The 2023 Bakelite Sustainability Report Details 2023 Achievements, Outlines 2024 Initiatives and Long-term Future Goals and Strategies

Bakelite Synthetics (“the Company”) today released its 2023 Sustainability Report, a detailed summary of its most significant environmental, social and governance operations and activities of 2023 and key sustainability initiatives for 2024 and beyond. Prepared with reference to the Global Reporting Initiative Standards and the United Nations Sustainable Development Goals, the 2023 Sustainability Report demonstrates the Company’s commitment to make significant contributions to a sustainable world.

“At Bakelite Synthetics, we seek to deliver innovative and sustainable products that meet the world’s most challenging demands. While meeting the many changing needs of our customers – and doing so safely – we also made great progress towards our sustainability goals,” said JP Aucoin, President and Chief Executive Officer of Bakelite Synthetics. “Everything points to strengthening our position as a global leader in the chemical manufacturing industry, dedicated to making a difference in the world today and in the future.”

“We empower our teams to identify opportunities to deliver on our sustainability goals from their individual positions in the business,” said Andrea Croslyn, Executive Vice President, Sustainability and Business Processes. “We believe that the work that we do in sustainability can and should also drive profitability. We focus on opportunities that drive value for our customers, the planet, and Bakelite Synthetics. As we deeply engage with our stakeholders, we together uncover new ways to drive shared value.”

Highlights from the 2023 Sustainability Report include:

Environmental Impact: We take our responsibility to be stewards of the environment seriously and remain focused on diligently mitigating our impact across energy consumption, waste reduction, and water management. We strive every day to create a safe and sustainable environment for ourselves, our customers, and our global communities

• Bakelite was named a U.S. Environmental Protection Agency (EPA) ENERGY STAR program partner in 2023. As a result, we have pledged to rigorously monitor energy performance and implement energy management strategies based on ENERGY STAR guidelines.
• Additionally, the organization developed and launched renewable energy initiatives at four sites.
• For the second year, we published our verified Scope 1-3 greenhouse gas emissions.
• We engaged with customers in the development of new products with reduced carbon footprint, and defined sustainable attributes across the product portfolio.

Social Impact: We strive to make Bakelite Synthetics a place where associates can thrive and reach their full potential. Our investments in health and safety, physical and mental well-being, and professional career development demonstrate the value we place on creating a workplace where associates feel challenged, empowered, and supported. As a diverse and inclusive company, we champion mutual respect and collaboration and promote giving back to the communities where we operate.

• Embracing and celebrating our uniqueness is a fundamental value of Bakelite Synthetics. In 2023, we created a framework for Employee Resource Groups (ERG) at Bakelite Synthetics, and launched our first ERG, the Bakelite Women’s Network.
• In 2023, we asked for feedback from our associates through the inaugural Bakelite Associate Engagement Survey. The survey response rate was 70%, and we are leveraging the feedback to formulate improvements that will continue making Bakelite Synthetics a supportive, engaging, and welcoming workplace.
• We seek to strengthen the communities in which we live and work. More than 80% of our sites proudly participated in a Community Service project in 2023.
• During 2023, Bakelite Synthetics hosted a series of ‘Bakelite Sustainability Town Halls’ with interesting sessions that highlighted a wide range of sustainability topics and initiatives to our associates.

Governance: At Bakelite Synthetics, we understand the important role of corporate governance and ethical behavior in strengthening trust among our associates, customers, and shareholders — actions guided by our core values.

• Focused on aligning ourselves with industry best practices and standards, we launched the Responsible Care® program in North America, and certified in Argentina to enhance safe chemicals management and performance excellence.
• Recognizing cybersecurity remains a growing global concern, we reinforced our internal IT security function through the enhancement of our IT Security Committee as part of our ongoing ISO 27001 certification process.
• As Bakelite Synthetics continues to grow, we have focused on strengthening our corporate policies. In 2023 we created an improved Policy Framework, along with Policy Owner Guidelines, and at the same time, upgraded the policy review and tracking mechanisms for reviews and approvals.
• We know that sustainability success is the result of steady continuous improvement across our business and geographies. With the establishment of our 2030 goals, we have laid the foundation for our work for the next several years and in 2023, we launched improved reporting to track our sustainability performance.

Looking Ahead: 2024 and Beyond

From environmental stewardship, to our product portfolio, to the health and safety of our associates, we are taking steps every day in our sustainability journey. The path to sustainability is ongoing, and while we celebrate our progress, we also acknowledge the challenges that lie ahead. With a strong foundation in place and a clear vision for the future, Bakelite Synthetics is more equipped than ever to make significant contributions to a sustainable world.

About Bakelite Synthetics

Based in Atlanta, Georgia, Bakelite Synthetics is a leading global integrated producer of thermoset specialty resins, solutions and engineered thermoset molding compounds serving a variety of segments and end markets across geographies. Additional information about Bakelite Synthetics and its products is available at www.bakelite.com.

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