ESG BROCHURE
2021/2022

“With an ambitious growth and 
development strategy, we look forward 
to playing an active role in shaping the 
structural change in the aerospace, 
e-mobility and energy sectors.
We contribute significantly to preventing
climate change with our development
know-how, product innovation and new
approaches to manufacturing and supply
chains. And as a competence center in
core Europe, the US and Asia, we are setting
new standards in terms of quality, delivery
reliability and sustainability.”
Michael Tojner,
Founder, Co-Chairman of the Board of Directors
and majority shareholder of Montana Aerospace AG
and Montana Tech Components AG

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TABLE OF CONTENTS
Our Company
ESG at Montana Aerospace 
The UN Sustainable Development 
Goals at Montana Aerospace  
Strategy Overview 
Environment 
Social Responsibility 
Governance 
ESG Outlook
 46	
3
18

4

With experience, a spirit of innovation and the highest standards, Montana Aerospace develops 
tomorrow's forward-looking technologies and sets new impulses in the fields of aviation, e-mobility 
and energy. The products and solutions are based on many years of materials expertise, development 
and design skills, and are used whereever the highest quality, resilience and reliability are required.
OUR VISION IS OUR MISSION
5

6

7
WE DO TECHNOLOGY
TO TAKE OFF 
At Montana Aerospace’s production facilities, 1.5 million 
components of a commercial aircraft are manufactured. Montana 
Aerospace’s core competence includes the development and 
manufacture of mission-critical aircraft parts. Our product 
 
portfolio includes more than 20-meter-long structural components 
for the fuselage, wings and landing gear as well as critical engine 
components that must withstand high thermal and mechanical 
  
loads, as well as functional components for cabin interiors.
The man-made global climate change is an undeniable fact. That is 
why we are doing our best to design products which are lighter in 
order to reduce fuel combustion. We work with high-tech materials, 
optimize designs and implement forward-looking manufacturing 
processes. Streamlining the supply chain shortens delivery times, 
reduces CO2 emissions through optimized delivery routes and 
saves costs. Extensive investments in new modern manufacturing 
facilities underline our state-of-the-art claim. Sustainability 
focused innovations make us an important partner for the world’s 
leading manufacturers throughout the globe.

8

Innovative aircraft-technology helps to melt the distances between 
destinations and people on our planet. The combination of a strong 
understanding of materials, the highest level of manufacturing 
expertise and customer proximity secures us a strong position among 
our competitors and makes us an important partner for the leading 
OEMs and Tier-1 companies. Empowered by that success, we are 
more than ready to lift the company to the next level by entering the 
stock market with Montana Aerospace in 2021.
LIFTING TO NEXT LEVEL
9

10

“As leaders we have to support the 
development of the employees working 
in our companies and therefore develop 
the systems that support and drive the 
development of them and therefore of 
our surrounding and environment.” 
Silvia Buchinger,
CHRO
11

ENVIRONMENT
SOCIAL RESPONSIBILITY
GOVERNANCE

Our ESG rationale is derived from industry-specific as well as globally 
valid concepts based on the three key pillars of environment, social 
responsibility and governance.
3 MEANINGFUL LETTERS
Environment
The global challenge consists of limiting climate 
change and ­protecting the planet here and now, 
and for future generations. 
We must be prudent with the energy and water we use, and careful with the 
waste we produce. A common strand of our environmental impact initiative  
is reducing the use of resources and shifting to more sustainable resources. 
The fundamental strategy we pursue of vertical integration helps us limit 
transport distances and enables us to recycle our aluminum, thereby 
massively decreasing our CO2 emissions. 
Social Responsibility
We aim to ensure that our lives are safe and rewarding. 
We will continue to make our Montana Aerospace family a respectful, safe 
and appealing workplace. We all deserve to be part of a team that fosters 
diversity, equality and inclusion. At Montana Aerospace, we engage with our 
local communities in a meaningful way.
Governance
We are committed to our ideals and work hard 
to promote them. 
We are clear about the values and ethics that form the basis of our global 
culture. We live in societies that require compliance, and we go one step 
further by requiring our suppliers to adopt the same principles.	
13

The growing importance throughout the world of environmental, social repsonsibility and governance 
factors (ESG) is reflected in the corporate philosophy of Montana Aerospace. We believe that the 
integration of ESG goals and commitments into our growth strategy is essential for our success – now 
and in the future. 
The diversity of our workforce, products and services and the uniquely globalized footprint of the 
aerospace, e-mobility and energy segments are creating new challenges, responsibilities but also 
opportunities. While we are aware that we have a long way to go, yet we also believe that we are among 
the ESG leaders in our industry.
With our coordinated “ONE Montana Aerospace” approach, we have started bringing together all of 
the elements of our ESG policy into one program. This program will create substantial benefits for all 
stakeholders: employees, communities, customers, suppliers and investors.
ESG AT MONTANA AEROSPACE
Employees and communities ...
proud to be associated with 
Montana Aerospace
Customers ...
who recognize their responsibility,  
and the role we play in helping them
Suppliers ...
that want to do business with  
a leader in global citizenship and have 
a similar set of values and behavior
Investors ...
who are pleased with our 
stewardship of their trust

Keeping in mind our business growth 
aspirations, our performance in ESG 
matters will clearly be measured 
relative to key indicators of our 
manufacturing activity, particularly 
revenue and employees.
700
5.600
500
5.200
300
4.800
200
4.600
100
4.400
600
5.400
400
5.000
0
800
5.800
2019
2019
2020
2020
2021
2021
Revenue
Number of Employees
in million EUR
785.5
632.4
790.1
5,491
4,788
5,554	
15

ESG RELEVANCE
# of sites: 22
# of sites per country in brackets
 ~1,000
AMERICAS
Brazil (1)
USA (4)
	
ESG RELEVANT SITES
World map of the countries in which our activities 
promote ESG benefits (ESG-friendly sites)

“Our unique global footprint 
creates diversity, opportunity 
and accountability.”
Kai Arndt,
COO
 ~1,000
ASIA
China (1)
India (1)
Vietnam (1)
 ~3,000
EUROPE
Austria (3)
Bosnia and Herzegovina (1) 
Germany (1)
Italy (1)
Romania (4)
Switzerland (2)
UK (1)	
17

SUSTAINABLE DEVELOPMENT 
GOALS OF THE UNITED NATIONS
Fundamental to our ESG program is the recognition of the UN’s Sustainability Goals (SDGs), which  
are relevant for the business operations of Montana Aerospace. Our global ESG team and management 
identified the following areas in which we believe our company can play an important role.

Quality Education
Ensuring inclusive and equitable quality 
education, and promoting lifelong learning 
opportunities.
For us, this means training and educating our employees 
globally and creating opportunities for students and 
organizations to engage with Montana Aerospace.
Gender Equality
Achieving gender equality and empowering 
women and girls.	
We promote gender equality by offering development and 
career opportunities to women through our employment and 
workplace policy, and promoting women to leadership roles.
Industry, Innovation and Infrastructure
Building resilient infrastructure, promoting 
inclusive and sustainable industrialization, 
and fostering innovation. 
Montana Aerospace invests globally not only to achieve 
growth, but also to improve sustainability and the efficient 
use of resources in all of our processes. Our innovations help 
our customers prosper and improve their own businesses.	
19

Responsible Consumption and Production
Ensuring sustainability in consumption and 
production patterns
Our special efforts in recycling and the re-use of materials 
enables Montana Aerospace to advance the circular 
economy. We reduce waste while adopting sustainable and 
responsible practices.
Climate Action
Taking urgent action to combat climate 
change and its impacts
The industries we operate in face significant challenges  
but there are also opportunities to reduce their impact on 
the climate – and we facilitate these directly and indirectly.
Reducing Inequality
Reducing inequality within and among 
countries
Montana Aerospace’s manufacturing strategy in Europe, 
Asia and the Americas makes it possible to create 
opportunities for developing nations.	
20

Our ESG strategy overcomes the challenges that our aerospace, e-mobility and energy operations 
face, and covers all economies and communities in Europe, the Americas and Asia. Our vertical 
integration policy creates benefits for our stakeholders that can be developed further by all business 
units by addressing the topics we have defined in our nine-point plan:
1. Climate, Energy, CO2
2. Water
3. Waste
4. Health and Safety
5. Diversity, Equality, Inclusion
6. Community Engagement
7. Statutory compliance
8. Values and Ethics
9. Supply Chain
Recognizing that the definition, implementation and continuous development of our program is a 
journey in itself, we have identified the main steps that need to be taken by the teams set up for this 
purpose in each business unit. 
OVERVIEW OF OUR STRATEGY
In the sections that follow, we will outline the progress achieved with our “One Montana Aerospace” 
strategy, which is based on the collection of standardized data to create a baseline to achieve a 
common understanding.
Diversity creates opportunity. Sharing achievements throughout the Montana Aerospace Group with 
respect to the ESG criteria permits us to incentivize activities in all areas including energy, health and 
safety, community engagement, compliance, values and ethics.
The progress achieved internally will be enhanced by expanding the reach to our supply chain later this 
year. We are aware of the enormous responsibility we have in the procurement of commodities and of 
our ability to improve and develop sustainable practices.
Identify 
Improvements
Disclose
Set 
Targets
Establish 
Baseline
Study & 
Understand
Continuously 
Improve	
21

ENVIRONMENT
Climate, Energy, CO2
Our efforts aim to make the aerospace industry greener and achieve a supply chain that is 
environmentally less harmful by improving logistics and reducing the consumption of resources in the 
production cycle. With this philosophy in mind, we believe that being as energy efficient as possible is 
a first step towards net zero emissions, the ultimate goal for us as a company. 
We believe it is our duty to be a role model and development leader for the industry given the extensive 
scope of our vertical integration. This also gives us a competitive advantage that we can leverage 
to further strengthen our leading position in the market. 
Significant reduction of CO2 emissions by streamlining 
logistic chains through vertical integration:
Our one-stop-shop strategy shortens delivery routes  
and reduces logistical expenses to a minimum. The 
concept ‘from raw material to ready-to-install product 
– one-stop-shop’ significantly reduces CO2 emissions
compared to conventional manufacturing concepts.

A direct comparison of a conventional non-integrated 
supply chain with Montana Aerospace’s highly integrated 
one, using the example of a “Titanium Seat Track”, which 
represents the fastening element for passenger seats, 
clearly shows that the one-stop-shop model creates 
tremendous benefits for our customers.
TITANIUM  
SEAT TRACK
-5 suppliers
The number of suppliers
decreased from 7 to 2
-460t
tons
CO2 footprint is
reduced by ~60% 
-15,000 km
The transport
routes shortened
from 17,000 km
to 2,000 km
-50 weeks
Delivery time is 
shortened from 
60 to 10 – 12 weeks	
23

While it is clear that just like everyone else in the entire industry we need to ramp up our efforts in 
this respect, we have already implemented several emissions-cutting projects at our locations 
worldwide. We launched several emissions-reducing projects that enable us to grow greener and  
more sustainably. These projects included increasing the number of solar panels used at our  
plants as well as thermal incineration installations.
70,000
60,000
50,000
30,000
20,000
10,000
40,000
0
80,000
90,000
100,000
2019
2020
2021
CO2 Emissions Montana Aerospace
in CO2 metric tonnes
Alpine Metal Tech, ASTA, 
Alu Menziken & UAC
Alpine Metal Tech, ASTA, 
Alu Menziken & UAC
UAC Europe, UAC Vietnam
UAC Europe, UAC Vietnam
Scope 1 Emissions
Scope 2 Emissions
	
Strict and standardized ESG measurement
Strict and standardized ESG measurement guidelines help us attain our targets and are also supportive 
of the design and construction of new and improved machines.
As a vertically-integrated single point of contact for our customers, we supply the entire range from 
raw materials to finished assemblies. Therefore, our direct emissions are not comparable to those of 
our peers who outsource and transport raw materials and processes to downstream and upstream 
providers. In the chart below, we have highlighted Scope 1 and Scope 2 data we believe to be 
comparable to other companies that produce aerostructures without the benefits of our “One Montana 
Aerospace” strategy. For 2022, it is envisaged to extend our Scope 2(&3) emissions reporting to better 
reflext third party emissions.

We are implementing numerous local projects with a collective global impact.
Austria
We installed a thermal incineration plant, as it has become very clear that we need to reduce emissions 
to a minimum in the future. This not only makes it possible to maximize environmental benefits as 
production lines can now be heated individually, but also translates into a financial improvement in terms 
of long-term cost reductions. This year, a new production enameling line will be added, thereby reducing 
emissions sharply compared to the current technology leader in the field of enameling machines.
Romania 
We are particularly proud of our team in Romania for the development of a solid CO2 emissions reducing 
strategy, which also enabled us to obtain a EUR 1.6 million government grant. The government funding was 
obtained by demonstrating that the use of renewable energy (51% of total energy consumption) helped us 
reduce our CO2 emissions to levels significantly lower than the standards defined by EU regulations.
Vietnam
We have more than 30,000 m² of roof space available for solar power installations. We are currently 
engaged in discussions with several solar panel companies specialized in commercial and industrial 
sites. These installations would benefit not only our energy consumption mix, but would also cut 
consumption due to the high grade of our thermal roof insulation. Our benchmark plant in Vietnam 
also operates one of the most modern post-production water filtration and treatment systems with a 
capacity of more than half a billion liters annually. 
Brazil
Just like for all of our facilities, we are evaluating the installation of solar panels at our plant in Brazil 
to increase energy efficiency and supplement the use of LED lighting at production facilities as well as 
at the offices in the past year. We work closely with the local authorities to ensure that we are not only 
meeting, but even outperforming the minimum standards. Additionally, we started several reforestation 
projects to increase green spaces in and around our facilities.
Strong growth of 10% in energy from renewable sources reflects our commitment to a sustainable ­ 
production process.
2019
2021
53.30%
30.99%
8.78%
6.93%
48.40%
32.48%
11.13%
8.00%
Share of Energy Sources (in %) - Trend 2019 to 2021
Renewable Sources
Conventional Sources
Nuclear Sources
Grey Electricity	
25

Water
We care about using water responsibly and we are committed to including local stakeholders in our 
consumption planning whenever needed. We have implemented waste water treatment facilities at all 
plants that can be retrofitted. We include planning for water consumption and waste water treatment 
for all of the new plants we are building. We reduce consumption through greater efficiency and use 
recycled water wherever possible at all our plants to close the loop in industrial water usage.

Waste
Sorting and recycling raw materials is an important task at our factories. Our high-tech aluminum 
components are produced using roughly 70% of recycled aluminum. Almost 100% of our own cuttings, 
clippings and scrap is recycled internally in one of our three state-of-the-art cast houses. 
Our recycling practice also has a positive effect on raw materials procurement. In the development 
and design phase of our products, we already include sustainability considerations when deciding on 
the use of raw materials, thereby reducing waste. Fewer heavy materials and an optimized design for 
our lightweight solutions make it possible to reduce mass, energy consumption and carbon emissions. 
We apply this strategy with our customers in the very early stages of collaboration, specifically when 
developing and designing new parts and when working on the improvement of existing parts. 
Our vast know-how in the manufacture of customer-specific alloys and in preparing different materials 
for the extrusion process enhances the business potential of recycling as a viable option for our 
Group. This results in above-average performance and sets us apart from our competitors. Locating 
our aluminum foundries directly next to the pressing plants highlights our sustainability efforts and 
eliminates additional transport routes. 
Furthermore, we also started several clean-up campaigns such as our “No to Waste” campaign in the 
local community in Mediescu Aurit in Romania. We also conduct noise emission checks on a regular 
basis to make sure there are no negative impacts on the local population from our plants. 	
27

It is important for us to identify and initiate best 
practice solutions within the Group in order to learn 
from each other and make the company as a whole 
more environmentally friendly. One example is the 
ongoing wastewater treatment in Romania, which 
enables us to return valuable water to the production 
cycle through a purification process.”
Stephanie Guggenberger,
Member of the ESG Team, Montana Aerospace		
28

29

30

Sorting and returning raw materials is key 
in our factories. Recycling aluminum is very 
important to keep the proportion of primarily 
produced aluminum as low as possible. 
Our foundries are equipped to recycle our 
own metal returns and, in some cases, 
also external scrap. These are fed back 
into the production process as extrusion 
bolts, which on average consist of ~ 70% 
recycled aluminum.		
31

Health and Safety 
Product safety and quality
We manufacture critical components for the aerospace, e-mobility, and energy industries. Therefore, 
ensuring product safety and quality standards in all our products is a top priority. In the aerospace and 
e-mobility sector, the environmentally-friendly solutions must be lightweight and consume less fuel.
However, they must also be sufficiently stable and withstand the forces encountered in flight or driving.
At Montana Aerospace, we believe it is our responsibility to work continuously to improve the safety 
of all our solutions. This means regular training for our employees and the constant optimization of 
our products and processes to set new standards in product safety. All of our products must complete 
stringent quality testing. This process starts with quality control of the specifications up to the 
final inspection of the component at delivery. We mark all of our component parts so that they are 
identifiable and 100% traceable in line with our understanding of professional standards.
SOCIAL RESPONSIBILITY
It’s truly rewarding to be confident in the 
safety of our workplaces and the products we 
supply. What a great feeling to deliver reliable 
products, and know that our teams are safe  
at work producing them.”
Ashley Joy,  
Head of the ESG Team, Montana Aerospace 	
32

Employee health and safety 
The objective of ensuring the highest safety standards applies equally to all of our employees. We 
are committed to a safe working environment and to the protection of our employees. To this end, we 
foster a safety-first culture and continuously work to optimize our processes. Our goal at Montana 
Aerospace is zero incidents at the workplace. To ensure this, we continuously strive to minimize risks 
at the workplace to reduce accidents to a minimum and prevent injuries. Our employees take part 
in regular safety training courses to create awareness and we ensure a proper understanding and 
implementation of our health and safety guidelines. Every safety gap is one too many.
The health and well-being of our employees always comes first. Therefore, one of our activities was the 
development of comprehensive safety measures to limit the effects of the COVID-19 pandemic, and 
provide support and protection to our staff. In accordance with local government regulations, Montana 
Aerospace developed comprehensive sets of measures to maximize safety and minimize the risk of 
infection. Our COVID-19 response included tighter hygiene and sanitation standards at our production 
facilities, mandatory mask-wearing and social distancing. We also promoted education to stress the 
importance of vaccinations. Apart from these measures, employees worked from home wherever 
possible and all business travel was suspended. In cases in which employees had to be present at their 
place of work, the employees worked in groups to minimize the spread of COVID-19. 
We are very proud of the fact that we have coped well with the pandemic to date and did not have 
any delays in deliveries and fulfilled our contracts. This would not have been possible without the 
cooperation and high degree of personal responsibility of all our employees.
We would like to take this opportunity to express our sincere gratefulness to our employees.
70
52
24
15
37
44
70
60
50
30
20
10
40
0
80
2019
2020
2021
Safety Incidents
incidents
Lost time injuries,  
for the period
Recordable injuries,  
for the period	
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3
34

35

Tenure
23.12%
57.78%
19.11%
Tenure less  
than 1 year
Tenure >1 year and 
less than 10 years
Tenure more 
than 10 years	
Human capital development
Employee value proposition (EVP), training, tenure, succession planning
At Montana Aerospace, we recognize that our extraordinary development would not be possible 
without the dedication and hard work of our employees. We aspire to be a top employer by providing 
an inclusive work environment that places its people first. Our corporate culture actively encourages 
visionary and entrepreneurial thinking among our staff. We provide support and help them achieve 
their best possible performance. It is a priority at Montana Aerospace to attract and retain the best 
and most talented people. We recognize potential and have a strong base of talented employees at 
all levels of the company. We invest in our staff by offering comprehensive training and mentoring 
programs, more than 36 hours per employee on average, that ensure continuous learning and growth. 
Our goal is to enable our employees to achieve their personal and professional aspirations within the 
company and we reward hard work. 
This is evidenced by the long average tenure within the company.
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During my time at Montana Aerospace, I had the unique opportunity 
to gain deep insights into the company’s core competences through 
various production plant visits, which were the perfect completion 
to my in-office activities. I was awarded a high degree of trust 
and responsibility from the start, which allowed me to develop my 
knowledge and skills in a meaningful way. If you want to be part of a 
truly global team and challenge yourself on a daily basis, Montana 
Aerospace is the right place for you!”
Saskia van Oosten, 
Montana Aerospace Marketing Intern	
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Diversity, Equality, Inclusion
Labor management, diversity and inclusion
Our goal is to actively shape the future of the aerospace industry and play a leading role in the changes 
that are taking place. We recognize that a diverse and inclusive workforce allows for a broader set 
of experience and opinions and this ultimately leads to better decision-making. We believe that 
our truly global workforce is one of Montana Aerospace’s main strengths and we are committed to 
actively increasing the ratio of underrepresented groups in our company. Our objective is to foster an 
environment, with significant good faith effort, to provide equal opportunities.
Diversity is a driver for innovation and growth. A global 
workforce requires a high degree of flexibility and I believe that 
this is the chance for women to succeed. Especially in industry, 
flexible work schedules will provide more opportunities for 
women and strengthen employee branding and motivation.”
Daniela Klauser,
CFO ASTA Energy Transmission Components	
38
Share of women
in total workforce
~22%

Raluca Zanifirache
Touch-up Operator - 
Floor Structures
Monica Ana Pricop
Touch-up Operator - 
Sub-Assemblies A350
Adina Iulia Rosian
Head of Waste Water Treatment 	
39
Workforce by age:
under 30 years:   ~33%
30 - 50 years:      ~52%
over 50 years:      ~15%

40

Community Engagement
We understand that as Montana Aerospace we are essential for the locations where we operate. We are 
committed to building better and more equitable communities through various employee and company 
engagement programs and investments. We seek to add value to these communities and engage with 
local stakeholders in a meaningful manner. 
Montana Aerospace is highly committed to supporting young people and students in reaching their full 
potential. We are involved in several programs to promote educational achievements at all scholarly 
levels among students from diverse backgrounds. We hope to help students achieve their educational 
and personal goals, and also support interaction with the potential future employees. 
Furthermore, we are engaged in campaigns to promote health and safety in the communities beyond 
our own employees. During the COVID-19 pandemic, we offered free vaccines and vaccine information 
to employees and their families as our contribution to the prevention and containment of the spread of 
the COVID-19 to protect people.	
41

We at Montana Aerospace see it as a key responsibility to ensure a 
more sustainable future. This includes engaging in activities within our 
communities to promote a more sustainable environment. Our employees 
in Georgia participated in the annual volunteer waterway cleanup event in 
partnership with Rivers Alive. Their mission is to create awareness of and 
encourage participation in the preservation of Georgia’s water resources, 
including streams, rivers, lakes, beaches, and wetlands.
Access to quality education is essential. At Montana 
Aerospace, we strongly believe in investing in the younger 
generation and offering opportunities to talented students. 
Not only does this allow for children and young adults from 
all backgrounds to obtain a high-quality education, it also 
gives us the opportunity to interact with potential future 
employees. One example of this is inviting students to our 
company to do production site visits.
We invest in the future ­generation
We contribute to a more sustainable environment
Montana Aerospace is a sponsor of the Joanneum  
Aeronautics – the official aerospace club of the FH ­Joanneum 
University of Applied Sciences. The design-build-fly  
project team participates in international aeronautics 
competitions all over the world. Our sponsorship enables 
the students to invest in new equipment so that they can 
continue realizing future projects. 
Alpine Metal Tech is an official sponsor of the  
“Lego League” technology project at the Vöcklabruck 
Bundes­gymnasium in Austria, which has the aim of getting 
students excited about automation. With the purchased 
Lego robots, the students from senior classes teach 
programming skills to those in the junior classes. In  
order to be able to relate to the topics of automation and 
robotics in the world of work, Alpine Metal Tech invites  
the students from junior classes for a company visit at the 
end of the school year. 	
BRINGING POSITIVE CHANGE 
TO OUR COMMUNITIES
42

The health and well-being of our 
employees is of utmost importance, 
and we try to offer comprehensive 
initiatives to promote this. Practicing 
a sport is another essential activity 
to boost physical and mental health, 
which is why Montana Aerospace 
participates in the Vienna City 
Marathon every year and invite all  
our employees to join. 
To limit the spread of the COVID-19 
pandemic and enable our employees 
to make an informed decision 
about their health, we offered free 
consultations as well as vaccinations.
As an employer, we want to support 
our employees and their families in 
many different ways. We offer a free 
summer camp for employees children 
as well as children in the community. 
In Romania, we organize a yearly 
picnic for our employees and their 
families. 
Our employees in the US supported 
local children and families during 
the holiday season by wrapping over 
400 gifts donated by local individuals 
for Christmas.
We support our employees 
and their families
We promote the health and 
well-being of our employees	
43

Montana Aerospace AG (Montana Aerospace) and its subsidiaries are an industrial Group that 
operates worldwide (Montana Aerospace Group). The Group pursues a responsible corporate 
management policy guided by the principles of integrity, honesty, sustainability and transparency.
The Montana Aerospace Group includes all companies in which we have a direct or indirect interest  
of at least 50% or in which we exercise control in a different way. This also includes joint ventures in 
which we have a controlling interest. 
Our international activities impose various social, political and legal obligations on Montana 
Aerospace. Any violation of these obligations, especially of rules and regulations, may have severe 
detrimental effects on our financial standing and therefore on our business, thus causing lasting 
damage to our Group.
As a market and technology leader with operations established over decades, we pursue a long-term, 
sustainable and comprehensive growth strategy for value creation. We achieve our goals because of 
the high degree of personal commitment, a strong team spirit, open communication, an unwavering 
focus on quality innovation and a strong customer orientation.
In our relationships with customers, suppliers, employees and other business partners, we are 
committed to the basic values and principles that are summarized in this Code of Conduct. The Code 
of Conduct serves as a framework and guidance for sustainable and responsible behavior within the 
Montana Aerospace Group.
Morally, ethically and legally sound behavior of all employees is critical and at the core of our corporate 
culture: it is part of our DNA. Our governance rules and regulations apply to all employees of Montana 
Aerospace, and we expect and encourage every single employee to adhere to these standards. 
Moreover, Montana Aerospace also requires its main business partners to comply with such standards 
of our Code of Conduct or to other similar ones.
GOVERNANCE 
PROACTIVE 
OWNERSHIP
RESPECT
CUSTOMER 
FOCUS
SUSTAINABLE 
ENTREPRENEURSHIP
Code of 
Conduct	
44

Industry relevant quality, safety and environmental certifications 
­demonstrate our commitment to security and reliability in all we do.
Our quality systems form the foundation of our manufacturing operations. We are required to maintain 
audited quality systems and complete certification processes in all of our businesses areas.
We have developed further qualification standards where necessary in other fields and are proud to 
report that 50% of all locations have completed environmental management certification audits.
0%
20%
40%
60%
80%
100%
Quality system certification
Environmental certification
Within the framework of our ESG standards, we have extended our 
­governance responsibilities to cover the following topics as well: 	
- Ownership and control	
- Board structure	
- Pay and incentives	
- Accounting transparency	
- Business ethics	
- Tax transparency
Further definitions and descriptions of our business ethics in our Code of Conduct are available on our 
website or may be requested by e-mail from Investor Relations at ir@montana-aerospace.com.	
45

We are well aware of the fact that we operate in an industry with a high environmental impact. While 
we acknowledge that we still have a long way to go to reach net zero emissions as a group, we are more 
than determined to fulfill our promise as a game changer in the aerospace supply chain and achieve 
improvements throughout all of our industries.
This not only applies in terms of carbon emissions and environmental impact, but also to the standards 
we set for our employees in terms of work-life balance, workplace equality and workplace diversity. 
To achieve this goal, we are currently commencing the process of working with an international ESG 
advisory firm that will help us improve our long-term ESG strategy and standards for the entire Group. 
This process will begin this year and will consist of several stages. As many of our Group companies 
are located in the European Union, we will also expand our reporting system to meet the non-financial 
disclosure requirements of the European Union for corporate sustainability reporting and the taxonomy 
for sustainable activities. These will apply to our group as of the end of the financial year 2023. 
Montana Aerospace already took the first step towards making the industry greener: our vertical 
integration means that we operate much more efficiently and environmentally-friendly than our 
peers. The expansion and continuous improvement of our ESG processes developed jointly by expert 
consultants will help us achieve progress in this area and secure another competitive advantage over 
the long term.
ESG OUTLOOK	
46

ABOUT MONTANA AEROSPACE AG:
Montana Aerospace AG is a leading producer of system components and complex assemblies for the 
aerospace industry, with worldwide engineering and manufacturing operations. As of April 2022, the 
company has approximately 6,600 highly skilled employees at 32 locations on four continents – designing, 
developing and producing ground-breaking technologies for tomorrow’s aerospace, e-mobility and 
energy industries out of aluminium, titanium, composite, copper and steel.
DISCLAIMER:
Some of the information contained in this Annual Report may be forward-looking statements. Montana 
Aerospace AG cautions that such forward-looking statements are not guarantees of future performance 
and involve risks and uncertainties, and that actual results may differ materially from those in the forward-
looking statements as a result of various factors. Montana Aerospace AG undertakes no obligation to 
publicly update or revise any forward-looking statements.
PUBLISHED AND EDITED BY:
Montana Aerospace AG, Reinach, Switzerland
CONCEPT:
Daniela Wagner, fillim.at
DESIGN:
Büro X Wien, buerox.at
Buero New York, buero-newyork.com
Peter Rieder, flammen.at
PHOTO:
Oliver Helbig, oliverhelbig.com
Guenter Parth, guenterparth.com
Wolfram Schroll, industriefotografie.wolframschroll.com
iStock
Contact:
Marc Vesely recte Riha
Head of M&A and Investor Relations
Phone: +43 664 61 26 261
E-mail: ir@montana-aerospace.com
Download the brochure:
www.montana-aerospace.com
© Montana Aerospace AG 2022

THE SKY HAS NO LIMIT
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