Company's Greenhouse Gas Reduction Targets
approved by Science Based Targets initiative
ELKHART,
Ind., Oct. 31, 2023 /PRNewswire/ -- For
nearly 45 years, THOR Industries has utilized responsible and
sustainable business practices to inspire and empower people to
connect with nature and one another to Go Everywhere. Stay
Anywhere™. Today, THOR Industries, Inc. (NYSE: THO), the world's
largest RV manufacturer, published its sixth annual sustainability
report detailing the Company's industry-leading sustainability
efforts for FY2023 across its global family of companies.
"Our sustainability journey is an integral and ongoing part of
our culture, for which we are very proud," shared Bob Martin, THOR President and CEO. "We are
proactively addressing environmental, social, and governance risk,
and believe these ongoing sustainability efforts have a very
positive impact on our business, consumers, team members, partners
and the communities in which we live, work and play."
As the global leader in the RV industry, today, more than ever,
THOR is focused on building for the future through products, people
and community involvement. THOR takes its responsibility to promote
a clean and safe environment through responsible and sustainable
business practices very seriously and believes that doing so will
encourage others in the industry to do the same.
THOR has taken significant steps in its sustainability journey
to lead the way for the industry including attaining approval from
the distinguished Science Based Targets initiative (SBTi)
Validation Team confirming the THOR's Scope 1 and Scope 2
short-term targets and Scope 1, 2 and 3 long-term targets are
aligned with the SBTi's 1.5˚C mitigation pathways for reaching
net-zero by 2050 or sooner.
FY2023 Sustainability Journey Highlights:
- THOR embarked on a comprehensive screening of its Scope 3
Greenhouse Gas (GHG) emissions and expanded its energy intensity
goals to include Scope 3 in becoming carbon net-neutral by
2050.
- Provided disclosures in accordance with the Task Force on
Climate-Related Financial Disclosures (TCFD), the Sustainability
Accounting Standards Board (SASB) metrics and the Global Reporting
Initiative (GRI) Standards.
- Advanced its emobility innovation leadership by introducing the
Bürstner all-electric concept camper van in Europe, which can travel up to 197 miles per
charge, in addition to announcing a partnership with Harbinger to
offer a best-in-class, proprietary electrified RV lineup to include
larger RVs, like Class A motorhomes.
- Reinforced the work of the CDP by submitting its third annual
Carbon & Climate questionnaire to provide more visibility and
disclosure around its efforts to measure, manage, disclose and
reduce GHG emissions.
- Partnered with the RV Industry Association to create the first
ever RV Industry Sustainability Committee to share best practices
and serve as an educational resource, chaired by THOR's VP of
ESG.
- Published its Inclusion Maturity Model which focuses on
executive leadership and accountability, growing a diverse
workplace, creating a connected culture and having an exceptional
employer brand to attract and retain the best talent to be more
innovative and responsive to its stakeholders.
- Supported and partnered with over 150 non-profit organizations
across the THOR family of companies, including the National Forest
Foundation, whose mission it is to help combat threats to the
outdoor lifestyle. THOR is one of the foundation's most significant
corporate sponsors.
"As we continue to execute on our long-term strategic plan, we
remain focused on contributing to a sustainable future to allow
great outdoor experiences, which is a cornerstone of our business,"
added Todd Woelfer, THOR SVP and
Chief Operating Officer. "Our global sustainability program
highlights our deep-rooted commitment to better the lives of our
team members and customers, foster the viability of diverse
communities, and promote a clean and safe environment."
THOR's FY2023 Sustainability Report was published in electronic
format only and may be viewed on the Company's website at:
www.thorindustries.com/sustainability-report.
ABOUT THOR INDUSTRIES
THOR is the sole owner of
operating companies which, combined, represent the world's largest
manufacturer of RVs. For more information on the Company and
its products, please visit: https://www.thorindustries.com/.
Forward-Looking Statements
This release includes
certain statements that are "forward-looking" statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are made based on management's
current expectations and beliefs regarding future and anticipated
developments and their effects upon THOR, and inherently involve
uncertainties and risks. These forward-looking statements are not a
guarantee of future performance. We cannot assure you that actual
results will not differ materially from our expectations. Factors
which could cause materially different results include, among
others: the impact of inflation on the cost of our products as well
as on general consumer demand; the effect of raw material and
commodity price fluctuations, and/or raw material, commodity or
chassis supply constraints; the impact of war, military conflict,
terrorism and/or cyber-attacks, including state-sponsored or ransom
attacks; the impact of sudden or significant adverse changes in the
cost and/or availability of energy or fuel, including those caused
by geopolitical events, on our costs of operation, on raw material
prices, on our suppliers, on our independent dealers or on retail
customers; the dependence on a small group of suppliers for certain
components used in production, including chassis; interest rate
fluctuations and their potential impact on the general economy and,
specifically, on our profitability and on our independent dealers
and consumers; the ability to ramp production up or down quickly in
response to rapid changes in demand while also managing costs and
market share; the level and magnitude of warranty and recall claims
incurred; the ability of our suppliers to financially support any
defects in their products; legislative, regulatory and tax law
and/or policy developments including their potential impact on our
independent dealers, retail customers or on our suppliers; the
costs of compliance with governmental regulation; the impact of an
adverse outcome or conclusion related to current or future
litigation or regulatory investigations; public perception of and
the costs related to environmental, social and governance matters;
legal and compliance issues including those that may arise in
conjunction with recently completed transactions; lower consumer
confidence and the level of discretionary consumer spending; the
impact of exchange rate fluctuations; restrictive lending practices
which could negatively impact our independent dealers and/or retail
consumers; management changes; the success of new and existing
products and services; the ability to maintain strong brands and
develop innovative products that meet consumer demands; the ability
to efficiently utilize existing production facilities; changes in
consumer preferences; the risks associated with acquisitions,
including: the pace and successful closing of an acquisition, the
integration and financial impact thereof, the level of achievement
of anticipated operating synergies from acquisitions, the potential
for unknown or understated liabilities related to acquisitions, the
potential loss of existing customers of acquisitions and our
ability to retain key management personnel of acquired companies; a
shortage of necessary personnel for production and increasing labor
costs and related employee benefits to attract and retain
production personnel in times of high demand; the loss or reduction
of sales to key independent dealers, and stocking level decisions
of our independent dealers; disruption of the delivery of units to
independent dealers or the disruption of delivery of raw materials,
including chassis, to our facilities; increasing costs for freight
and transportation; the ability to protect our information
technology systems from data breaches, cyber-attacks and/or network
disruptions; asset impairment charges; competition; the impact of
losses under repurchase agreements; the impact of the strength of
the U.S. dollar on international demand for products priced in U.S.
dollars; general economic, market, public health and political
conditions in the various countries in which our products are
produced and/or sold; the impact of changing emissions and other
related climate change regulations in the various jurisdictions in
which our products are produced, used and/or sold; changes to our
investment and capital allocation strategies or other facets of our
strategic plan; and changes in market liquidity conditions, credit
ratings and other factors that may impact our access to future
funding and the cost of debt.
These and other risks and uncertainties are discussed more fully
in Item 1A of our Annual Report on Form 10-K for the year
ended July 31, 2023.
We disclaim any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained in
this release or to reflect any change in our expectations
after the date hereof or any change in events, conditions or
circumstances on which any statement is based, except as required
by law.
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SOURCE THOR Industries