Timken Joint Venture Breaks Ground on Wind Energy Plant
28 Ottobre 2008 - 2:00PM
Business Wire
The Timken Company (NYSE: TKR) today announced that its new joint
venture, Timken XEMC (Hunan) Bearings Co., Ltd., broke ground on a
new wind energy plant to be built in China. Xiangtan Electric
Manufacturing Co., Ltd. (XEMC) is the other entity which is part of
the joint-venture. The new company will produce ultra-large-bore
bearings for large scale wind turbines, using advanced technology
to help China meet its growing demand for alternative energy. As
originally announced in December 2007, the new $38 million facility
will be located in the city of Xiangtan in China�s Hunan province
to manufacture high-performance bearings for the main shafts of
wind turbines. Renewable energy is an emerging technology where
bearings can play a significant role in improving reliability.
Timken�s alloy steel expertise, power-transmission design and
precision manufacturing capabilities combined with XEMC's
leadership position in Chinese heavy equipment manufacturing are
well-positioned for China�s rapidly growing wind energy industry.
The joint venture is expected eventually to employ more than 100
people. �We are proud of our collaboration with XEMC,� said Timken
Chairman Ward J. Timken, Jr., who was present in Xiangtan for the
groundbreaking ceremony. �We look forward to bringing more than a
century of power-transmission and materials expertise to this joint
venture as we collaborate to meet sustainable energy needs in the
21st century.� Timken holds an 80-percent ownership stake in the
joint venture with XEMC. Bearings produced at the facility are
destined solely for the China region and are expected to be
available in 2010. Last week, Timken announced it also will expand
production at its Tyger River facility in Union, South Carolina by
shifting existing capacity to make ultra-large-bore bearings to
serve committed demand from wind-turbine manufacturers in North
America. Timken supplies a broad range of friction-management and
power-transmission solutions to wind-energy markets including
cylindrical, integrated flexpin and large-diameter tapered
bearings, as well as high-quality alloy steel components. About The
Timken Company The Timken Company (NYSE: TKR,
http://www.timken.com) keeps the world turning, with innovative
friction management and power transmission products and services,
enabling our customers to perform faster and more efficiently. With
sales of $5.2 billion in 2007, operations in 27 countries and
approximately 25,000 employees, Timken is Where You Turn� for
better performance.
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