The sixth annual report highlights continued progress across the four pillars of its sustainability strategy: governance, technology, environment and stewardship.
Denver, September 6, 2024 /PRNewswire/ — Gates (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, released its annual report. 2023 Sustainability ReportThe report highlights progress across the four pillars of the company’s sustainability strategy “GTES” framework: governance, technology, environment and stewardship.
“Gates is an innovation-driven company that strives to improve our impact on people and the environment, considering the materials we use, our manufacturing processes and the communities where we live and work,” Gates said. Ivo Jurek“I am proud of our global team’s ongoing commitment to advancing sustainability efforts across the company,” said Gates CEO. “As we further invest in our GTES organizational capabilities, build additional governance processes, and enhance reporting to align with global standards, we continue to support our customers’ sustainability efforts as we leverage our EcoInnovation™ process to develop and manufacture products with a lower environmental impact.”
As part of these efforts, the company will install 818,000 kWh of solar power and invest in infrastructure projects to 18M Natural gas 1kWh 7M Electricity consumption is 1000kWh. With these major projects and 73 other GHG reduction projects underway, Gates is steadily working towards decarbonization. Gates is also working to reduce hazardous waste, landfill, and water consumption, as well as increasing the number of zero waste locations.
In 2023, Gates continued to improve health and safety at its global operations through proactive risk reduction initiatives, a Life Critical Requirements program, and increased levels of training and communication to its facilities and employees worldwide. The company experienced a 20% decrease in total total incident rate (TCIR) and a 15% decrease in serious injuries, demonstrating the effectiveness of its safety initiatives.
Gates employees make meaningful contributions to local communities through a variety of volunteer efforts around the world. Whether mentoring students in STEM programs, leading local reforestation projects or providing hands-on support at food banks and local shelters, these efforts reflect their dedication to making a positive, lasting impact on the communities where they live and work.
Gates’ sustainability reporting process applies the standards and guidelines set forth by the International Financial Reporting Standards (IFRS) Foundation and its Sustainability Accounting Standards Board (SASB), as well as the Task Force on Climate-related Financial Disclosures (TCFD). Reporting is also based on the Global Reporting Initiative (GRI) and the United Nations Sustainable Development Goals (SDGs).
To learn more, read the full Gates 2023 Sustainability Report, available to view or download here. www.gates.com/sustainability
About Gates Industrial Corporation
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad product portfolio to customers across a diverse range of exchange channels and to original equipment manufacturers as specified components. For more than a century, Gates has been pushing the boundaries of material science to design products that exceed expectations across many segments of the industrial and consumer markets. Our products play a vital role in a variety of applications across a range of end markets, including industrial on-highway, industrial off-highway, mobility and recreation, automotive, energy and resources, and diversified industries. Our products are sold in more than 130 countries across four trade regions: the Americas, Europe, the Middle East, and Africa. Europe, middle east & Africa; Greater China; and East Asia & IndiaFor more information about Gates, Gates.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to and are based on management’s current expectations regarding the results of our business, plans, objectives and intentions. Such forward-looking statements are subject to a variety of risks and uncertainties that could cause our results to differ materially from those described in the forward-looking statements. Some of these risks and uncertainties are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. December 30, 2023These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, even if circumstances should change.
Source: Gates Corporation
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