- The 2023 Sustainability Report describes PHINIA's initial
sustainability strategies, 2023 performance across key
environmental and social metrics, and responsible business
practices
- PHINIA reinforces commitment to developing and manufacturing
products and solutions designed to enhance efficiency and reduce
the environmental impact of vehicles, industrial machinery, and
other applications
PHINIA Inc. (NYSE: PHIN), a leader in premium fuel systems,
electrical systems, and aftermarket solutions, today released its
2023 Sustainability Report, highlighting PHINIA’s contributions to
powering a better tomorrow. The report sets a benchmark for future
progress across environmental, social, and governance initiatives,
while emphasizing PHINIA’s focus on driving long-term value for
stakeholders.
“We are proud to share our inaugural Sustainability Report
following our launch as an independent company in July 2023,” said
Brady Ericson, President and Chief Executive Officer, PHINIA.
“While aspects of PHINIA may be new, our commitment to
sustainability has long been embedded in our business and culture.
As we reflect on this foundational year, we recognize the
importance of establishing our sustainability strategies that form
the bedrock for long-term performance.”
The report unveils PHINIA's initial sustainability priorities
and framework, as well as the governance structure established to
foster collaboration, engagement, and oversight of sustainability
initiatives, including the formation of a Sustainability Council
and Sustainability Steering Committee and the integration of
Board-level oversight.
Highlights of the report also include:
- Investments to Power a Cleaner Tomorrow: In 2023, PHINIA
invested 78% of its R&D spend in fuel efficiency and
alternative fuel technologies, with 30% dedicated to zero- and
lower-carbon fuel systems. PHINIA also received its first major
business award for a hydrogen fuel cell program application for
medium-duty trucks, and secured a significant gasoline direct
injection (GDi) program for light vehicle plug-in electric hybrid
programs.
- Design for Environment: PHINIA is implementing a process
to quantify and reduce the life cycle emissions for all significant
new product development. The process will be used to calculate the
air, water, and resource impacts of such new products across their
lifecycle and optimize methods to reduce environmental impact.
- Environmental Performance: PHINIA achieved a 4.8% annual
energy consumption reduction across all sites through several
energy efficiency projects. The Company also achieved a 9.9% annual
reduction in carbon emissions through energy efficiency, footprint
optimization, and green energy sourcing initiatives.
- Supporting, Engaging, and Developing Employees: PHINIA
demonstrated its commitment to empowering and supporting its
employees through a variety of talent and development programs,
health and safety initiatives, community engagement efforts, and
equity, diversity, and inclusion (EDI) initiatives, including:
- Women in Science and Engineering (WiSE), PHINIA’s first
employee belonging group geared to fostering collaboration and
empowerment amongst female talent in STEM roles
- Refinement of PHINIA’s global EDI strategy focused on
empowering women, promoting intergenerational collaboration,
leveraging cultural diversity, and cultivating the development of
diverse teams
- Establishment of an EDI Council to drive progress on the
Company's EDI action plan
- Conducting Business Responsibly: PHINIA’s quality and
safety awards recognize facilities that demonstrate excellence in
this space. Ethics, compliance, and other training help employees
to act responsibly, ethically, and in alignment with PHINIA’s Code
of Ethical Conduct, core values, and other policies.
“We believe in making a positive impact through our business and
actions," continued Ericson. "This report reflects our commitment
to proactively advancing sustainability today, with the goal of
powering a cleaner tomorrow through enhanced efficiency, innovative
technologies, and responsible practices. We look forward to sharing
our progress annually in future years and engaging with
stakeholders on this collective responsibility."
For more information and to view the full 2023 Sustainability
Report, please visit www.phinia.com/company/sustainability
About PHINIA
PHINIA is an independent, market-leading, premium solutions and
components provider, with over 100 years of manufacturing expertise
and industry relationships and a strong brand portfolio that
includes DELPHI®, DELCO REMY®, and HARTRIDGE™. With over 13,000
employees across 44 locations in 20 countries, PHINIA is
headquartered in Auburn Hills, Michigan, USA.
Across commercial vehicles and industrial applications
(heavy-duty and medium-duty trucks, off-highway construction,
marine, aviation, and agricultural), and light vehicles (passenger
cars, trucks, vans and sport-utility), we develop fuel systems,
electrical systems, and aftermarket solutions designed to keep
combustion engines operating at peak performance, while at the same
time investing in advanced technologies to unlock the potential of
alternative fuels.
By providing what the market needs today to become more
efficient and sustainable, while also developing innovative
products and solutions to contribute to lower carbon mobility, we
are the partner of choice for a diverse array of customers—powering
our shared journey toward a cleaner tomorrow.
(DELCO REMY is a registered trademark of General Motors LLC,
licensed to PHINIA Technologies Inc.)
For further information or if you’d like to connect with PHINIA,
please contact phiniapr@fox.agency.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements other than historical fact that provide current
expectations or forecasts of future events based on certain
assumptions and are not guarantees of future performance.
Forward-looking statements use words such as “anticipate,”
“believe,” “continue,” “could,” “designed,” “effect,” “estimate,”
“evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,”
“likely,” “may,” “outlook,” “plan,” “potential,” “predict,”
“project,” “pursue,” “seek,” “should,” “target,” “when,” “will,”
“would,” or other words of similar meaning.
Forward-looking statements are subject to risks, uncertainties,
and factors relating to our business and operations, all of which
are difficult to predict and which could cause our actual results
to differ materially from the expectations expressed in or implied
by such forward-looking statements. Risks, uncertainties, and
factors that could cause actual results to differ materially from
those implied by these forward-looking statements include, but are
not limited to: adverse changes in general business and economic
conditions, including recessions, adverse market conditions, or
downturns impacting the vehicle and industrial equipment
industries; our ability to deliver new products, services, and
technologies in response to changing consumer preferences,
increased regulation of greenhouse gas emissions, and acceleration
of the market for electric vehicles; competitive industry
conditions; failure to identify, consummate, effectively integrate,
or realize the expected benefits from acquisitions or partnerships;
pricing pressures from OEMs; inflation rates and volatility in the
costs of commodities used in the production of our products;
changes in U.S. administrative policy, including changes to
existing trade agreements and any resulting changes in
international trade relations; our ability to protect our
intellectual property; failure of or disruption in our information
technology infrastructure, including a disruption related to
cybersecurity; our ability to identify, attract, retain, and
develop a qualified global workforce; difficulties launching new
vehicle programs; failure to achieve the anticipated savings and
benefits from restructuring and product portfolio optimization
actions; extraordinary events (including natural disasters or
extreme weather events), political disruptions, terrorist attacks,
pandemics or other public health crises, and acts of war; risks
related to our international operations; the impact of economic,
political, and market conditions on our business in China; our
reliance on a limited number of OEM customers; supply chain
disruptions; work stoppages, production shutdowns, and similar
events or conditions; governmental investigations and related
proceedings regarding vehicle emissions standards, including the
ongoing investigation into diesel defeat devices; current and
future environmental and health and safety laws and regulations;
the impact of climate change and regulations related to climate
change; liabilities related to product warranties, litigation, and
other claims; compliance with legislation, regulations, and
policies, investigations, and legal proceedings, and new
interpretations of existing rules and regulations; tax audits and
changes in tax laws or tax rates taken by taxing authorities;
volatility in the credit market environment; impairment charges on
goodwill and indefinite-lived intangible assets; the impact of
changes in interest rates and asset returns on our pension funding
obligations; the impact of restrictive covenants and requirements
in the agreements governing our indebtedness on our financial and
operating flexibility; our ability to achieve some or all of the
benefits that we expect to achieve from the spin-off; other risks
relating to the spinoff, including a determination that the
spin-off does not qualify as tax-free for U.S. federal income tax
purposes, restrictions and obligations under the Tax Matters
Agreement, and/or BorgWarner Inc.’s failure to perform under, and
any dispute relating to, the various transaction agreements; and
other risks and uncertainties described in our reports filed from
time to time with the Securities and Exchange Commission (SEC).
We caution readers not to place undue reliance upon any such
forward-looking statements, which speak only as of the date they
are made. We undertake no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
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phiniapr@fox.agency
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