Timken Adds to Investments in Renewable Energy Capabilities
Announces new $70 million investment to further expand wind energy manufacturing capabilities, coming online in 2023
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."
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