Announces new $70
million investment to further expand wind energy
manufacturing capabilities, coming online in 2023
NORTH
CANTON, Ohio, May 9, 2023
/PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a
global leader in engineered bearings and industrial motion
products, today announced a new $70
million investment to further expand manufacturing
capabilities to support increased demand for its wind energy
solutions. This adds to its previously announced $75 million commitment to strengthen both
wind and solar capabilities, bringing the total investment to
$145 million since 2020 to expand the
company's renewable energy capacity in Europe and Asia.
![The Timken Company Logo. (PRNewsFoto/The Timken Company) (PRNewsFoto/) (PRNewsFoto/) The Timken Company Logo. (PRNewsFoto/The Timken Company) (PRNewsFoto/) (PRNewsFoto/)](https://mma.prnewswire.com/media/333357/the_timken_company_logo.jpg)
"We continue to see tremendous demand for our renewable energy
solutions, especially in wind," said Richard G. Kyle, Timken
president and chief executive officer. "In response, we've
developed a focused and highly effective network of engineering and
innovation centers and manufacturing facilities to serve our global
renewable energy customers. This additional investment will
specifically enhance our ability to support the rapid growth we're
seeing in the wind energy sector as the world continues its
transition to renewable energy sources."
The additional $70
million investment includes automated, state-of-the-art
manufacturing equipment and will result in increased production
capacity of engineered bearings for wind turbines. Timken, which is
a critical partner to many of the world's largest turbine
manufacturers, develops innovative turbine bearing designs that
significantly reduce wear and increase the component's lifespan.
While engineered bearings are core to its expertise, Timken
continues to broaden its capabilities through ongoing innovation
and strategic acquisitions. The company's complementary offerings
include automatic lubrication systems, couplings and drives, as
well as maintenance and repair services. Renewable
energy is Timken's single-largest end-market sector,
representing more than 10 percent of the company's total sales in
2022.
"Timken will continue investing in our technologies to help
produce and maintain larger, more efficient and more powerful wind
turbines," Kyle said. "We're proud to be a key contributor to
advancing renewable energy sources on a global scale."
More information about Timken's wind energy solutions is
available here.
About The Timken Company
The Timken
Company (NYSE: TKR; www.timken.com) designs a growing
portfolio of engineered bearings and industrial motion 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 $4.5 billion in sales in 2022 and employs more
than 19,000 people globally, operating from 46 countries. Timken
has been recognized among America's Most Responsible
Companies by Newsweek, the World's Most Ethical
Companies® by Ethisphere, America's Most
Innovative Companies by Fortune and America's Best Large
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, future demand for its products, and
anticipated expenditures 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; 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, 2022, 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