Owens Corning (NYSE: OC) today published its 2023 Sustainability
Report, Making the Difference, outlining the company’s progress
toward its 2030 sustainability goals.
“Owens Corning demonstrated outstanding financial and
sustainability results in 2023, showcasing the power of our
company’s mission to build a sustainable future through material
innovation,” said Board Chair and Chief Executive Officer Brian
Chambers. “This report reflects the global scope of our people and
our products and the many ways they work to make the world a better
place.”
This marks the 18th sustainability report from Owens Corning,
which published its first report in 2006.
“Our 2030 sustainability goals are growing ever closer, and we
believe that the targets we have set for ourselves are well within
our reach,” said David Rabuano, senior vice president and chief
sustainability officer. “This confidence is the result of our
employees’ unparalleled engagement and enthusiasm for our mission
coupled with our investments in the innovation required to execute
new solutions.”
Notable accomplishments outlined in this year’s report
include:
- Product innovation: Across all its businesses, Owens
Corning offers an extensive portfolio of products that can help
customers save energy and lower emissions. In 2023, 59% of the
company’s revenue came from this category of products. In addition,
14 products are certified as made with 100% renewable electricity.
These products make up 25% of the company’s total revenue.
- Reducing greenhouse gas emissions: The company achieved
a 28% reduction in Scope 1 and 2 emissions from a 2018 baseline.
These results move Owens Corning closer to its goal of a 50%
reduction in absolute Scope 1 and 2 market-based GHG emissions by
2030.
- Circular economy: The company made progress toward its
efforts to recycle two million tons of shingles per year in the
U.S. by 2030. In late 2022, the company and its partners launched
an asphalt shingle recycling pilot program developed to deconstruct
residential and industrial waste shingles and extract their
component materials. In 2023, the facility successfully achieved
shingle deconstruction, extracting asphalt, granules, and filler.
The process is designed to reclaim the entire shingle to avoid any
components of the product going to waste.
- Waste: In 2023, Owens Corning reduced the amount of
waste sent to landfills by 14% compared to a 2018 baseline. The
company is working to develop capabilities for reducing, recycling,
and diverting its waste streams, both internally and with external
partners. To accelerate internal recycling capabilities, the
company built its first Circular Economy Recycling Technology
Innovation Laboratory at our Science & Technology Center in
Granville, Ohio, U.S.
- Employee safety: In 2023, the company’s recordable
incident rate was 0.60, which is 81% below the industry average, as
reported by the U.S. Bureau of Labor Statistics.
- Inclusion and diversity: Representation is on-track to
meet 2030 goals for women and people of color in leadership roles,
with improvement in representation deeper in our talent pipeline
for women and people of color.
The report was prepared in accordance with the Global Reporting
Initiative (GRI) Standards. In addition, the report addresses
disclosures and material issues related to CDP (formerly the Carbon
Disclosure Project), the S&P Global Corporate Sustainability
Assessment (CSA) and Dow Jones Sustainability Index (DJSI), the
United Nations Sustainable Development Goals (SDGs), UN Global
Compact Communication on Progress, and other stakeholders’
requests, including the Sustainability Accounting Standards Board
(SASB) and the Task Force on Climate-related Financial Disclosures
(TCFD).
Detailed information about the company’s sustainability
strategy, goals, and progress are available at
owenscorning.com/sustainability.
About Owens Corning
Owens Corning is a global building and construction materials
leader committed to building a sustainable future through material
innovation. Our three integrated businesses – Roofing, Insulation,
and Composites – provide durable, sustainable, energy-efficient
solutions that leverage our unique material science, manufacturing,
and market knowledge to help our customers win and grow. We are
global in scope, human in scale with approximately 18,000 employees
in 30 countries dedicated to generating value for our customers and
shareholders and making a difference in the communities where we
work and live. Founded in 1938 and based in Toledo, Ohio, USA,
Owens Corning posted 2023 sales of $9.7 billion. For more
information, visit www.owenscorning.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as "expect," “aspire,” "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," "target," and
similar expressions and variations or negatives of these words.
Forward-looking statements include statements that relate to the
purpose, ambitions, aspirations, commitments, targets, plans,
objectives, and results of Owens Corning's sustainability strategy.
Forward-looking statements include statements related to the
standards and measurement of progress against the company's
sustainability goals, including metrics, data and other
information, which are based on estimates and assumptions believed
to be reasonable at the time. The actual conduct of the company's
activities and results thereof, including the development,
implementation, achievement or continuation of any goal, program,
policy or initiative discussed or expected in connection with Owens
Corning's sustainability strategy may differ materially from the
statements made herein. The use of the word "material" for the
purposes of statements regarding our sustainability strategy and
goals should not be read as equating to any use of the word in the
company's other disclosures or filings with the U.S. Securities and
Exchange Commission.
These forward-looking statements are subject to risks,
uncertainties and other factors and actual results may differ
materially from any results projected in the statements. These
risks, uncertainties and other factors include, without limitation:
levels of residential and commercial or industrial construction
activity; demand for our products; industry and economic conditions
including, but not limited to, supply chain disruptions,
recessionary conditions, inflationary pressures, interest rate and
financial markets volatility, and the viability of banks and other
financial institutions; availability and cost of energy and raw
materials; levels of global industrial production; competitive and
pricing factors; relationships with key customers and customer
concentration in certain areas; issues related to acquisitions,
divestitures and joint ventures or expansions, including the
planned acquisition of Masonite International Corporation
(“Masonite”); climate change, weather conditions and storm
activity; legislation and related regulations or interpretations,
in the United States or elsewhere; domestic and international
economic and political conditions, policies or other governmental
actions, as well as war and civil disturbance; changes to tariff,
trade or investment policies or laws; uninsured losses, including
those from natural disasters, catastrophes, pandemics, theft or
sabotage; environmental, product-related or other legal and
regulatory liabilities, proceedings or actions; research and
development activities and intellectual property protection; issues
involving implementation and protection of information technology
systems; foreign exchange and commodity price fluctuations; our
level of indebtedness, including the planned acquisition of
Masonite; our liquidity and the availability and cost of credit;
our ability to achieve expected synergies, cost reductions and/or
productivity improvements; the level of fixed costs required to run
our business; levels of goodwill or other indefinite-lived
intangible assets; price volatility in certain wind energy markets
in the U.S.; loss of key employees and labor disputes or shortages;
our ability to complete and successfully integrate the Masonite
acquisition; our ability to achieve the strategic and other
objectives relating to the Masonite acquisition, including any
expected synergies, and the strategic review of our global glass
reinforcements business; defined benefit plan funding obligations;
and factors detailed from time to time in the company’s Securities
and Exchange Commission filings. The company does not undertake any
duty to update or revise forward-looking statements except as
required by federal securities laws.
Owens Corning Company News / Owens Corning Investor Relations
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