DULUTH, Ga., June 06, 2022 (GLOBE NEWSWIRE) — On the heels of World Environment Day, Fox Factory is proud to publish its 2021 sustainability report, building the foundation for the company to enhance its environmental, social and governance performance.
“Over the past several years, we have gone through transformational growth in every possible way. With this, comes the responsibility to create value for the economy, the environment, and people while reducing adverse effects,” said Mike Dennison, President and Chief Executive Officer. “The better we get at that, the better we become.”
The report includes the results of the company’s first materiality assessment which led to the creation of the Fox Factory Frontiers sustainability strategy. This release is a summation of the organization’s current state which provides a foundation for identifying opportunities and setting long-term sustainability goals in the coming months.
“Our mission is to challenge the impossible which now includes exploring ways to become a new kind of champion when it comes to making a positive impact. In the spirit our Fox Core Value of Leadership, “doing the right thing” includes considering what we can do for the world around us. We are standing in front of a long adventure, and we acknowledge that we are just at the beginning of it,” said Jackie Martin, Chief Purpose and Inclusion Officer. “Today, we are taking a big step by comprehensively reporting on our starting point for the first time.”
Key highlights for each strategic pillar outlined in the 2021 sustainability report include:
Product – Redefining Sustainable Performance
Fox Factory is forging a new path where we keep maximum performance as our goal while discovering processes and innovation aligned with sustainability objectives. In 2021, the organization:
- Completed an emissions cradle-to-gate life-cycle assessment screening for four of our high-volume products as a baseline for understanding sustainable innovation opportunities.
People – United in Shared Well-being and Adventure
People are Fox Factory’s greatest asset. To protect and promote talent, the company is working to harness the power of diverse experiences and is partnering with nonprofit organizations externally to help make the world a better place to live, learn, work and, of course, ride. Last year, the company initiated the following
- Launched the Realizing Inclusion, Diversity & Engagement (R.I.D.E.) @ Fox initiative to foster a culture of belonging.
- Completed its first, large-scale global employee survey, garnering an engagement score of 64 percent and qualitative feedback to drive continuous improvement within the organization.
Planet – Protecting Our Global Playground
Fox Factory’s solutions are an integral part of outdoor adventuring. With that comes the responsibility to promote the conscientious use of land as well as expand access to outdoor sport. The company is also exploring ways to reduce the impact on the environment such as minimizing greenhouse gas emissions. The report covers:
- The launch of Trail Trust, our signature community partnership program focusing on building and maintaining trails, responsible recreation, and expanding access to outdoor adventure
- Its first GHG inventory, outlining Scope 1 and 2 emissions with an outlook to complete Scope 3
Business Fundamentals – Driving High Standards
The company is dedicated to doing things the right way to ensure continued responsible business growth. “When we race, we race to win” is the mantra used not only from a product performance perspective, but also for the processes and policies needed for a successful business. Fine tuning underway includes:
- Developing a company-wide governance structure to manage sustainability efforts
- Conducting a comprehensive update to Code of Ethics and supplier Code of Conduct policies
“We don’t like to sit still here at Fox. We mean it when we say that our purpose as a company is to challenge the impossible and lead in the never-ending pursuit of maximum performance. Sustainability is another opportunity to invest in that purpose. And in return, for putting in that work, we become even better equipped to perform at our best,” Mike stated.
Read Fox Factory’s 2021 sustainability report here.
About Fox Factory Holding Corp. (NASDAQ: FOXF)
Fox Factory Holding Corp. designs and manufactures performance-defining ride dynamics products primarily for bicycles, on-road and off-road vehicles and trucks, side-by-side vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. The Company is a direct supplier to leading powered vehicle OEMs. Additionally, the Company supplies top bicycle OEMs and their contract manufacturers and provides aftermarket products to retailers and distributors.
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