NORTH CANTON, Ohio,
Dec. 8, 2020 /PRNewswire/ -- The
Timken Company (NYSE: TKR; www.timken.com), a world leader in
engineered bearings and power transmission products, today
announced more than $75 million in
capital investments through early 2022 to increase the company's
renewable energy capabilities across its global footprint.
"This has been a breakout year for us in renewable energy
markets," said Richard G. Kyle,
Timken president and chief executive officer. "Through both
innovation and acquisitions over the last several years, we've
become a leading supplier and technology partner in wind and solar
energy and it's resulting in record sales and a robust pipeline of
opportunities. This latest round of investments represents our
confidence in the future growth of our wind and solar business as
the world continues to transition to renewable energy
sources."
To serve Timken's global renewable energy customers, the company
has developed an extensive network of engineering and innovation
centers and manufacturing facilities located throughout the U.S.,
Europe and Asia. Timken will use the announced
$75 million investment to:
- Expand its state-of-the-art and LEED-certified manufacturing
facility in Xiangtan, China, where
it makes engineered bearings for wind turbines.
- Continue to scale-up its production capacity at sites in Wuxi,
China, and Ploiesti, Romania, where Timken manufactures engineered
bearings for wind turbines.
- Consolidate multiple sites into a new, larger campus in
Jiangyin, China, to increase
production capacity, broaden the product range and improve
productivity for precision drives used in the solar energy
market.
- All of the above investments will include advanced automation
and manufacturing technologies.
Timken's wind energy product portfolio includes engineered
bearings, lubrication systems, couplings and more. Timken
has been active in the wind market for more than 10 years and
is now a critical design and manufacturing partner to many of the
world's largest turbine and drive manufacturers.
Timken's 2018 acquisition of Cone Drive launched the company's
leading position in the solar energy sector. Timken develops and
manufactures precision motion control products that provide
solar-tracking system positioning for both photovoltaic (PV) and
concentrated solar power (CSP) applications.
"Timken is known throughout the world for our ability to solve
our customers' most difficult friction management and power
transmission challenges, and that includes deploying our advanced
engineering and manufacturing technologies to help produce the
world's most efficient and reliable wind turbines and solar energy
systems," Kyle said. "By continuing to invest and advance our
technology, Timken will help the renewable energy industry improve
efficiency, reduce cost and promote the growth of solar and wind
energy sources."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs
a growing portfolio of engineered bearings and power transmission
products. With more than a century of knowledge and innovation, we
continuously improve the reliability and efficiency of global
machinery and equipment to move the world forward. Timken
posted $3.8 billion in sales in 2019
and employs more than 17,000 people globally, operating from 42
countries.
Certain statements in this release (including statements
regarding the company's estimates and expectations) that are not
historical in nature are "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, the statements regarding the company's
expectations regarding renewable energy market growth,
pipeline opportunities, and expectations for renewable energy
efficiencies and output are forward-looking. The company cautions
that actual results may differ materially from those projected or
implied in forward-looking statements due to a variety of important
factors, including: deterioration in world economic conditions, the
introduction of new products, technologies or services by existing
and new competitors, changes in customer demands, availability of
government subsidies or incentives, changes in the expected costs
associated with product warranty claims; and adverse changes in the
markets served by the capital investment assets. Additional
factors are discussed in the company's filings with the Securities
and Exchange Commission, including the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2019, quarterly reports
on Form 10-Q and current reports on Form 8-K. Except as required by
the federal securities laws, the company undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
Media Relations:
Scott
Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil
Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company