BELOIT, Wis., Sept. 20, 2021 /PRNewswire/ -- Regal Beloit
Corporation (NYSE: RBC), a global leader in the engineering and
manufacturing of power transmission solutions and high-efficiency
electric motors and systems, published its 2021 Sustainability
Report. The report reaffirms Regal's strategic commitment to making
energy efficiency and sustainable manufacturing processes top
considerations when developing all new or redesigned products.
Investing in Regal's associates, leveraging the company's
technology leadership to create products and solutions that
customers value, adhering to 80/20 principals, and remaining guided
by the Regal Values also remain strategic pillars.
This year's sustainability report also provides a clear
articulation of Regal's corporate mission – to be the most
compelling choice for our key stakeholders – for customers in the
markets we serve, for current and prospective associates, and for
our shareholders and investors considering Regal. Commenting on
Regal's mission, CEO Louis Pinkham
emphasized "We will measure progress towards our mission on
clear, quantifiable metrics—with customers, based on market share
gains and gross margin, with associates, on retention, engagement,
and performance, and with our shareholders, on achieving top
quartile TSR performance versus our peers."
"By executing our strategy to accomplish our mission, we aim
to achieve something bigger than Regal itself – To create a better
tomorrow by energy-efficiently converting power into motion. This
is Regal's business purpose. I am proud to say that in addition to
passionately serving our customers, and driving attractive returns
for our shareholders, Regal associates can come to work each day
knowing that they are playing a role in making our world cleaner,
healthier, and more sustainable."
Other highlights from this year's report include:
- Safety Remains Regal's Top Priority: The business is run
according to the paradigm of SQDCG – Safety is always top-of-mind,
and followed by disciplined attention to "Q" – Quality, on-time
Delivery ("D") and having a competitive Cost structure ("C") will
experience differentiated "G" – Growth. Against a backdrop of the
persistent COVID-19 pandemic, Regal is maintaining appropriate
safety protocols, while also facilitating the vaccination of its
associates through measures such as on-site vaccination clinics,
additional paid time off, and health benefit "points" that could be
used to lower associates' out-of-pocket healthcare costs.
- Diversity, Engagement & Inclusion: Regal refined its
value for Diversity & Inclusion to also include Engagement.
Regal believes the more diverse minds confronting any challenge the
better the outcome, but also that enabling the benefits of
diversity means creating an inclusive environment that welcomes
contrasting views and productive debate. Engagement is about all
associates proactively contributing to advancing the Company's
strategy, pursuing its mission and fulfilling its purpose – all in
accordance with the Regal Values. In July, Regal launched a global
survey centered on how the Regal Values are seen and lived every
day. The survey had an over 80% participation rate and reflected a
90% favorability score for overall engagement.
- Innovating with Purpose: One of Regal's values is
Innovation with Purpose, which means collaborating with our
customers to make products and solutions they truly value. It also
means focusing on helping the planet, by keeping energy efficiency
a fundamental component of the Company's research & development
efforts, and by continuing to reduce the environmental impact of
its manufacturing footprint and processes.
- Progressing on More Sustainable Manufacturing: Regal
sites have annual targets to lower their environmental impacts. The
Company has also committed to reducing the footprint of its
operations by 23% (2.9 million square feet) in the 2018 to 2022
timeframe, in addition to a 10% reduction in metric tons of
non-hazardous waste produced per million dollars of sales, of
CO2 emitted, and gigajoules of energy consumed – all by
2025 versus 2019 levels. In 2020, the Company made progress towards
its reduction goals on all these metrics.
The report and downloadable assets are available here.
About the Company
Regal Beloit Corporation (NYSE: RBC) is a global leader in the
engineering and manufacturing of electric motors and controls,
power generation and power transmission products serving customers
throughout the world. We create a better tomorrow by developing and
responsibly producing energy-efficient products and systems.
The Company is comprised of four operating segments: Commercial
Systems, Industrial Systems, Climate Solutions and Power
Transmission Solutions. Regal is headquartered in Beloit, Wisconsin and has manufacturing, sales
and service facilities worldwide. For more information, visit
RegalBeloit.com.
Cautionary Statement
Certain statements made in this communication are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. This report contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, which reflect the Company's current estimates,
expectations and projections about the Company's future results,
performance, prospects and opportunities. Such forward-looking
statements may include, among other things, statements about the
Company's future operations, anticipated business levels, future
earnings, planned activities, anticipated growth, market
opportunities, strategies, competition and other expectations and
estimates for future periods. Forward-looking statements may also
include statements relating to the proposed acquisition of Rexnord
Corporation's ("Rexnord") Process & Motion Control business
(the "PMC Business") (the "Rexnord Transaction"), the benefits and
synergies of the Rexnord Transaction, future opportunities for the
Company, the PMC Business and the combined company, and any other
statements regarding the Rexnord Transaction or the combined
company. Forward-looking statements include statements that are not
historical facts and can be identified by forward-looking words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "plan," "may," "should," "will," "would," "project,"
"forecast," and similar expressions. These forward-looking
statements are based upon information currently available to the
Company and are subject to a number of risks, uncertainties, and
other factors that could cause performance, prospects, or
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements. Important factors
that could cause actual results to differ materially from the
results referred to in the forward-looking statements the Company
makes in this report include:
Operations and Strategy
- the continued financial and operational impacts of and
uncertainties relating to the COVID-19 pandemic on customers and
suppliers and the geographies in which they operate;
- uncertainties regarding the ability to execute restructuring
plans within expected costs and timing;
- our ability to develop new products based on technological
innovation, such as the Internet of Things ("IoT"), and marketplace
acceptance of new and existing products, including products related
to technology not yet adopted or utilized in certain geographic
locations in which we do business;
- fluctuations in commodity prices and raw material costs;
- our dependence on significant customers;
- effects on earnings of any significant impairment of goodwill
or intangible assets;
- prolonged declines or disruption in one or more markets we
serve, such as heating, ventilation, air conditioning ("HVAC"),
refrigeration, power generation, oil and gas, unit material
handling or water heating;
- product liability and other litigation, or claims by end users,
government agencies or others that our products or our customers'
applications failed to perform as anticipated, particularly in high
volume applications or where such failures are alleged to be the
cause of property or casualty claims;
- our overall debt levels and our ability to repay principal and
interest on our outstanding debt, including debt assumed or
incurred in connection with the Rexnord Transaction;
- our dependence on key suppliers and the potential effects of
supply disruptions;
- seasonal impact on sales of our products into HVAC systems and
other residential applications;
Global Footprint
- actions taken by our competitors and our ability to effectively
compete in the increasingly competitive global electric motor and
controls, power generation and power transmission industries;
- risks associated with global manufacturing, including risks
associated with public health crises;
- economic changes in global markets where we do business, such
as reduced demand for the products we sell, currency exchange
rates, inflation rates, interest rates, recession, government
policies, including policy changes affecting taxation, trade,
tariffs, immigration, customs, border actions and the like, and
other external factors that we cannot control;
Legal and Regulatory Environment
- unanticipated costs or expenses we may incur related to
litigation, including product warranty issues;
- infringement of our intellectual property by third parties,
challenges to our intellectual property and claims of infringement
by us of third party technologies;
- losses from failures, breaches, attacks or disclosures
involving our information technology infrastructure and data;
Mergers, Acquisitions and Divestitures
- the possibility that the conditions to the consummation of the
Rexnord Transaction will not be satisfied, that there will be
delays in satisfying or adverse conditions related to the
satisfaction of such conditions, or that the Rexnord Transaction
will fail to be consummated or be delayed in being consummated for
other reasons;
- changes in the extent and characteristics of the common
shareholders of Rexnord and the Company and its effect pursuant to
the merger agreement for the Rexnord Transaction on the number of
shares of Company common stock issuable pursuant to the
transaction, magnitude of the dividend payable to Company
shareholders pursuant to the transaction and the extent of
indebtedness to be incurred by the Company in connection with the
transaction; and the determination by the Company and Rexnord of
the number of "Qualifying Overlap Shareholders" at the closing of
the Rexnord Transaction;
- the ability to obtain the anticipated tax treatment of the
Rexnord Transaction and related transactions;
- failure to successfully integrate the PMC Business and any
other future acquisitions into our business or achieve expected
financial results, operating results, synergies and operating
efficiencies, due to factors including the future financial and
operating performance of the acquired business, loss of key
executives and employees, or operating costs, customer loss and
business disruption being greater than expected;
- costs and indemnification obligations related to transactions,
including the Rexnord Transaction;
- risks associated with any litigation related to the Rexnord
Transaction or other transactions;
- unanticipated liabilities of acquired businesses, including the
PMC Business;
- operating restrictions related to the Rexnord Transaction;
- unanticipated adverse effects or liabilities from business
exits or divestitures;
General
- changes in the method of determining London Interbank Offered
Rate ("LIBOR"), or the replacement of LIBOR with an alternative
reference rate;
- cyclical downturns affecting the global market for capital
goods;
- and other risks and uncertainties including, but not limited,
to those described in "Part I - Item 1A - Risk Factors" in our
Annual Report on Form 10-K filed with the U.S. Securities and
Exchange Commission ("SEC") on March 2,
2021 and from time to time in other filed reports.
Shareholders, potential investors, and other readers are urged
to consider these factors in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this report are made only as of the date of this report, and the
Company undertakes no obligation to update any forward-looking
information contained in this report or with respect to the
announcements described herein to reflect subsequent events or
circumstances. Additional information regarding these and
other risks and uncertainties is included in "Part I - Item 1A -
Risk Factors" in our Annual Report on Form 10-K filed with the SEC
on March 2, 2021 and from time to time in other filed reports.
This report was completed in September
2021 and relies on the Company's fiscal year 2020 results
with some references to actions and developments during 2021.
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SOURCE Regal Beloit Corporation