Latham Shares 2023 Environmental, Social And Governance Report

Rhea-AI Summary

Latham Group (NASDAQ:SWIM), the largest designer and manufacturer of in-ground residential swimming pools in North America, Australia, and New Zealand, has released its 2023 ESG Report highlighting significant environmental and operational improvements. The company achieved a 50% reduction in fiberglass pool production waste compared to 2022 and implemented energy-efficient measures across facilities.

Key achievements include expanded LED lighting implementation in fiberglass facilities, adoption of acetone alternatives, and extended Regenerative Thermal Oxidizer technology to reduce emissions. On the social front, Latham reported a 45% reduction in employee turnover since 2021 and maintained a 20% representation of underrepresented minorities in its U.S. workforce. The company also strengthened its governance framework with updated Code of Conduct and Human Rights Policy, achieving 100% employee completion of ethics and compliance training.

Positive

• 50% reduction in waste from fiberglass pool production compared to 2022
• 45% reduction in employee turnover since 2021
• Substantial reduction in safety incidents in 2023
• 20% of U.S. workforce represents underrepresented minorities
• 100% employee completion rate for ethics and compliance training

Negative

• None.

Report Shows Reduction in Environmental Impact, Progress in Employee Welfare and Retention

LATHAM, N.Y., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Latham Group, Inc. [NASDAQ:SWIM], the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand, has published its 2023 Environmental, Social and Governance (ESG) Report. The report highlights the company’s substantial progress in a number of ESG areas, including refinement of its greenhouse gas emissions baseline, waste reduction, improved energy efficiency, improvements in employee retention and safety and continued enhancements to its robust governance framework.

“We are proud to share the progress outlined in our 2023 ESG report, which reflects our commitments across the environmental, social and governance categories,” said Scott Rajeski, President and CEO of Latham Pools. “From building on our capability to measure greenhouse gas emissions and cutting waste in our production processes, to fostering a more inclusive and safer workplace, these achievements are a testament to the adoption of ESG into the Latham culture.”

Environmental
On the environmental front, Latham measured its annual greenhouse gas emissions for FY23 to assess the year-over-year changes in its footprint and identify areas for further improvement. Further, Latham achieved a 50% reduction in waste from fiberglass pool production compared to 2022. The company recycled thousands of tons of materials, including scrap vinyl, galvanized steel and aluminum. The company also expanded the use of more energy-efficient LED lighting to nearly half of its fiberglass facilities. Additionally, innovative measures such as adopting acetone alternatives and extending the implementation of Regenerative Thermal Oxidizer (RTO) technology to reduce emissions have further minimized Latham’s environmental impact.

Social
In the social sphere, Latham focused on its most valuable asset — its people. Providing a safe work environment for employees remained an imperative as demonstrated by Latham’s continued capital investment in safety measures in its facilities and expanded safety training program. These initiatives produced meaningful results. The company saw a substantial reduction in safety incidents in 2023. In addition, by expanding employee assistance programs and enhancing mental health resources, the company strengthened its culture of care. Latham also achieved a 45% reduction in employee turnover since 2021, reflecting its commitment to creating a supportive and engaging work environment. Diversity and inclusion remained a key priority, with 20% of Latham’s U.S. workforce representing underrepresented minorities.

Governance
Governance excellence continued to be a cornerstone of Latham’s strategy. Latham updated its Code of Conduct and Human Rights Policy, making them publicly accessible for greater transparency and 100% of its employees completed ethics and compliance training. ESG oversight was strengthened through the Nominating and Corporate Governance Committee (NCGC) of Latham’s Board of Directors, which regularly reviewed progress and provided guidance to management. Board diversity remained a priority, which helped to ensure a wide range of perspectives in decision-making. These initiatives reflect Latham’s dedication to fostering accountability, ethical practices and robust governance standards.

“Our 2023 ESG Report tells a powerful story of progress,” noted Rajeski. “As a team, we look forward to continuing our journey of continuous improvement and remain committed to leading by example for the entire industry.”

For more information about Latham, visit LathamPool.com.

About Latham, the Pool Company
Headquartered in Latham, NY, Latham Group, Inc., is the largest designer, manufacturer, and marketer of in-ground residential swimming pools and pool accessories in North America, Australia, and New Zealand. With over 60 years of experience and a coast-to-coast operations platform across 24 locations, the company offers a broad range of pool products, including fiberglass, vinyl liner, and automatic safety covers, all designed to provide homeowners with the highest quality and value. For more information, visit www.lathampool.com.

Contact: Abigail Cox or Paige Allbright
L.C. Williams & Associates
800/837-7123 or 312/565-3900
acox@lcwa.com or pallbright@lcwa.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4036fdcd-4288-4fd8-9939-e921edf9f881

FAQ

What waste reduction did Latham Group (SWIM) achieve in 2023?

Latham Group achieved a 50% reduction in waste from fiberglass pool production in 2023 compared to 2022.

How much did Latham Group (SWIM) reduce employee turnover since 2021?

Latham Group achieved a 45% reduction in employee turnover since 2021.

What percentage of Latham Group's (SWIM) U.S. workforce represents minorities in 2023?

20% of Latham Group's U.S. workforce represents underrepresented minorities.

What environmental initiatives did Latham Group (SWIM) implement in 2023?

Latham Group implemented LED lighting in nearly half of its fiberglass facilities, adopted acetone alternatives, and extended Regenerative Thermal Oxidizer technology to reduce emissions.