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Covance Inc. (CVD) U.K. Sites Receive Carbon Trust Standard Accreditation


6/13/2012 11:31:51 AM

PRINCETON, N.J., June 13, 2012 – Covance Inc. (NYSE: CVD), a leading provider of drug development services, today announced that the company has received Carbon Trust Standard accreditation in the UK for its commitment to measuring, managing, and reducing energy consumption and carbon emissions. Covance, one of only 600 companies in Europe to hold this recognition from the non-profit Carbon Trust, achieved this recognition for its four UK sites through a rigorous, independent assessment of Covance’s organizational carbon management practices by the Trust.

Covance’s facilities management practices at its sites in Alnwick, Harrogate, Leeds, and Maidenhead, UK, were integral in reducing emissions and securing the Carbon Trust Standard accreditation. All Covance UK sites have rigorous energy reporting, management strategies and policies in place that are guided by a corporate UK Energy Committee and designated Energy Champion representatives at each location. The company also employs a robust energy communication system across its UK sites and has provided comprehensive energy reporting to the UK government for the past three years.

“The Carbon Trust Standard recognition affirms our strategy to reduce our carbon footprint on the environment, and with it, our overall energy consumption,” said Lucy Hind, Head of Facilities at Covance in Harrogate. “We are proud and responsible champions against climate change and will continue to manage our facilities and implement future capital projects and improvements that both reduce emissions and deliver energy savings to our company.”

“Covance’s commitment to carbon reduction is an important component of our global business strategy,” said Ann Towler, Covance Process Excellence. “While environmental efficiencies benefit our bottom line, it more importantly benefits our employees, our clients, and the entire global community. The Carbon Trust Standard provides an important benchmark that we can improve against for years to come.”

About Carbon Trust

Launched in 2008, the Carbon Trust is a not-for-profit organization whose specialists help businesses cut carbon emissions, save energy and commercialize low carbon technologies. The Carbon Trust Standard offers a robust, objective and consistent methodology for assessing corporate carbon performance to encourage improved measurement, management and reduction. To date, accredited organizations have collectively cut emissions by 3.6 million tons of CO2, as well as cut gas, electricity and fuel bills by over £165m ($26.5 million US Dollars). Carbon Trust Standard companies are accredited for a two-year period and must then recertify after demonstrating continued year-on-year reductions in their carbon emissions. For more information about the Carbon Trust Standard, please visit: www.carbontruststandard.com.

About Covance

Covance, with headquarters in Princeton, New Jersey, is one of the world’s largest and most comprehensive drug development services companies, with annual revenues greater than $2 billion, global operations in more than 30 countries, and more than 11,000 employees worldwide. Information on Covance’s products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

Forward Looking Statements

Statements contained in this press release (and in the webcast announced in this press release), which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue, earnings growth, and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories, fluctuations in currency exchange rates, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.



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