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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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