ESAB Corporation is pleased to celebrate the first anniversary of becoming an independent, publicly traded company. Although the ESAB brand was founded more than 119 years ago in the shipyards of Sweden, the first year of independence as a global corporation has been filled with impressive milestones to progress the company forward and instill our legacy for another century of growth.
On the first day of our independence, we were proud to introduce our new corporate Purpose as the cornerstone of our company, Shaping the world we imagine, which is based on the shared belief that the progress we make today makes the world we imagine possible. Along with our Purpose we also introduced our Values that has been articulated as a memorable term – S.H.A.P.E. – Shared Success, Help Each Other Win, Always Improving, Purposeful Leadership, and Every Voice Valued. Our Values reflect how we bring our purpose to life and guide how we work together as associates and with our partners to serve our customers and help them tackle their toughest challenges.
“All of this would not be possible without the commitment of our talented team of associates who embody our values and work every day to exceed the expectations of our customers. I am honored to work alongside this team and position ESAB for the next 100 years.”– Shyam P. Kambeyanda, President and CEO, ESAB Corporation.
Throughout the year we introduced industry-leading products and solutions, starting off with the launch of InduSuite, a brand-agnostic portfolio of software applications that revolutionizes workflow, quality, and business performance, to help fabricators and manufacturers improve operational efficiency. Then came the introduction of the Marathon Ultra Pac™, a 1,000 lb. bulk welding wire drum featuring a robust outer box and reinforced corners, designed out of sustainable packaging, for easy recycling. Then we changed the industry with the introduction of our Renegade VOLT™ ES 200i Stick/TIG battery-powered welding system, developed in partnership with Stanley Black & Decker. The Volt is an efficient, robust and portable machine for tough jobs in the field with the battery power to weld through a standard work shift. Powered with four DEWALT® FLEXVOLT® 12 Ah (amp-hour) rechargeable batteries, Renegade VOLT eliminates many of the costs and hassles of engine drives, including fumes, fuel costs, and noise. Both the Marathon Ultra Pac and the Renegade VOLT were designed to meet the standards outlined in the European Ecodesign for Sustainable Product Regulations. Then just a few weeks ago we were excited to introduce the ESAB Cobot, our collaborative robot, for MIG and pulsed MIG welding applications on steel, stainless steel, and aluminum alloys. The Cobot gives small- and medium-sized fabricators the freedom to automate high-mix, low-volume applications while improving productivity 200 to 400%. With its intuitive operation, we have revolutionized automated welding while addressing the industry’s foremost issues: improving productivity and finding more workers.
We also successfully completed and integrated three new businesses into the corporate portfolio. Within our gas control equipment portfolio, we acquired U.S. based Ohio Medical, a global leader in oxygen regulators and central gas systems, and Therapy Equipment Ltd. a regional leader in the United Kingdom in the medical gas control market for suction and oxygen therapies. Together with the existing GCE portfolio, ESAB has one of the most expansive medical gas control portfolios in the world, offering our customers consistency, choice, and innovation. Within our fabrication technology portfolio, we acquired Swift-Cut Automation, a leading manufacturer of light industrial CNC plasma and waterjet cutting machines based near Birmingham, England complementing our global leadership portfolio in high-precision, high-productivity, heavy-duty automated cutting systems, plasma beveling, CAD/CAM software and cloud-connected cutting analytic tools with tailored machines and solutions for light industrial fabricators. Each of these acquisitions strengthens our portfolio of offerings for our customers and provides the potential for increased organic growth and margin expansion.
Finally, we closed out the first year of our independence with the publication of our inaugural sustainability report at the beginning of April. Within our report, we announced our commitment to reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions 30% by 2030 as compared to 2022, which our leadership knew would be critical to responsible operations for all of our stakeholders. The report also highlighted our industry-leading total recordable incident rate of .49, which is significantly below the industry average for safety incidents. The report summarized findings from energy management workshops conducted during the year at 18 of our global production facilities to identify opportunities to increase our energy efficiency. Additionally, the report featured details on the rollout of our six-pillared diversity, equity, and inclusion program designed to create a work environment in which every voice is valued.
All of these achievements would not be possible without the hard work and commitment of our associates, who embody our Purpose and Values and create this incredible company. As we embark on our second year as an independent company, ESAB looks to advance the achievements from our first year and drive innovation across our industry for our associates, customers, and stakeholders for the next 100 years.