Thor Industries Demonstrates Global RV Industry Leadership By Publishing Its Fourth Annual Sustainability Report
January 10, 2022
Company continues bold approach to sustainability
ELKHART, Ind., Jan. 10, 2022 — For over 40 years, THOR Industries has utilized responsible and sustainable business practices to make it easier and more enjoyable for families to connect with nature, and one another. Today, THOR Industries, Inc. (NYSE: THO), the world’s largest RV manufacturer, published its fourth annual sustainability report detailing the Company’s industry-leading sustainability efforts for FY2021 across its global family of operating companies.
“We’re proud of our sustainability journey, which is an integral and ongoing part of our culture,” shared Bob Martin, THOR President and CEO. “We are proactively addressing environmental, social and governance risk, and we believe these ongoing sustainability efforts will 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 growing RV industry, THOR believes that employing sustainable business practices will encourage others in the industry to do the same. THOR takes its responsibility to promote a clean and safe environment through responsible and sustainable business practices very seriously. In FY2021, THOR took significant steps in its sustainability journey to lead the way for the industry.
- THOR took bold steps toward achieving 50% reduction in Scope 1 and Scope 2 Green House Gas emissions, the interim target of its carbon net-neutral goal by 2050, as part of THOR’s June 2020 commitment to “Business Ambition for 1.5˚C.”
- Erwin Hymer Group, a THOR company, became a carbon net-neutral manufacturer in FY 2021, a significant milestone and a first for the RV industry.
- THOR achieved an important highpoint in its sustainability journey by voluntarily completing the Carbon Disclosure Project (CDP) Carbon & Climate Questionnaire in March 2021, which the Company will complete annually.
- THOR’s Board of Directors renamed its Governance and Nomination Committee to the Environmental, Social and Governance and Nomination Committee, as a testament to its focus on, and commitment to sustainability.
- The Company solidified its commitment to Diversity, Equity and Inclusion by engaging a Chief People and Inclusion consultant to develop a DEI framework and benchmark initiatives, implement new recruiting and retention strategies, create an inclusive culture and build partnerships which serve diverse communities through THOR’s Inclusion Committee.
- THOR appointed its first Chief Innovation Officer to develop the Company’s vision for evolving advanced technologies and optimizing innovation. THOR believes its innovation focus will help to reduce the Company’s carbon footprint and achieve its sustainability goals across the THOR family of companies, globally.
- The Company partnered with and supported over 60 non-profit organizations across the THOR family of companies, as well as supported National Forest Foundation as one of the foundation’s most significant corporate sponsors .
- THOR founded the Together Outdoors Coalition, in partnership with Outdoor Recreation Roundtable (ORR). The coalition’s mandate is to work to make the outdoors a more diversified, inclusive and inviting place through education, equity and action through the joined forces of organizations across the outdoor economy.
“Our global sustainability program highlights our deep-rooted commitment to better the lives of our team members and customers, foster the viability of communities, and promote a clean and safe environment,” added Todd Woelfer, THOR Chief Operating Officer. “The products that our companies build inspire people to travel, build connections with family and friends, and develop a lasting appreciation for nature, and our sustainability efforts are beneficial for our Company, our customers, the industry and the environment over the long term.”
THOR’s FY2021 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/.
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 extent and impact from the continuation of the COVID-19 pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the dependence on a small group of suppliers for certain components used in production; 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 dealers and their retail customers or on our suppliers; the costs of compliance with governmental regulation; 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; interest rate fluctuations and their potential impact on the general economy and, specifically, on our dealers and consumers; 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 to attract production personnel in times of high demand; the loss or reduction of sales to key dealers; disruption of the delivery of units to dealers; increasing costs for freight and transportation; asset impairment charges; competition; the impact of potential losses under repurchase agreements; the potential impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market 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 our Quarterly Report on Form 10-Q for the quarter ended October 31, 2021 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2021.
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.
Mark Trinske, Vice President of Investor Relations
SOURCE THOR Industries, Inc.