I’m pleased to share our annual environmental, social and governance (ESG) report, which highlights our efforts throughout 2021 to further our ESG strategy and drive progress toward our 2025 goals across our prior two-division structure — Meal Preparation and Snacking & Beverages.
In August 2022, we announced the divestiture of a significant portion of our Meal Preparation division to Investindustrial and closed the sale in October 2022. We are excited about this transaction for many reasons as it simplifies our Company, sharpening our focus on our higher-growth, higher-margin private label snacking and beverage categories. The divestiture also has a meaningful impact on our ESG journey, reducing our manufacturing and distribution footprint and enabling us to accelerate growth and improve operational efficiency.
We are reevaluating our ESG goals to fit the new TreeHouse and will have more to share at a later date, but I’m excited at the prospect of creating a more sustainable organization for all our stakeholders.
At TreeHouse, we work to bring ESG concepts to life for our customers. We are committed to expanding environmental stewardship, stakeholder value creation and thoughtful governance in everything we do. We believe that our commitment to enterprise wide ESG integration is fundamental in meeting the expectations of our customers, employees, investors, consumers and suppliers. Our ability to better identify and address risk, create value and improve our environmental and social performance is key to delivering long-term success.
During 2021, we navigated a challenging macroenvironment that impacted the entire packaged food landscape. The continued impact of the COVID-19 pandemic, unprecedented inflation and meaningful labor shortages and supply chain disruption underscored the urgency to strengthen social aspects of our ESG efforts.
Despite the near-term headwinds, we invested in serving our customers and consumers, working diligently to keep grocery shelves stocked and ensuring our people were safe and healthy. I’m incredibly proud of the work that we accomplished this year in an extraordinarily challenging operating environment. As a leading private-label food manufacturer, we remain committed to our ESG strategy with the same level of passion and dedication that we bring to serving our customers.
On behalf of the TreeHouse Board of Directors and Executive Leadership Team, I’d like to say thank you to our stockholders for their continued support of TreeHouse, to our customers for giving us the opportunity to engage and delight, and to the TreeHouse team members who make it all possible.