AZEK Releases Inaugural Environmental, Social, and Governance (ESG) Report, Titled “FULL-CIRCLE”
May 10 2021 - 4:05PM
Business Wire
Outlines
Commitment to Products, People, and Planet; Describes How AZEK
Seeks to Revolutionize Outdoor Living to Create a More Sustainable
Future
The AZEK Company Inc. (NYSE: AZEK) ("AZEK" or the “Company”),
the industry-leading manufacturer of beautiful, low-maintenance,
and environmentally sustainable outdoor living products, including
TimberTech® decking and Versatex® and AZEK Trim®, today released
its inaugural Environmental, Social, and Governance (ESG) report.
Titled FULL-CIRCLE, the report details AZEK’s relentless commitment
to recycling and sustainability, positive and inclusive social
impact, and the Company’s promise to revolutionize the outdoor
living industry into a more sustainable and innovative version of
itself.
FULL-CIRCLE represents AZEK’s unique position to pursue
sustainability and ESG-related initiatives that positively impact
its products, its people and the planet. The report, published in
alignment with the Sustainability Accounting Standards Board (SASB)
reporting framework, includes both a retrospective view of AZEK’s
recent environmental and social performance, as well as an
ambitious outlook for the future.
“As we approach the one-year anniversary of AZEK’s IPO, I could
not be prouder of what we have accomplished with respect to ESG
stewardship. We believe in both transparency and accountability, as
well as always doing the right thing, and this report is an
important milestone on our journey. To see how far we’ve come – and
knowing the positive impact we can make in the months and years
ahead – is truly incredible,” AZEK CEO Jesse Singh said. “We are
literally and figuratively building a brighter and more
eco-friendly future, particularly through our unwavering focus on
accelerating the use of otherwise landfill bound recycled materials
to build our premium products. By harnessing our strengths,
empowering our team to bring their full, authentic selves to work,
setting both quantitative and qualitative goals, and improving how
we measure progress on ESG-related initiatives, we are helping the
global transition to a circular economy, and acting with purpose to
lead and revolutionize the outdoor living industry.”
Highlights of the FULL-CIRCLE report include:
- AZEK’s commitment to use one billion pounds of recycled
materials annually in the manufacturing of the company’s products
by the end of 2026;
- An expansion of AZEK’s in-house polyethylene and PVC recycling
capabilities;
- AZEK’s first carbon footprint inventory, including Scope 1,
Scope 2, and Scope 3 emissions;
- Data on the reduction of AZEK’s carbon intensity by 9.2% from
fiscal 2019 to fiscal 2020 as measured in tCO2e per $1 million net
sales;
- AZEK’s commitment to set emissions reductions targets that are
in line with the level of decarbonization required to meet the
goals of the Paris Agreement;
- Results of the first ever peer-reviewed Life Cycle Assessment
(LCA) comparing the environmental impacts of wood alternatives and
conventional treated wood decking, which showed that TimberTech
decking outperforms sustainably harvested treated pine on a
100-year total Global Warming Potential basis;
- A 45% improvement in safety performance from 2016 to 2020;
- Increasing the minimum wage of hourly employees to $15 by the
end of calendar year 2021;
- Shifting resources amid the COVID-19 pandemic to produce
antibacterial partitions, plastic sheets, temporary buildings, and
other structures for medical use in facilities across the
U.S.;
- Diversity data on the company’s workforce, across all
levels;
- Fulfillment of the company’s commitment to The Board Challenge,
a movement to improve the representation of people of color in
corporate U.S. boardrooms;
- Joining the United Nations Global Compact initiative, a
voluntary leadership platform for the development, implementation
and disclosure of responsible business practices; and
- Adding ESG accountability as a component of individual
performance and compensation under the company’s 2021 management
annual incentive plan.
“Sharing our inaugural ESG Report marks an exciting milestone in
AZEK’s purpose-driven corporate journey, showing our innovation,
growth, performance, and fierce dedication to continuous
improvement,” Amanda Cimaglia, Vice President, ESG said. “Under
Jesse’s leadership and with strategic oversight from our board of
directors, we remain steadfast in our pursuit of ESG excellence.
Our business and sustainability goals are inextricably linked, and
every day our team acts with integrity, purpose, and ambition to
create a better future and lasting sources of value. But this
report is just the start; we look forward to measuring and sharing
the progress on our FULL-CIRCLE ambitions in the months and years
ahead.”
In 2021, The AZEK Company received a rating of ‘A’ (on a scale
of AAA-CCC) in the MSCI ESG Ratings assessment.
Learn more about AZEK and the Company’s sustainability journey
at azekco.com.
About The AZEK® Company
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and Versatex® and AZEK Trim®. Consistently
recognized as the market leader in innovation, quality and
aesthetics, products across AZEK’s portfolio are made from up to
100% recycled material and primarily replace wood on the outside of
homes, providing a long-lasting, eco-friendly, and stylish solution
to consumers. Leveraging the talents of its nearly 1,700 employees
and the strength of relationships across its value chain, The AZEK
Company is committed to accelerating the use of recycled material
in the manufacturing of its innovative products, keeping millions
of pounds of waste out of landfills each year, and revolutionizing
the industry to create a more sustainable future. Headquartered in
Chicago, Illinois, the company operates manufacturing facilities in
Ohio, Pennsylvania and Minnesota, and recently announced a new
facility will open in Boise, Idaho. For additional information,
please visit azekco.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains or refers to certain forward-looking
statements within the meaning of the federal securities laws and
subject to the "safe harbor" protections thereunder.
Forward-looking statements are statements about future events and
are based on our current expectations. These forward-looking
statements may be identified by the words “believe,” “hope,”
"expect," "intend," "will," "target," “anticipate,” "goal" and
similar expressions. Our forward-looking statements include,
without limitation, statements with respect to our ability to meet
the future targets and goals we establish and the ultimate impact
of our actions on our business as well as the expected benefits to
the environment, our employees, the communities in which we do
business or otherwise. The Company bases its forward-looking
statements on information available to it on the date of this
release, and undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of changed
circumstances, new information, future events or otherwise, except
as may otherwise be required by law. Actual future events could
also differ materially due to numerous factors that involve
substantial known and unknown risks and uncertainties including,
among other things, the risks and uncertainties set forth under
"Risk Factors" and elsewhere in the Company's reports on Form 10-K
and Form 10-Q and the other risks and uncertainties discussed in
any subsequent reports that the Company files with the Securities
and Exchange Commission from time to time. Although we have
attempted to identify those material factors that could cause
actual results or events to differ from those described in such
forward-looking statements, there may be other factors that could
cause actual results or events to differ from those anticipated,
estimated or intended. Given these uncertainties, investors are
cautioned not to place undue reliance on our forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210510005910/en/
Investor Relations Contact: Amanda Cimaglia 312-809-1093
ir@azekco.com
Media Contact: Amy Widdowson (650) 597-7132
AZEKquestions@zenogroup.com
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