NORTH CANTON, Ohio, Oct. 20, 2021 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, today released its 2020 corporate social responsibility (CSR) report, detailing efforts to create a more efficient and resilient world.
"Sustainability has been core to our products for more than 120 years, and we're extending that same leadership to the way we view our responsibility as a global corporate citizen. CSR is a priority for all of us at Timken," said Rich Kyle, Timken president and CEO. "In 2020, we continued to make strides towards achieving greater efficiency for a world in motion while creating value for all our stakeholders. This report documents how we are delivering real-world impact."
Key focus areas include the company's dedication to the growth of its global team of engineers and problem solvers, its emphasis on renewable energy and other sustainable practices, as well as its commitment to ethics, governance, communities and STEM education worldwide. Timken is:
- Delivering innovative solutions through a culture that encourages knowledge sharing and rewards new ideas. From its engineering co-op program to its associate resource groups, Timken engages with employees from diverse backgrounds and offers many opportunities to develop new skills. The company is committed to ensuring all employees are included, are compensated well and have ample possibilities for career growth.
- Making a more efficient world through products that advance sustainability across geographies and industries. For instance, renewable energy now stands as the company's single-largest end-market sector, thanks to its innovative solar tracker and wind turbine solutions. The company has committed over $75 million in capital investments through 2022 to expand its capabilities in renewables across its global footprint. In its own operations, Timken is reducing plastic packaging, energy consumption, emissions and water usage.
- Remaining grounded in its commitment to ethics and integrity. The company leads by contributing to the communities where it operates, including its ongoing response to the COVID-19 pandemic, and championing the next generation of problem solvers. Timken's philanthropic focus globally is science, technology, engineering and math (STEM) education and investing in future leaders and innovators.
Timken continues to address tangible problems with innovative solutions that create shared value for all stakeholders. In 2020, Newsweek named Timken one of "America's Most Responsible Companies."
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 $3.5 billion in sales in 2020 and employs more than 17,000 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.
SOURCE The Timken Company