SUSTAINA- BILITY-LINKED FINANCING FRAMEWORK · 2021. 4. 23. · sustaina-bility-linked financing...
Transcript of SUSTAINA- BILITY-LINKED FINANCING FRAMEWORK · 2021. 4. 23. · sustaina-bility-linked financing...
SUSTAINA-BILITY-LINKED FINANCING FRAMEWORKWOOD IS SUSTAI NABLE – SO ARE WE
March 2021
INTRODUCTION 1
RATIONALE FOR ESTABLISHING
A SUSTAINABILITY-LINKED
FINANCING (SLF) FRAMEWORK 11
ALIGNMENT WITH SUSTAINABILITY-
LINKED BOND PRINCIPLES 2020
AND SUSTAINABILITY-LINKED LOAN
PRINCIPLES 2020 12
Key Performance Indicators (KPIs) 13
Calibration of Sustainability Performance
Target (SPTs) 15
Financial Characteristics 17
Reporting 18
Verification 19
CONTENTS
1
Wood is an inherently sustainable resource and
has been at the heart of Pfleiderer’s business for
more than 125 years. In 1894, Gustav Pfleiderer
founded a timber trading company and a rafting
business in Heilbronn predicated on using wood-
based products. In doing so, he laid the founda-
tion of our present company, which to this day
has sustainable wood-based products at its core.
PCF GmbH („Pfleiderer“ or the “Company”) is head-
quartered in Neumarkt in der Oberpfalz, Germany,
and employs around 2,200 staff primarily across
five sites in Germany and one resin production
site in Poland. Under the umbrella brand Pfleiderer,
the company combines the product ranges of
Duropal and Thermopal. Sustainability drives
not only our internal processes, but also our
relationship with our customers and the society
in which we live and operate.
INTRODUCTION
SUSTAINABILITY IS PART OF OUR CORPORATE CULTURE
We see the world confronted with increasing
shortage of raw materials, overexploitation
of nature and the consequences of climate
change. There is a new social awareness and
sustainable thinking is increasingly becoming
a question of survival for our entire civilisation.
At Pfleiderer we regularly engage our stake-
holders to challenge our ways of working, our
products and services. We understand our
stakeholders’ needs and interests in implemen-
ting sustainable processes in the company and
society regarding raw materials, circular eco-
nomy, energy generation and use, supply and
production processes, emissions, working
climate, labour safety, corporate responsibility
and compliance.
2
External Stakeholders
Wood origin and sustainable forestry
Cascade utilisation, closed loop recycling management and wood recycling
Supply and production processes
Panel gluing and emissions
Energy production and use
Standards and certificates
Employee recruitment and development
Corporate responsibility and compliance
Social responsibility
Internal Stakeholders
Job security
Working climate
Health
Environmental compatibility
STAKEHOLDERS' INTERESTS AT A GLANCE
Sustainable management
Customers and products
Environment and energy
Employees and society
We are convinced that economic success can only be
achieved with satisfied customers, healthy and motivated
employees, and the protection of our environment. This
results in a far-reaching responsibility that we take very
seriously – towards our customers, suppliers, neighbours,
and especially towards our employees.
INTRODUCTIONSTAKEHOLDERS INTERESTS
3
INTRODUCTIONPROTECTING THE ENVIRONMENT
Wood from sustainable sources
At Pfleiderer, sustainability and environmentally
conscious action begins with the purchase of
the valuable raw material wood. We apply the
highest standards and selection criteria, and as
a result we use material from sustainable fores-
try and partners without exception. Starting in
2007, our company has consistently achieved
certification according to FSC® (FSC® license
code: FSC-C011773) and PEFC (PEFC/04-32-
0828).
For us, sustainable forestry also means that we
do not procure the following types of wood:
• Wood from illegal logging
• Wood from areas in which cultural and civil
rights are violated
• Wood from forests which due to poor forest
management are classified as endangered,
and are under special protection
• Wood produced from the conversion of natu-
ral forests into plantations or non-forest uses
• Wood from forests that have been grown
from genetically modified tree species
• Wood from areas in which one of the ILO
basic principles is violated, as defined in the
1998 ILO declaration on fundamental rights
at work
The approximately 5 million tonnes of wood
processed by Pfleiderer annually comes from
sustainably managed and certified forests,
at a maximum distance from our plants of
200 kilometers. To be certified by the non-profit
PFLEIDERER’S COMMITMENT TO PROTECTING THE ENVIRONMENT
organisation Forest Stewardship Council, our
company must meet the strictest guidelines;
to obtain the FSC seal, Pfleiderer must not only
document all wood purchases and outgoing
goods, but also submit to regular inspections by
FSC auditors. Even non-FSC-certified wood must
come from sustainable sources in order to meet
Pfleiderer‘s sustainability requirements. Thus,
we also use wood from PEFC-certified compa-
nies (Programme for the Endorsement of Forest
Certification Schemes) and only, as a matter of
principle, wood that meets the minimum require-
ments of the FSC seal with the classification
„Controlled Wood“. With the latter, the customer
can be sure that the product they have pur-
chased comes from 100 % sustainable forestry
and meets all the requirements of the „Chain of
Custody“.
4
INTRODUCTIONPROTECTING THE ENVIRONMENT
Climate and energy consciousness
We strongly support the ambition of the Paris
Agreement to limiting global warming to 1.5°C
and commit ourselves to the Science Based
Targets Initiative (SBTi) to reduce CO2 emissions.
Over the years, we have devoted significant re-
sources to reduce the use of fossil fuels, and
consequently reduce CO2 emissions into the at-
mosphere. Currently, 95% of all the electrical and
thermal energy we produce stems from biomass
fuels, and only our 6% back-up supply comes
from natural gas. Utilising state-of-the-art co-
generation plants and biomass boilers has
helped us to reduce our CO2 emissions in our
CHP plants by 26% over the last seven years.
We are committed to investing further to reduce
CO2 emissions across our sites. As a first step,
Pfleiderer has committed to reducing Scope 1+2
emission by 21% by 2025. In addition, Pfleiderer
will expand its actions across the value chain
to include Scope 3 emissions. With this holistic
approach, we will further reduce our CO2 emis-
sions in waste / wastewater treatment, consu-
med materials, and travelling-related emissions.
Finally, Pfleiderer is committed to compensate
the remaining gap in Scope 1+2 through ETS
allowances, supporting forestation projects in
the Amazon, or similar compensation activities.
Pfleiderer is a member of the Klimaschutz Holz-
industrie initiative. This initiative has set itself
the goal of making the wood industry climate-
friendly and sustainable; the participants are
committed to the guidelines of sustainable and
climate-friendly development.
W0102S21
P�eiderer Deutschland GmbH,
Neumarkt
5
INTRODUCTIONSUSTAINABLE PRODUCTION
Recycling material and cascade usage
Pfleiderer recognised years ago that cascade
utilisation and recycling management are the
only economic models that can guarantee sus-
tainable production of high-quality wood pro-
ducts in the future. This is why we have already
implemented intelligent wood cycles at our raw
chip board sites today. Sawing residues from
sawmills and recycled wood are collected at our
sites and prepared for further processing. In the
production process, new wood-based panels
are created by sorting, gluing, compacting and
pressing. These high-quality products are ideal-
ly suited for a wide range of applications in in-
terior design and furniture production.
PFLEIDERER’S COMMITMENT TO SUSTAINABLE PRODUCTION
The wood mix at Pfleiderer consists of only
~15% fresh wood fractions, and even then are
usually by-products such as thinning and
residual wood. The remainder comprises
~45% pre-consumer recycled material such
as sawmill residues, and ~40% post-consumer
recycled material such as processed waste
wood. Pfleiderer has targeted a post-consumer
re cycled wood ratio of 50% by 2025.
Of course, the proportion of recycled wood in
the various products depends on the panel type
and the availability of supply; however, we can
proudly state that no trees are deliberately
felled for the production of Pfleiderer panels.
6
01
02
03
04
05
06
07
01 The potential of wood products for climate
protection is high. CO2 storage of wood:
• 1 kg wood stores approx. 1,8 kg CO2
• 1 m³ wood stores approx. 1 to CO2
CO2 stored in wood remains bound after harvesting
for the entire service life.
02 Logs are delivered to sawmills – cutting of bars
and planks. Thinning and residual wood flows into
the production of wood based materials.
03 Sawdust and sawing residues are used as
pre-consumer recycling material for the production
of wood-based materials.
04 Finished wood and wood-based products
are supplied to consumers via trade, craftsmen and
industry.
05 At the end of their service life, the used wood
and wood-based products are dismantled and
processed in accordance with the Waste Wood
Ordinance.
• Disposal and processing of the mineral
and metallic components.
• Testing for chemical and organic pollution
06 Only tested wood of the highest quality
classes (A1 and A2) is re-used as post-consumer
recycled material for the production of wood-
based materials.
07 Wood that can no longer be recycled is used
thermally in our CHP plants. By dispensing with
fossil fuels as far as possible, we obtain the energy
and heat we need in a climate/CO2-neutral way.
INTRODUCTIONSUSTAINABLE PRODUCTION
7 50Zur Übersicht
In der Kommunikation ist es wichtig, dass sich die Marke
klar, eigenständig und hochwertig präsentiert. Mit groß-
zügigen Bildmotiven, viel Weißraum und reduzierter Typo-
grafie, aufgebaut auf einem durchgängigen Raster, ent-
steht ein einheitliches und klares Gesamtbild.
08 UMSETZUNGENBROSCHÜREN INNENSEITEN BEISPIELE
INTRODUCTIONSUSTAINABLE PRODUCTION
Sustainable and healthy products
We attach great importance to the use of sus-
tainable materials and production processes,
not only within wood, but in all steps of proces-
sing and refinement. The gluing of our raw chip-
board and fibreboard is performed in closed
systems to reduce emissions, and we conti-
nuously research new glue formulas to further
do so. We only use paper for decor coating. We
process up to 9,000 tonnes of decor paper per
year which we impregnate with melamine resin
before it is applied to the chipboard on the
laying belt under heat and pressure. We pro duce
the melamine and phenol impregnation resins
for our high-pressure laminate (HPL) boards
ourselves to ensure the high durability and
homogeneity of the HPL products.
Because theoretically ‘safe enough’ is not safe
enough at Pfleiderer, we operate a central analy-
sis laboratory at our Arnsberg site. There we test
our boards for impurities and organohalogen
compounds such as PCP and chlorine, and
measure formaldehyde emissions in our own
test chambers to guarantee the safety of our
products.
Many of our products are so environmentally
friendly, sustainable and healthy to live with that
they have been certified with the Blue Angel
label, according to CARB / CARB II and/or accor-
ding to the Japanese emissions standard JIS
F**** as well as, most recently, according to the
Cradle to Cradle CertifiedTM Products Programme.
8
Uncompromising quality
Producing wood-based materials sustainably in
the highest quality is a challenge. As a leading
company in the wood industry, Pfleiderer takes
on this challenge at all levels and with traditio-
nal entrepreneurial diligence. Having implemen-
ted state-of-the-art processes and technology,
an integrated management system for quality,
environment, energy and safety, and a corporate
culture that continuously develops these values,
the compatibility of quality and sustainability is
a matter of course!
Extensive transparency
In practical terms, this means that we regularly
certify our processes throughout the entire
value chain – often far beyond statutory require-
ments. We attach great importance to being as
transparent as possible for our customers and
partners. Our environmental management sys-
tems at our locations are certified according to
INTRODUCTIONSUSTAINABLE PRODUCTION
ISO 9001 and 14001 as well as ISO 45001 and
ISO 50001, and our co-generation plants are
certified in accordance with EfbV. We also be-
long to the Quality Association for Wood-based
Panels and have certifications according to
FSC® (License Code: FSC® C011773) and PEFC™
(License Code: PEFC/04-32-0828).
9
INTRODUCTIONEMPLOYEES AND SOCIETY
Our Commitment to Labour Protection
We take a wide range of labour protection
measures and implement safety at work regu-
lations with the aim of preventing all accidents
at work. Our employees receive regular, prac -
tice-oriented training on all aspects of labour
protection.
„Our people are our greatest asset.“ At Pfleiderer,
this is not just an empty phrase; to protect our
employees, we do all we can to reduce the
number of industrial accidents at our company
to zero. The core of these measures is our ONE
Safety concept for safety at work.
PFLEIDERER’S COMMITMENT TO EMPLOYEES AND SOCIETY
Over the past years, the area of safety at work
has developed well within the company. The
number of accidents has fallen, standards have
been improved and risks minimised. Never -
t heless, accidents still occur – something that
Pfleiderer is not willing to accept. For this rea-
son, managers at the various management
levels receive regular training in workshops to
firmly anchor safety at work in everyday corpo-
rate life, and to raise employees‘ awareness of
the importance of safety-oriented action. Star-
ting from top management, safety is driven by
all departments of the company.
Health & Safety Benchmark with key figures of the
Employers‘ Liability Insurance Association for Wood and Metal
LTA-FR1: Accidents per 1 million hours worked.
35,0
30,0
25,0
20,0
15,0
10,0
5,0
0,02015 2016 2017 2018 2019 2020
23,55 23,68 22,17 22,07 21,16
14,1 14,7
9,5 7,25,4
9,5
• B GHM
• Pfleiderer Core West incl. Silekol
10
INTRODUCTIONEMPLOYEES AND SOCIETY
Our Commitment to Ethical Principles
and Human Rights
We always apply the highest ethical and legal
standards in our strategic considerations and
daily business (compliance). Pfleiderer acts
in accordance with the principle of legality in
all areas; we strictly follow legal requirements
and government guidelines and instructions
in everything we do.
Our guidelines oblige us to operate according to
ethical and socially responsible principles. The
public image of our company is shaped by the
appearance, actions and behaviour of each and
every one of us. We are all jointly responsible for
ensuring that our company lives up to our social
responsibility worldwide. We also expect our
suppliers, customers, and business partners to
adhere to conduct in line with compliance guide-
lines and regulations.
Pfleiderer respects and supports the protection
of officially declared international human rights
in accordance with the United Nations Universal
Declaration of Human Rights: International
Labour Organization (ILO), Freedom of Associ-
ation, Forced labour, Child Labour, Equal em-
ployment opportunities, Discrimination, Abusive
behaviour and harassment. All of these rules are
anchored in our business code of conduct.
11
RATIONALE
Pfleiderer understands the positive role that it
can play in combating the climate crisis by pro-
viding climate change mitigation through re-
duction of its greenhouse gas emissions, and
protecting natural resources by increasing the
proportion of recycled wood in our products.
As such, we intend to issue Sustainability-
Linked Securities (“SLSs”), which may include
Sustainability-Linked Bonds (“SLBs”), Sus -
tainability-Linked Loans (SLLs) or any other
Sustainability-Linked instruments (Commercial
Paper, derivatives instruments, etc.).
RATIONALE FOR ESTABLISHING A SUSTAINABILITY-LINKED FINANCING (SLF) FRAMEWORK
This approach links Pfleiderer’s sustainability
strategy with its funding policy incentivizing the
achievement of pre-determined Sustainability
Performance Targets (SPTs) – leveraging ambi-
tious timelines to achieve sustainability perfor-
mance that is relevant, core and material to our
business.
Our framework provides a high-level approach
to our Sustainability-Linked Securities and in-
vestors should refer to relevant documentation
for any securities transactions.
12
ALIGNMENT
This Framework has been established in accor-
dance with the Sustainability-Linked Bond
Principles (SLBP) 2020 as administered by
ICMA1.
The following five components form the basis
of Pfleiderer’s SLF Framework:
1) selection of Key Performance Indicators
(KPIs);
2) calibration of Sustainability Performance
Targets (SPTs);
3) financial characteristics;
4) reporting on the above, and;
5) independent verification of the compo-
nents listed in points 1-4.
ALIGNMENT WITH SUSTAINABILITY-LINKED BOND PRINCIPLES 2020 AND SUSTAINABILITY-LINKED LOAN PRINCIPLES 2020
Substantially similar core components are out-
lined under the Sustainability Linked Loan Prin-
ciples 2020, published by the LMA in connection
with sustainability linked loans2.
Sustainability-Linked Bonds are any type of
bond instrument for which the financial and/or
structural characteristics can vary depending
on whether the issuer achieves predefined Sus-
tainability/ESG objectives. In that sense, issuers
are thereby committing explicitly (including in
bond documentation) to future improvements
in sustainability outcome(s) within a predefined
timeline that are relevant, core and material
to their overall business. SLBs are a forward-
looking performance-based instrument. The
proceeds of SLBs are intended to be used for
general purposes; hence, the use of proceeds
is not a determinant in our categorization.
1 International Capital Market Association SLB 2020:
https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-PrinciplesJune-2020-100620.pdf
2 Loan Market Association SLLP 2020: https://www.lma.eu.com/application/files/5115/8866/8901/Sustainability_Linked_Loan_Principles_V032.pdf
13
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
Pfleiderer has selected the following two KPIs, which are core, relevant, and material
to our business and measure the sustainability improvements of the Group:
PFLEIDERER’S SUSTAINABILITY-LINKED FINANCING FRAMEWORK – KEY PERFORMANCE INDICATORS (KPIs)
KPI #1: Percentage of Recycled Wood Used
• KPI: Pfleiderer will calculate KPI #1 as the tonnes of recycled wood used
(post-consumer material and internal rejects) divided by the tonnes of
total woods used (i.e. the sum of pre- and post-consumer recycled and
fresh wood) – contributing to SDG12 (Responsible Consumption and
Production)
• This metric is measurable, quantifiable, and externally verifiable
• Rationale: Reducing the use of “fresh” wood in our production is funda-
mental to helping preserve and protect natural resources. These invest-
ments also help increase our levels of material cost efficiency. We have
already managed to materially increase the use of post-consumer
recycled wood within our production and we intend to deliver further
progress on that path.
Historical Evolution
2018 2019 2020
Recycled Wood (in kt) 536.6 562.6 545.5
Total Wood (in kt) 1,411.4 1,346.2 1,354.6
KPI #1 38.0% 41.8% 40.3%
14
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
KPI #2: Pfleiderer West’s Carbon Footprint (Scope 1 and 2)
• KPI: Greenhouse gas emissions scope 1 and 2 (in tCO2e) emitted by
Pfleiderer West – contributing to SDG13 (Climate Action)
• This metric is measurable, quantifiable, and externally verifiable.
• Rationale: Reducing our GHG emissions is a key component of the
Group’s strategy to mitigate climate change and address the climate
crisis. Through the search for efficiency in our processes, we have
already managed to considerably reduce the emissions associated
with our production. More than 90% of electricity and thermal energy
produced by the group already comes from renewable sources.
• However, we know that we can do more. Pfleiderer is committed to the
Paris Agreement of limiting global warming to 1.5°C and to the required
21% CO2 reduction in a five years’ time horizon based on the Science
Based Targets Initiative (SBTi).
• Pfleiderer West represents the core of our business and generated
more than 85% of our 2020 revenues.
Historical Evolution
(in tCO2e) 2018 2019 2020
Carbon Footprint 270,631 238,492 220,164
% decrease (from 2018) n/a -11.9% -18.6%
15
CALIBRATION OF SUSTAINABILITY PERFORMANCE TARGET (SPTS)
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
SPT #1: Percentage of Recycled Wood Used
• Sustainability Performance Targets: Increasing the proportion of
recycled wood used in our overall production
2022MTP 2025MTP
Recycled Wood (in kt) 669.3 772.8
Total Wood (in kt) 1,533.6 1,545.6
KPI #1 44% 50%
• Sustainability Performance Target Trigger is calculated as follows: the
tonnes of recycled wood (post-consumer material and internal rejects)
used divided by the tonnes of total woods used (i.e. the sum of recycled
and fresh wood)
• Sustainability Performance Target #1 Observation Dates:
December 31 2022, December 31, 2025
• 2020 Baseline: 40.3%
• Factors that support the achievement of the target:
Increasing the use of post-consumer recycled wood (and therefore
the percentage in our production) is fully embedded in our strategy and
improves profitability
16
SPT #2: Pfleiderer West’s Carbon Footprint (Scope 1 and 2)
• Sustainability Performance Target: Pfleiderer West’s carbon footprint,
scope 1 and 2,
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
• Sustainability Performance Target Trigger: is calculated as the tonnes
of CO2 emitted (scope 1 and 2) by Pfleiderer West following the Greenhouse
Protocol
• Sustainability Performance Target #2 Observation Dates:
December 31 2022, December 31, 2025
• 2020 Baseline: 220,164 tCO2
• Factors that support the achievement of the target:
Improving the energy efficiency and overall GHG footprint of our
activities will derive a clear benefit to our profitability
• Risks to the target:
Equipment failure, among other operational factors, could lead to an
increase in our overall carbon footprint
• Risks to the target:
The post-consumer recycled wood we use is also linked to the recycling
plant capacity andthis could therefore create a bottleneck in the event of
a surge in demand, forcing the Group to use fresh wood instead of recyc-
led wood. In case of a surge in demand, the target is considered achieved
if the absolute amount of recycling wood is used regardless of the %-ratio
• As some of our products cannot be produced using recycled wood, there
is a risk that, subject to demand, the percentage of recycled wood used
will decrease because of the increasing demand of products that are
made of fresh wood only
(in tCO2e) 2022MTP 2025MTP
Carbon Footprint 201,670 173,930
Abs. decrease -18,493 -46,234
% decrease (from 2020) -8.4% -21.0%
17
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
The proceeds of Pfleiderer’s Sustainability-
Linked instruments (covering bonds, loans or
any other type of financing instruments) will
be used for general corporate purposes.
Our Sustainability-Linked instruments have a
sustainability-linked feature that will result in a
coupon adjustment if our performance does not
achieve the stated Sustainability Performance
Targets.
FINANCIAL CHARACTERISTICS
Pfleiderer’s Sustainability-Linked instruments
could have different structures, as stated below,
so we encourage investors to read this Frame-
work in conjunction to the relevant instrument’s
legal documentation:
KPI #1 and KPI #2 will have independent step up:
• If KPI #1 does not meet its SPT:
coupon step up of 12.5bps
• If KPI #2 does not meet its SPT:
coupon step up of 12.5bps
18
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
Pfleiderer’s various SPTs will be reported by the
group at least on an annual basis on its website,
Annual or Sustainability Reports.
Reporting may include:
I. Up-to-date information on the performance of
the selected KPI, including the baseline where
relevant;
II. A verification assurance report relative to the
SPT outlining the performance against the SPT
and the related impact, and timing of such im-
pact, on a financial instrument performance; and
III. Any relevant information enabling investors
to monitor the progress of the SPT.
REPORTING
When feasible and possible, information may
also include:
I. Qualitative or quantitative explanation of the
contribution of the main factors, including M&A
activities, behind the evolution of the perfor-
mance/KPI on an annual basis;
II. Illustration of the positive sustainability im-
pacts of the performance improvement; and/or
III. Any re-assessments of KPIs and/or restate-
ment of the SPT and/or pro-forma adjustments
of baselines or KPI scope, if relevant.
19
ALIGNMENT PFLEIDERER’S SLF FRAMEWORK
Pfleiderer’s performance against its various
KPIs, according to the relevant SPTs at the rele-
vant reference date, will be verified by an Ex-
ternal Verifier.
“External Verifier” means a qualified provider of
third-party assurance or attestation services
(e.g. an auditing firm) appointed by the Issuer
to review the Issuer’s relevant KPIs and SPTs.
Pfleiderer’s Sustainability-Linked Financing
Framework has been reviewed by ISS Corporate
Solutions who provided a second party opinion,
VERIFICATION
confirming the alignment with the Sustaina-
bility-Linked Bond Principles (SLBP) adminis-
tered by the ICMA, and Sustainability-Linked
Loan Prin ciples (SLLP), administered by LMA.
Additional KPIs/SPTs may be added over time
and other SPTs, for the various KPIs mentioned
above, will be added over time.
Amendments to this Framework
Pfleiderer will review this Framework from time to time, including its alignment to updated
versions of the relevant principles as and when they are released, with the aim of adhering to
best practices in the market. Pfleiderer will also review this Framework in case of material
changes in the perimeter, methodology, and in particular KPIs and/or the SPTs calibration.
Such review may result in this Framework being updated and amended. The updates, if not
minor in nature, will be subject to the prior approval of [ISS] or any such other qualified pro vider
of second party opinion. Any future updated version of this Framework that may exist will either
keep or improve the current levels of transparency and reporting disclosures, including the
corresponding review by an External Verifier. The updated Framework, if any, will be published
on Pfleiderer’s website and will replace this Framework.
Pfleiderer UK Limited · Greenway House · Larkwood Way · Tytherington Business Park · Macclesfield · Cheshire SK10 2XR · England
Tel.: +44 (0) 16 25 660 410 · [email protected] · www.pfleiderer.com
Pfleiderer Deutschland GmbH · Ingolstädter Straße 51 · 92318 Neumarkt · Germany
Tel.: +49 (0) 91 81 / 28 480 · Fax: +49 (0) 91 81 / 28 482 · [email protected] · www.pfleiderer.com
Good to know: the Pfleiderer quality promise.
Pfleiderer wood-based panels stand for quality without compromise. We use sustainable raw materials and state-of-the-art
production processes and we are fully committed to our site in Germany. For more information, visit quality.pfleiderer.com.