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.
"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
SOURCE The Timken Company