Mission Statement, Vision, & Core Values (2024) of Veritiv Corporation (VRTV)

An Overview of Veritiv Corporation (VRTV)

General Summary of Veritiv Corporation

Veritiv Corporation (VRTV) was established in 2014 as a result of the merger between Unisource Worldwide and International Paper's xpedx. The company specializes in providing a range of products and services, including packaging, facility solutions, print, and publishing products. As of 2024, Veritiv continues to expand its portfolio and strengthen its market presence across North America.

Currently, Veritiv offers an extensive suite of products and services, including:

• Packaging solutions
• Facility supplies
• Print management
• Supply chain solutions

In 2024, Veritiv reported sales reaching approximately $4.0 billion.

Company's Financial Performance in the Latest Financial Reports

Veritiv's latest financial report for the year 2023 showcased a record-breaking revenue of $3.9 billion, which was a significant increase compared to $3.6 billion in 2022. The growth was primarily driven by strong demand in key product categories, including packaging and facility solutions.

The breakdown of revenue sources is as follows:

Furthermore, Veritiv's market growth in key regions has been substantial, with overall market expansion noted at 8% year-over-year, solidifying its position in the industry.

Introduction to Company as a Leader in the Industry

Veritiv Corporation has positioned itself as one of the leading companies in the distribution and logistics sector through its innovative approach and comprehensive service offerings. The company leverages technology and operational efficiencies to deliver value to its customers while maintaining a competitive edge.

Some of the key factors contributing to Veritiv's success include:

• Diverse product offerings
• Strong supplier relationships
• Investment in technology
• Commitment to sustainability

To learn more about why Veritiv Corporation is perceived as a leader, delve into the details below regarding its strategic initiatives and market performance.

Mission Statement of Veritiv Corporation (VRTV)

Mission Statement Overview

Veritiv Corporation's mission statement serves as a foundational element that guides the company in its strategic direction and decision-making processes. The mission is designed to communicate the organization's core purpose and its commitment to stakeholders, including customers, employees, and shareholders. A clear and concise mission statement helps ensure that all employees understand the organization's values and objectives, aligning their efforts towards common goals.

Core Component 1: Delivering Value

One of the key components of Veritiv's mission statement is delivering value to customers through high-quality products and services. This commitment is reflected in the company's diverse portfolio, which includes packaging, facility solutions, and print services. As of 2023, Veritiv reported net sales of approximately $3.5 billion, demonstrating the effectiveness of its value-driven approach.

Furthermore, the company has consistently aimed to improve customer satisfaction through innovation and operational excellence. In a recent customer survey, 85% of respondents rated Veritiv's service quality as exceptional, indicating the company's focus on delivering value.

Core Component 2: Sustainability and Responsibility

Sustainability is a vital aspect of Veritiv's mission. The company is dedicated to responsible sourcing and reducing its environmental footprint. In 2023, Veritiv achieved a 15% reduction in greenhouse gas emissions compared to 2020 levels, aligning with its commitment to sustainable practices.

Additionally, Veritiv has set a goal to source 100% of its paper products from certified sources by 2025. This aligns with industry standards and stakeholder expectations, reinforcing the significance of sustainability in their operational framework.

Core Component 3: Employee Engagement and Development

Veritiv emphasizes the importance of engaging and developing its employees as part of its mission. The company believes that its workforce is its most valuable asset, and investing in employee training and development is critical for long-term success. In 2022, Veritiv allocated over $1 million towards employee training programs, reflecting its commitment to professional growth.

Moreover, Veritiv was listed among the 'Top Workplaces' in 2023, highlighting its focus on the working environment and culture. Employee satisfaction scores indicate that 90% of employees feel valued and appreciated, demonstrating the effectiveness of the company’s engagement initiatives.

Through these core components, Veritiv Corporation's mission statement encapsulates its dedication to customer value, sustainability, and workforce development, facilitating a stronger alignment with market demands and shareholder expectations.

Vision Statement of Veritiv Corporation (VRTV)

Vision Statement Overview

The vision statement of Veritiv Corporation (VRTV) is to be the premier provider of integrated packaging, print, and facility solutions. The company aims to leverage innovative strategies, advanced technology, and the expertise of its workforce to deliver exceptional value to its customers. As of 2024, Veritiv continues to align its operations towards achieving sustainable growth while addressing the dynamic needs of its diverse markets.

Commitment to Sustainability

Veritiv Corporation aims to integrate sustainability into its core operations. The vision emphasizes reducing environmental impact across all activities. In 2023, Veritiv reported a 20% reduction in greenhouse gas emissions compared to its 2019 baseline. The company's goal is to achieve carbon neutrality by 2025.

Customer-Centric Approach

Veritiv's vision underscores a commitment to delivering superior customer experiences across all service lines. With an emphasis on tailored solutions, the company achieved a customer satisfaction score of 92% in 2023. The company aims to enhance this through continuous engagement and feedback mechanisms.

Innovation and Technology

Veritiv Corporation’s vision is heavily focused on leveraging technology to advance operations and service offerings. In 2023, the company invested approximately $15 million in new technology and innovation initiatives. The goal is to integrate artificial intelligence (AI) and machine learning (ML) into supply chain and customer service frameworks.

• Total Investment in Technology (2023): $15 million
• Annual Technology Investment Target: $20 million by 2025
• Projected ROI from Technology Investments (2024): 25%

Employee Engagement and Development

The company's vision includes fostering an inclusive and empowering work environment. In 2023, Veritiv reported a 75% employee engagement score, with initiatives aimed at increasing this to 85% by 2025. Veritiv aims to enhance professional development opportunities and ensure workforce diversity.

Core Values of Veritiv Corporation (VRTV)

Core Values of Veritiv Corporation

Integrity

The core value of integrity is fundamental to Veritiv Corporation's operations. It underscores the importance of honesty and ethical behavior in all dealings, whether with clients, suppliers, or within the organization itself.

Veritiv has implemented a robust Code of Ethics, which outlines the standards of conduct expected from all employees. As of 2024, 100% of employees have received training on these ethical standards, ensuring that integrity is woven into the fabric of the company culture.

• In 2023, Veritiv achieved a score of 94% in the annual employee ethics survey, reflecting a strong commitment to integrity.
• The company reported zero incidents of ethical violations in its 2023 annual report.

Customer Focus

Customer focus emphasizes the importance of understanding and anticipating customer needs while providing exceptional service.

Veritiv has established the Customer Experience Enhancement Program (CEEP), which has contributed significantly to its market positioning. In 2023, customer satisfaction ratings reached an all-time high of 92%.

• Veritiv's customer retention rate improved to 85% in 2023.
• The company achieved a 20% increase in repeat business over the last fiscal year.

Accountability

Accountability is a core value that reinforces the importance of personal responsibility and ownership at every level of the organization.

Veritiv has instituted performance accountability systems, linking individual performance metrics to company goals. In 2023, 95% of employees met or exceeded their performance objectives.

• The company launched the Accountability Framework Initiative, resulting in a 15% increase in overall productivity across departments.
• Quarterly performance reviews are conducted, ensuring transparency and accountability among teams.

Collaboration

Collaboration highlights the significance of teamwork and the pooling of diverse talents to achieve common goals.

Veritiv promotes a collaborative culture through various initiatives, including cross-departmental projects and teamwork workshops. In 2023, 80% of employees reported that teamwork positively influenced their work environment.

Innovation

Innovation is crucial for Veritiv as it adapts to changing market conditions and customer expectations.

In 2023, the company invested 12% of its revenue in research and development, focusing on innovative solutions in packaging and supply chain management.

• The launch of the Eco-friendly Packaging Initiative resulted in a 30% reduction in material usage.
• Veritiv introduced AI-driven analytics tools that increased operational efficiency by 25%.