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LKQ Publishes 2023 Global Sustainability Report


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    • By Counterman
      The group
      link hidden, please login to view estimates the global piston ring aftermarket will reach a value of $2.81 billion in 2024 and increase 4.8% over the next 10 years. According to FactMR, the market share of gasoline and hybrid cars is still huge, which will keep the demand growth for piston rings in the aftermarket steady over the coming years.
      Key Takeaways from the FactMR Study:
      Aftermarket sales of piston rings are expected to reach US$ 2.81 billion in 2024. The market is forecasted to touch US$ 4.5 billion by the end of 2034. Aftermarket sales of piston rings in the United States are set to reach US$ 581.1 million in 2024. China occupies a 60% share of the East Asia market in 2024. Aftermarket piston ring sales in Japan are expected to touch US$ 258.4 million in 2024. The East Asia market is projected to expand at a CAGR of 5.9% over the next 10 years. The post
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    • By Counterman
      link hidden, please login to view announced it was recently recognized as a top global supplier of 2023 by General Motors during the automaker’s annual Supplier of the Year event in Miami, Florida. This is the fourth time Schaeffler has been honored with this award. Emphasizing shared values between GM and global suppliers, the rigorous selection process distinguishes those who align closely with GM’s principles, Schaeffler said. These values, rooted in performance, innovation, cultural alignment, and commitment to GM’s ambitious goals, serve as the foundation of the selection criteria.
      The selection process is guided by the GPSC Priority Wheel, which prioritizes the customer in every aspect of supply chain decision-making. The framework’s core values of safety, inclusion and relationships serve as the foundation for other priorities such as sustainability, innovation, execution, resilience, and profitability.
      “Receiving this prestigious award from General Motors is a testament to our relentless dedication to delivering outstanding quality and performance,” said Klaus Rosenfeld, CEO of Schaeffler AG. “We are honored to be recognized as a top global supplier and look forward to further advancing our partnership with GM in the pursuit of automotive excellence.”
      Jon Jameson, senior vice president and GM global key account manager, Schaeffler added, “At Schaeffler, we are immensely proud of our continued partnership with General Motors. This recognition underscores our commitment to innovation and excellence, driving us to exceed expectations in every aspect of our collaboration.”
      Photo from left: Pratik Shah, Schaeffler key account manager; Klaus Rosenfeld, Schaeffler CEO; Peter Layer, GM purchasing, executive director of chassis propulsion structures; Jon Jameson, Schaeffler senior vice president global key account manager; and Allen Pervo, Schaeffler key account manager.
      The post
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    • By Counterman
      LKQ Corporation announced the release of its 
      link hidden, please login to view, which it said “describes LKQ’s role in driving sustainable success for our customers, our employees, the communities in which we operate and the global circular economy. “Additionally, the report includes an enhanced and robust sustainability strategy, demonstrating our approach to managing sustainability risks across each of our operating segments. Our three-pillar sustainability strategy comprises profitably delivering sustainable outcomes, people-led performance as well as strong governance and ethical practices,” 
      link hidden, please login to view continued. “We are pleased to issue this year’s report which demonstrates how our teams are making meaningful progress to achieve our sustainability commitments across our global footprint with an ongoing effort to create long-term value for all stakeholders. I am proud to report that the investments we have made in our sustainability journey thus far have enabled the meaningful and positive outcomes that we are able to share in this year’s report” said Dominick Zarcone, president and chief executive officer.
      In 2023 LKQ said it achieved several sustainability milestones including:
      Processed 766,000 vehicles, recycling over 62,000 metric tons of scrap steel, 48,000 metric tons of aluminum, and 4,000 metric tons of copper; Scope 1 and Scope 2 greenhouse gas emissions reduced globally by 11.8% versus 2021 baseline relative to revenue; Engagement score of 74 in our annual employee engagement survey, bringing us closer to our 2025 goal of 76, with an 89% participation rate, in excess of our 2025 target of 73% participation; Achieved 19.5% female representation in global workforce and launched the Women’s Network to support the development of women across all sectors and roles at LKQ in order to help reach target of 20% representation by 2025; and Donated over $4 million through the LKQ Community Foundation to charitable causes in areas including: health and human services, technical and general education, environmental stewardship and first responders. The post
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    • A-premium Auto Parts:5% OFF with Code GM5.
    • By Counterman
      The 
      link hidden, please login to view — which tracks demand conditions, shortages, transportation costs, inventories and backlogs based on a monthly survey of 27,000 businesses — rose in April to -0.18, from -0.32 in March, which signals that global supply chains are operating at close to full capacity. An Index greater than 0 indicates supply chain capacity is being stretched. The further above 0, the more stretched the supply chains are. An index less than 0 indicates supply chain capacity is being underutilized. The further below 0, the more underutilized supply chains are.
      Improving activity across global supply chains is a direct result of healthier demand, which has picked up consistently in the year-to-date after considerable weakness in 2023, GEP said. The Asian market is at the forefront of this trend, with input demand at the region’s factories remaining strong. Procurement managers in South Korea, Vietnam, India and China reported greater purchasing activity during April.
      According to GEP Consulting, the North American market is showing more evidence of tightening capacity, with backlogged work reported by manufacturers, particularly in Mexico. Demand for raw materials, commodities and components, while still subdued, also improved slightly. Meanwhile, demand conditions were less robust in Europe, with the region’s manufacturing sector continuing to underperform and lag other parts of the globe. Positively, however, the industrial recession across the continent has eased considerably since late last year.
      “After four years of supply shocks, inflation, stockpiling, and uncertainty, global supply chains are now operating in a Goldilocks zone, a steady state of full capacity, not expanding or contracting too quickly, which is excellent news for global suppliers and business,” Mike Seitz, vice president, GEP Consulting said. “In China, we’re seeing a steady pick-up in manufacturing activity, which will encourage Chinese Premier Li Qiang to accelerate efforts to remove barriers imposed by European markets and foster more FDI, especially as the potential for tougher U.S. tariffs and trade policies loom.“
      April 2024 key findings
      Demand: Global demand for raw materials, commodities and components remained close to its long-term average in April, highlighting vastly improved conditions in the worldwide manufacturing sector compared with late last year. As was also the case in March, Asia was the main positive force, with major goods-producing nations such as China, India and South Korea recording growth, according to GEP. Inventories: Inventory drawdowns persisted into April, albeit cooling in strength compared to March. Reports from global businesses of stockpiles rising because of price or supply concerns were among the lowest seen in over four years, GEP said. Material shortages: GEP said reports of a short supply for items, including semiconductors, foodstuff, chemicals, and metals, remain historically low. Labor shortages: After rising for the past three months, GEP said global reports of backlogged orders rising because of staff shortages fell in April and were broadly aligned with historically typical levels. Regional differences persisted, however, with North America seeing greater labor shortages than elsewhere. Transportation: Following recent increases in oil prices, global transportation costs rose for the first time this year in April, according to GEP. Regional supply chain volatility
      North America: Index broadly unchanged at -0.30, versus -0.31 previously. Although indicative of spare capacity, the input demand trend ticked higher in April, while increased backlogs of work were also reported, GEP said. Europe: Index fell to -0.55, from -0.62. GEP said April’s increase suggests the continent’s industrial downturn continued to ease. U.K.: Index decreased to -0.47, from -0.17 as U.K. manufacturers destock sharply instead of ordering from suppliers, GEP said. Asia: The Index rose to 0.07, from -0.07, signaling the first month of stretched supplier capacity since January, according to GEP. The post
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