners, and embracing operational excellence and resource efficiency, while reducing the cost of operations to the planet. Notable achievements in fiscal 2023 include:

• Expanded LED lighting across the majority of facilities, resulting in cost savings and a notable reduction in carbon footprint.
• Conducted energy practice assessments to develop a strategic roadmap for increased renewable incorporation into TTC’s global operations.
• At our ISO9001:2015 registered facility in Iron Mountain, Michigan, a powder paint line system not only meets rigorous quality standards but also includes an innovative venting tunnel that allows for efficiently redirecting warm exhaust air back into the building, reducing heat costs.
• Organized an Electronic Waste (eWaste) recycling event for employees in Tomah, Wisconsin, utilizing the organization's business eWaste processor to efficiently handle and recycle electronic waste.

The full sustainability report, which was prepared with reference to the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB), can be found at: www.thetorocompany.com/sustainability.

About The Toro Company

The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.55 billion in fiscal 2023, The Toro Company’s global presence extends to more than 125 countries through a portfolio of brands that includes Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, American Augers, Trencor, Pope, Subsite, HammerHead, Radius, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240612175814/en/

Media Relations

Branden Happel

Senior Manager, Public Relations

The Toro Company

(952) 887-8930, branden.happel@toro.com

Investor Relations

Jeremy Steffan

Director, Investor Relations

(952) 887-7962, jeremy.steffan@toro.com

 

Source: The Toro Company

FAQ

What are The Toro Company's sustainability goals for 2025?

The goals include increasing battery and hybrid product sales to 20% of total sales and reducing absolute Scope 1 and 2 greenhouse gas emissions by 15% compared to fiscal 2019.

What achievements did The Toro Company report in its 2023 Sustainability Impact Report?

Achievements include increasing membership in Employee Resource Groups, recognition as one of the World’s Most Trustworthy Companies by Newsweek, and winning the 2023 WaterSense® Excellence Award from the U.S. EPA.

How is The Toro Company contributing to workforce development?

The company partnered with the University of Minnesota to launch the Minnesota Center for Electrification Opportunity, focusing on workforce development training and increasing economic competitiveness.

What product innovations did The Toro Company highlight in its 2023 Sustainability Impact Report?

Innovations include the use of HammerHead’s Bluelight® LED Cured-In-Place Pipe (CIPP) technology for infrastructure and conservation challenges, and electric equipment to reduce carbon footprints.

How is The Toro Company improving operational efficiency?

Initiatives include installing LED lighting across facilities, conducting energy practice assessments, and organizing eWaste recycling events.