NORTH CANTON, Ohio, March 22, 2016 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) released its 2015 Annual Report to shareholders and announced its 2016 Annual Meeting will be held on May 10. As reported, the company achieved solid performance for the year, successfully navigating market headwinds while setting sights on future growth.
"We operated The Timken Company with great intensity in 2015, driving efficiencies, reducing costs, protecting margins and generating strong cash flow, all while competing to win our customers' bearings and power transmission business," wrote Richard G. Kyle, president and CEO, in his letter to shareholders. "We will remember the year as a challenging one, but also as one that validated our strategy and proved our many strengths."
Kyle noted that the company removed more than $60 million in costs, produced strong free cash flow and delivered double-digit operating margins. It also acquired the Carlisle® belts product line, expanding the Timken portfolio into a new power transmission product category, and invested in organic growth initiatives.
"Through continued investment in DeltaX, our multi-year global initiative to fuel organic growth in bearings, we are accelerating our product development rate, expanding our best-in-class technical sales model and increasing global market penetration," said Kyle.
To view the Timken 2015 Annual Report and 2016 Proxy Statement, which contains more information about the company's Annual Meeting, visit www.timken.com/investors.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers, manufactures and markets bearings, gear drives, belts, chain and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company's growing product and services portfolio features many strong industrial brands including Timken®, Fafnir®, Philadelphia Gear®, Carlisle®, Drives® and Interlube™. Known for its quality products and collaborative technical sales model, Timken posted $2.9 billion in sales in 2015. With more than 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
Shelly Chadwick, Vice President – Treasury & Investor Relations
SOURCE The Timken Company