Timken Aggressively Targeting Asian Market
Resource from: CBCC Likes:2961
Mar 29,2005
The Timken Company (USA) has identified Asia as its primary geographic target market for an aggressive five-year sales and market penetration strategy.
W.R. "Tim" Timken said during a recent visit to India that, "Asia is a big growth market for us and China and India are our main markets here."
By 2010, he said, Timken expects to have quintupled its bearing sales in the Asian region, to more than USD $250 million.
Timken's primary research facility is near its home office in Canton, Ohio; but its second-largest research facility is its 300-employee operation in Bangalore, India.
article: Timken expanding Bangalore R&D facility
To support the five-year growth initiative, Mr. Timken said staffing at the Bangalore R&D facility will probably grow by another 200 employees over the next few quarters.
Timken's sales in the Asian region are already growing rapidly along with the overall market, but the new target sales growth rate is double the market's overall rate.
To accomplish that, Timken is not only moving to increase existing market penetration, but also building a presence in entirely new markets.
For example, Timken India's Managing Director, Gordon Robinson, said there is a now a program in place to develop bearings specifically for 3-wheelers, scooters, and motorcycles.
Timken's overall market share in India currently stands at less than 15%, although its strength across Asia has come from the fast-growing automotive, rail, heavy-duty truck, industrial, and off-road markets.
Mr. Robinson also mentioned the possibility of Timken growing its Asian market presence by acquisition, but declined to offer any specifics.
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