TreeHouse Foods Announces 2030 Environment, Social & Governance Goals Alongside 2023 Disclosures
OAK BROOK, Ill., Aug. 4, 2023 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS), a leading private label food and beverage manufacturer in North America, today announced its 2030 Environmental, Social & Governance ("ESG") goals, centered around three ESG strategic pillars: Environment & Climate; People & Communities, and Products & Operations. Additionally, the Company published its 2023 disclosures in accordance with the Sustainability Accounting Standards Board ("SASB") Processed Food standard and the Task Force on Climate-Related Financial Disclosure ("TCFD") framework. In addition to the Company's SASB and TCFD disclosures, the TreeHouse Foods CDP Climate Change Survey response can be found on the Company's public-facing website.
These new 2030 ESG goals demonstrate TreeHouse Foods' ongoing commitment to environmental and social responsibility as the Company undergoes a strategic shift following the October 2022 divestiture of a significant portion of its Meal Preparation business. The transaction simplified the Company, sharpening focus on its higher-growth, higher-margin private label snacking and beverage categories, and meaningfully reduced the Company's manufacturing and distribution footprint. With this increased agility, the Company has announced a number of environmental impact-related goals, including reducing its Scope 1 and Scope 2 carbon footprint by 25% by 2030, and setting a reduction target for Scope 3 emissions by the end of 2025. The Company has also set goals around sustainable packaging and responsible sourcing, aligning with the ESG objectives of many of its customers.
"Advancing our ESG initiatives continues to be a top priority for TreeHouse and I am pleased to share our updated goals for 2030," said Steve Oakland, Chairman, CEO and President. "Our progress against these goals will benefit more than our environment and our communities – it will also strengthen our strategic partnerships with our customers on similar ESG journeys, as we strive to bring our customers' ESG goals to life."
Equity in the workforce is another priority for the company. Along with the commitment to publicly disclose workforce data by 2030, the Company has also announced its intention to expand recruiting efforts to attract and hire diverse talent.
TreeHouse's ESG goals include:
Environment & Climate
- Reduce Scope 1 & 2 GHG emissions by 25% by 2030
- Assess baseline Scope 3 calculations and establish reduction goal by 2025
- Reduce water usage across manufacturing facilities by 20% by 2030
- Reduce Food Loss & Waste by 50% by 2030
- Increase company-wide landfill diversion to 90% by 2030
- By 2030, have 100% of packaging be recyclable, reusable, or compostable
- Eliminate problematic and unnecessary plastics in packaging where feasible by 2025
- Continue to maintain at least 20% post-consumer recycled content average across all packaging
People & Communities
- Reduce Total Recordable Incident Rate (TRIR) by 20% by 2030 to continue towards the goal of zero incidents
- We strive to have our workforce be representative of the communities in which we operate, and the customers and consumers who purchase our products by:
- Conducting annual DEI training by 2024 for all employees
- Providing intentional learning and development programming for our employees
- Expanding recruiting efforts by partnering with community, academic, and professional organizations to attract and hire diverse talent
- Working to provide transparent internal mobility processes to enable robust career growth
- Disclosing EEO-1 data by 2030 and annually thereafter
- Donate $50 million in volunteer time, food, and/or cash to organizations focused on alleviating food insecurity in our local communities by 2030
Products & Operations
- Direct source 100% RSPO physical certified palm oil by 2030
- Increase offerings of third-party certified responsibly sourced cocoa by 2030
- Update our Responsible Sourcing Policy to include the following:
- Animal Welfare expectations
- Supplier Diversity acknowledgement and commitment to increase spend with diverse suppliers
- GFSI expectation for ingredient and food contact suppliers
- Roll out annual ESG supplier survey and scorecard for strategic suppliers
To access the 2023 ESG disclosures and for more information, visit the ESG page on the TreeHouse Foods website at https://www.treehousefoods.com/esg.
ABOUT TREEHOUSE FOODS
TreeHouse Foods, Inc. is a leading private label food and beverage manufacturer in North America. Our purpose is to engage and delight - one customer at a time. Through our customer focus and category experience, we strive to deliver excellent service and build capabilities and insights to drive mutually profitable growth for TreeHouse and for our customers. Our purpose is supported by investment in depth, capabilities and operational efficiencies which are aimed to capitalize on the long-term growth prospects in the categories in which we operate.
Additional information, including TreeHouse's most recent statements on Forms 10-Q and 10-K, may be found at TreeHouse's website, http://www.treehousefoods.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and other information are based on our beliefs, as well as assumptions made by us, using information currently available. The words "believe," "estimate," "project," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or intended. We do not intend to update these forward-looking statements following the date of this press release.
Such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this press release and other public statements we make. Such factors include, but are not limited to: risks related to the impact that the divestiture of a significant portion of our Meal Preparation Business or any such divestiture might have on the Company's operations; disruptions or inefficiencies in our supply chain and/or operations; loss of key suppliers; raw material and commodity costs due to inflation; labor strikes or work stoppages; multiemployer pension plans; labor shortages and increased competition for labor; success of our growth, reinvestment, and restructuring programs; our level of indebtedness and related obligations; disruptions in the financial markets; interest rates; changes in foreign currency exchange rates; collectability of our note receivable, customer concentration and consolidation; competition; our ability to execute on our business strategy; our ability to continue to make acquisitions and execute on divestitures or effectively manage the growth from acquisitions; impairment of goodwill or long lived assets; changes and developments affecting our industry, including customer preferences; the outcome of litigation and regulatory proceedings to which we may be a party; product recalls; changes in laws and regulations applicable to us; shareholder activism; disruptions in or failures of our information technology systems; changes in weather conditions, climate changes, and natural disasters; and other risks that are set forth in the Risk Factors section, the Legal Proceedings section, the Management's Discussion and Analysis of Financial Condition and Results of Operations section, and other sections of this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2022, and from time to time in our filings with the Securities and Exchange Commission ("SEC"). You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made when evaluating the information presented in this press release. TreeHouse expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in its expectations with regard thereto, or any other change in events, conditions or circumstances on which any statement is based.
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SOURCE TreeHouse Foods, Inc.
