Technically advanced bearings allow for
increased turbine size and help maximize efficiency and
durability
NORTH
CANTON, Ohio, June 3, 2022
/PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a
global industrial leader in engineered bearings and power
transmission products, today announced that it is designing and
supplying main shaft bearings for GE Renewable Energy's Haliade-X,
the world's most powerful offshore wind turbine. Each Haliade-X
turbine will have a capacity of up to 14 MW and be able to generate
up to 74 GWh of clean energy a year. Initial Haliade-X
installations are scheduled to begin in 2023.
"We are honored to play a significant part in taking wind energy
to the next level with this milestone in turbine technology," said
Andreas Roellgen, Timken vice
president, Europe, Asia, Africa.
"As turbine manufacturers like GE continue to push the limits on
performance to expand renewable energy options, we're there to help
them overcome challenges with our technical problem-solving
expertise and long history of engineering innovation."
Timken first collaborated on a wind project with GE to supply
the bearings used for Haliade 1, the 6 MW precursor to Haliade-X.
When operational later this year, the Parc du Banc de Guérande, an
offshore wind farm off the coast of France, will consist of 80 Haliade 1 turbines
equipped with Timken bearings.
In 2021, Timken achieved double-digit revenue growth in the
renewable energy market sector for the fourth consecutive year. The
company reached record sales in wind energy last year and is poised
for continued success in the years to come. Over the last five
years, Timken wind energy sales have grown at more than double the
CAGR for the global wind energy market during the same
period.i As global demand for equipment and
services for the growing wind energy industry continues to
increase, the company is prepared to capitalize further.
To support future growth, Timken has made targeted capital
investments, including more than $75 million through 2022
to increase renewable energy capabilities across its footprint.
With 12 percent of total company sales in 2021, renewable energy
represents Timken's single-largest end-market sector.
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 has been 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 and plans for future growth 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; weakness in global
or regional economic conditions and capital markets; the impact on
operations of general economic conditions; fluctuations in customer
demand; negative impacts to the company's business, results of
operations, financial position or liquidity as a result of COVID-19
or other epidemics; 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
i Based on company and Wood Mackenzie data.
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SOURCE The Timken Company