NORTH
CANTON, Ohio, March 18,
2022 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global industrial leader in engineered
bearings and power transmission products, has released its 2021
Annual Report, which describes how the company successfully
navigated a highly dynamic operating environment to deliver record
results. Timken's 2021 performance reflected both the resilience of
its business model and the strong demand for the company's products
and technology.
"Our talent, capabilities, customer-centric innovation and track
record of results all contribute to the enduring value of our
company," said Richard G. Kyle, president and chief executive
officer. "In 2021, we continued to build on our strong foundation
as a high-performing global industrial leader. We invested in our
company's growth, stayed focused on our customers, drove
operational excellence and advanced our role as a respected
corporate citizen."
Timken's annual report details many of the company's 2021
achievements, including:
- Continued execution against its long-term strategy with
investments in its digital platform and advancement of its global
footprint.
- Another record year of renewable energy revenue.
- The allocation of $148 million
for capital expenditures to grow and further strengthen the
business.
- The return of $185 million in
cash to shareholders through dividends and share repurchases.
- The eighth consecutive year of higher annual dividends.
- The 12th consecutive year of completing an
acquisition, with the addition of iMS to expand its linear motion
solutions in industrial robotics.
Moving forward, the company remains committed to advancing its
long-term strategy. "To fully capitalize on future opportunities,
we must continue to invest in our people, product portfolio, market
leadership and our role as a corporate citizen," said Kyle. "We
look to the future with confidence."
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 $4.1 billion in sales in 2021 and employs more
than 18,000 people globally, operating from 42 countries. Timken is
recognized among America's Most Responsible Companies by Newsweek,
the World's Most Ethical Companies® by Ethisphere, and
America's Best Employers, Best Employers for New Graduates and
Best Employers for Women by Forbes.
Certain statements in this release (including statements
regarding the company's forecasts, estimates, plans 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 related to expectations regarding the company's future
financial performance 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: the
company's ability to respond to the changes in its end markets that
could affect demand for the company's products or services;
unanticipated changes in business relationships with customers or
their purchases from the company; changes in the financial health
of the company's customers, which may have an impact on the
company's revenues, earnings and impairment charges; fluctuations
in material and energy costs; logistical issues associated with
port closures or congestion, delays or increased costs; the impact
of changes to the company's accounting methods; political risks
associated with government instability; recent world events that
have increased the risks posed by international trade disputes,
tariffs and sanctions; weakness in global or regional economic
conditions and capital markets; the impact of inflation on employee
expenses, shipping costs, raw material costs, energy and fuel
prices, and other production costs; the company's ability to
satisfy its obligations under its debt agreements and renew or
refinance borrowings on favorable terms; fluctuations in currency
valuations; changes in the expected costs associated with product
warranty claims; the ability to achieve satisfactory operating
results in the integration of acquired companies, including
realizing any accretion, synergies, and expected cashflow
generation within expected timeframes or at all; the impact on
operations of general economic conditions; fluctuations in customer
demand; the impact on the company's pension obligations and assets
due to changes in interest rates, investment performance and other
tactics designed to reduce risk; the introduction of new disruptive
technologies; unplanned plant shutdowns; the effects of
government-imposed restrictions and commercial requirements meant
to address climate change; unanticipated litigation, claims,
investigations or assessments; the company's ability to maintain
positive relations with unions and works councils; the company's
ability to compete for skilled labor; negative impacts to the
company's business, results of operations, financial position or
liquidity as a result of COVID-19 or other epidemics and associated
governmental measures such as restrictions on travel and
manufacturing operations; and the company's ability to complete and
achieve the benefits of announced plans, programs, initiatives,
acquisitions and capital investments 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, 2021,
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/timken-issues-2021-annual-report-detailing-companys-resilience-record-results-commitment-to-social-responsibility-and-future-growth-opportunities-301505746.html
SOURCE The Timken Company