Commitments focus on combatting climate change, creating sustainable products, strengthening communities and advancing diversity
TAMPA, Fla., May 03, 2022--(BUSINESS WIRE)--Masonite International Corporation (NYSE: DOOR), a leading global designer, manufacturer, marketer and distributor of interior and exterior doors, today announced the company’s 2030 ESG vision of "Renewed Responsibility" and released its 2021 Environmental, Social and Governance (ESG) Report. The report highlights the progress Masonite made in 2021 and details its ambition to build a legacy that gives back to the environment, its employees, communities, partners and customers.
The Masonite 2030 Renewed Responsibility goals are:
Caring for the Environment
Responsibly source 100% of wood
Set a carbon reduction target in the next two years aligned to the latest climate science
Uplifting Employees and Communities
Safety: Achieve a Total Incident Rate of less than 1.0
Diversity: Increase employee representation in management roles to 30% minorities in the U.S. and 35% women globally
Community: Support 200 local organizations
Achieve an annual reduction in "substances of concern" in products and processes
Integrate circular economy principles into the design of products and processes
"Since our founding nearly 100 years ago, doing well by doing good has been at the core of everything we do," said Howard Heckes, President and CEO. "Our Renewed Responsibility goals signify our commitment to a culture that integrates ESG throughout the business. As we look toward our next century at Masonite, our ambition is to minimize our impact on natural resources, create safe, equitable and inclusive environments for all stakeholders, and to embed sustainability into the development and delivery of our products as we make life and living better through Doors that Do MoreTM."
Highlights from Masonite’s 2021 ESG progress include:
Achieved 12 percent reduction in greenhouse gas emissions since 2019
Completed energy efficiency projects estimated to save over 12 million kWh annually
Launched nine Diversity, Equity and Inclusion affinity groups
Introduced "We Help People Walk Through Walls" purpose-driven community grant program
Appointed Clare Doyle as Chief Sustainability Officer
To learn more about the Masonite 2030 Renewed Responsibility vision and progress made in 2021, view the complete report at masonite.com/esg.
Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers globally. Additional information about Masonite can be found at www.masonite.com.
FORWARD LOOKING STATEMENTS
This press release and the ESG Report may contain forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our discussion of our plans to embed ESG priorities into our business processes, develop a carbon reduction roadmap and related targets, integrate climate risk into our business, reduce our consumption of natural resources, increase the diversity of our supplier spend, develop a sustainable supply chain, improve our safety metrics and programs, continue to create a diverse and inclusive workforce, improve our employee benefits, develop new products, reduce chemical hazards within our processes and products, certify to quality management standards and realize the benefits of cost saving projects. When used in this press release or in the Report, such forward-looking statements may be identified by the use of such words as "may," "might," "could," "will," "would," "should," "expect," "believes," "outlook," "predict," "forecast," "objective," "remain," "anticipate," "estimate," "potential," "continue," "plan," "project," "targeting," or the negative of these terms or other similar terminology. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, downward trends in our end markets and in economic conditions; reduced levels of residential new construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competition; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; our ability to accurately anticipate demand for our products; impacts on our business including seasonality, weather and climate change; scale and scope of the ongoing coronavirus ("COVID-19") pandemic and its impact on our operations, customer demand and supply chain; increases in prices of raw materials and fuel; tariffs and evolving trade policy and friction between the United States and other countries, including China, and the impact of anti-dumping and countervailing duties; increases in labor costs, the availability of labor, or labor relations (i.e., disruptions, strikes or work stoppages); our ability to manage our operations including potential disruptions, manufacturing realignments (including related restructuring charges) and customer credit risk; product liability claims and product recalls; our ability to generate sufficient cash flows to fund our capital expenditure requirements, to meet our pension obligations, and to meet our debt service obligations, including our obligations under our senior notes and our asset-based revolving credit facility ("ABL Facility"); limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes and our ABL Facility; fluctuating foreign exchange and interest rates; our ability to replace our expiring patents and to innovate, keep pace with technological developments and successfully integrate acquisitions; the continuous operation of our information technology and enterprise resource planning systems and management of potential cyber security threats and attacks; political, economic and other risks that arise from operating a multinational business; uncertainty relating to the United Kingdom’s exit from the European Union; retention of key management personnel; and environmental and other government regulations, including the United States Foreign Corrupt Practices Act ("FCPA"), and any changes in such regulations. For a more detailed discussion of these factors, see the information under the captions "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Special Note Regarding Forward-Looking Statements" in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on May 4, 2022, and in our most recent annual report on Form 10-K filed with the SEC on February 24, 2022, in each case as updated by our subsequent filings with the SEC. We caution you that the foregoing list of important factors is not all-inclusive. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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