Hexion announced that EcoVadis awarded gold medal status to Hexion VAD B.V. for its sustainability commitment and results, placing it in the top four percent of all companies assessed by EcoVadis. Hexion VAD B.V, which is a subsidiary of Hexion, is comprised of the company’s Versatics products, which are used in a wide range of applications including automotive and transportation coatings, fuel, and mining additives.
EcoVadis is a global standard for business sustainability ratings, evaluating more than 85,000 companies globally. The EcoVadis assessment evaluates 21 sustainability criteria across four core themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.
“Our EcoVadis score placed our Versatics business in the 96th percentile of rated companies, which is a significant achievement and one that we expect to continuously improve going forward,” said Michael Lefenfeld, president and CEO. “Our teams help customers address their sustainability targets with our broad product portfolio and our technical support. We also continue to partner with companies that are equally committed towards building a more sustainable future. In 2022, we worked with more than 40 EcoVadis-rated suppliers, accounting for greater than 50% of our annual procurement spend.”
EcoVadis’ business sustainability ratings are based on international sustainability standards such as the Ten Principles of the UN Global Compact, the International Labour Organization (ILO) conventions, the Global Reporting Initiative (GRI) standards and the ISO 26000 standard. The ratings provide an evidenced-based analysis on performance and an actionable roadmap for continuous improvement.
“Our Versatic Acids and Derivatives portfolio is geared toward providing solutions for our customers that help address some of the world’s most pressing sustainability challenges,” said Jeroen Jansema, VP and GM, Versatic Acids and Derivatives. For example, two of our Versatic products, VeoVa vinyl esters and Cardura glycidyl ester, enable low-VOC waterborne paint formulations for longer-lasting architectural and automotive applications that provide strong water resistance and exterior durability.”
The EcoVadis rating is the latest in a series of sustainability achievements for Hexion, including being named as a recipient of the ENERGY STAR Partner of the Year Award for Sustained Excellence in Energy Management by the United States Environmental Protection Agency in March 2023.
The Sustained Excellence award is the highest honor bestowed by the ENERGY STAR program and is awarded to companies that have demonstrated leadership and a long-term commitment to fighting climate change and protecting public health through energy efficiency.
This is the third consecutive year that Hexion has been named an ENERGY STAR Partner of the Year, and the first time that the company has been recognized with the Sustained Excellence designation.
In addition, since 2021, Hexion has been committed to the UN Global Compact Corporate responsibility initiative and its principles in the areas of human rights, labor, the environment, and anti-corruption, and has reported out annually on its progress. Hexion has also aligned its sustainability strategy with the United Nations’ Sustainable Development Goals (SDGs).