Achieved sales CAGR of 30+ percent over
last five years; well-positioned for additional growth
NORTH
CANTON, Ohio, June 20,
2023 /PRNewswire/ -- The Timken Company (NYSE: TKR;
www.timken.com), a global leader in engineered bearings and
industrial motion products, is experiencing strong demand for
the broad range of application-proven products and services it
offers the food and beverage industry. Timken has built a
comprehensive food and beverage portfolio through both organic and
inorganic growth, including its 2022 addition of GGB Bearings, and
achieved a total sales compound annual growth rate of more than 30
percent in the market-sector over the last five years. The company
expects an expanding global footprint, new product line launches
and growing demand for food worldwide to drive additional growth in
the coming years.
"Timken's growth in food and beverage is a great example of how
we're combining the power of our core bearing business with our
industrial motion capabilities to extend our value proposition and
increase scale in growing markets," said Andreas Roellgen, executive vice president and
president of Engineered Bearings. "Our engineers work hand-in-hand
with manufacturers and end users to help solve food and beverage
processing equipment challenges to improve food safety, hygiene,
reliability and efficiency."
As part of Timken's growth strategy, the company is leveraging
its decades-long relationships with manufacturers to design some of
the safest, most durable and reliable products in the food and
beverage industry. In the aftermarket, Timken's premium value
proposition resonates in an industry where equipment failure and
downtime can be catastrophic. Most industrial motion and bearing
positions in a food-processing plant have short replacement cycles
and can be converted to Timken products. In addition, the market
for food and beverage processing equipment is estimated to increase
from $64.6 billion this year to
$84.9 billion by
2028.1
Timken offers a wide range of highly engineered bearings to
improve uptime and food safety, including the recently introduced
Timken® IP69K Hygienic Mounted Ball Bearing product
line. Industrial motion capabilities include Groeneveld-BEKA
automatic lubrication systems, Cone Drive® hygienic
IP69K-rated stainless steel gear drives, Lovejoy®
stainless couplings, Diamond® and Drives®
stainless chain and Rollon® and Nadella®
linear guides, telescopic rails and actuators. All these
solutions play a critical role in increasing the world's capacity
to produce food and address nutritional disparities around the
globe. More information about Timken's complete food and beverage
line 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 plans
for product launches 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
1 SOURCE:
https://www.marketsandmarkets.com/ResearchInsight/food-processing-equipment-market.asp
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SOURCE The Timken Company