Timken Innovation Drives Market Sector Growth and Industry Leadership in Wind Energy

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NORTH CANTON, Ohio, May 11, 2021 / PRNewswire / – The Timken Company (NYSE: TKR; www.timken.com), a global industry leader in technical bearings and power transmission products, today announced that it has achieved leading growth in services to wind energy customers over the past five yearsI. During this time, Timken has significantly outperformed this sector of the market by recording a compound annual growth rate (CAGR) of 17%, compared to an estimated CAGR of 7% for the industry as a whole.ii. Timken is poised to capitalize further as global demand for equipment and services for the growing wind energy industry continues to increase. The company anticipates another record year for wind power revenues in 2021 and remains well positioned to succeed in this market segment over the long term.

“With the growing global demand for renewable energy sources, the success of our customers depends on designing larger, more powerful and more efficient wind turbines,” said Andreas Roellgen, Vice President of Timken, Europe, Asia, Africa. “As wind turbine manufacturers continue to push the limits of performance, the design and manufacture of bearings for them becomes increasingly complex. Timken’s long history of technical problem solving and technical innovation for the world’s most demanding applications continues to be of significant benefit to our customers. wind power industry. ”

Timken products, such as engineered bearings and lubrication systems, are designed to help wind turbines run more efficiently in power generation. In addition, the company’s maintenance services help maximize the performance of a turbine throughout its life.

Timken has increased its presence in gear drives and main shaft equipment as the global wind power market sector has grown rapidly in 2020. And current trends – such as OEMs building turbines larger ones that generate more power; and turbine main shaft designs that increasingly rely on roller bearings to carry additional load – continue to drive the business forward. In fact, Timken has demonstrated its leadership in the industry by recently partnering with a leading OEM to design and manufacture bearings for the world’s largest and most powerful wind turbine.

Timken, which entered the wind power market approximately 15 years ago and has since become an industry technology leader and a leading technical partner for wind turbine and gear drive OEMs , offers its customers a complete engineering solution that meets the demanding duty cycles of an application. Using its collaborative technical sales model, the company works with its clients to understand their most important success factors and key challenges. This proven and proven approach is paying off in the rapidly evolving wind energy industry, where Timken has been able to provide rapid support to customers with solutions for new wind facilities as well as existing designs that are under development. -performing. As the industry’s growing base of installed turbines typically require a major overhaul after 10 to 15 years, Timken is well positioned to support not only new equipment, but also the growing demand for maintenance, repair services. and revision.

“Downtime and repairs can be very costly for wind turbine operators, and our wind power solutions meet our customers’ needs for optimizing reliability, costs and performance,” said said Roellgen.

For example, to help increase bearing life in wind turbine main shaft applications, Timken has developed a thin-film coating that simultaneously increases surface hardness and wear resistance, while reducing friction. Replacing mainshaft bearings with improved Timken® bearings with wear resistant coatings can help wind operators reduce maintenance costs throughout the life cycle of the turbine.

Share of electricity produced from renewable energies to more than double by 2030iii, Timken continues to make targeted capital investments to support future growth. This includes more than $ 75 million until early 2022 to increase renewable energy capacities across its entire footprint. In 2020, renewables accounted for 12% of the company’s total sales, making it Timken’s largest end-market segment. Investments in wind energy will support increasingly efficient and advanced manufacturing of large products at higher volumes.

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing range of technical bearings and power transmission products. With over a century of knowledge and innovation, we are continually improving the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $ 3.5 billion turnover in 2020 and employs more than 17,000 people worldwide, operating in 42 countries. Timken is recognized among America’s Most Responsible Companies by Newsweek, on The most ethical companies in the world® by Ethisphere and America’s Best Employers by Forbes.

Certain statements contained in this press release (including statements regarding the Company’s forecasts, estimates, plans and expectations) which are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular , statements relating to expectations regarding the future financial performance of the Company are forward-looking.

The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to various important factors, including: the company’s ability to respond to changes in its end markets that could affect demand for the company’s products. company or services; unforeseen changes in business relationships with customers or their purchases from the company; changes in the financial health of the Company’s customers, which may impact the Company’s revenues, results and impairment charges; fluctuations in material and energy costs; the impact of changes in the company’s accounting methods; political risks associated with government instability; recent world events which have increased the risks posed by international trade disputes, tariffs and sanctions; weak economic conditions and global or regional financial markets; the Company’s ability to honor its obligations under its borrowing agreements and to renew or refinance its borrowings on favorable terms; fluctuations in currency valuations; changes in expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies, including the completion of any increases on time or not at all; the impact on operations of general economic conditions; fluctuations in customer demand; the impact on the Company’s pension obligations and assets due to changes in interest rates, investment returns and other tactics designed to reduce risk; the introduction of new disruptive technologies; unforeseen plant closures; the effects of government-imposed restrictions to address climate change; unforeseen disputes, claims, investigations or assessments; the company’s ability to maintain positive relationships with unions and works councils; negative impacts on the business, results of operations, financial condition or liquidity of the company due to COVID-19 or other epidemics and associated government measures such as restrictions on travel and manufacturing operations ; and the Company’s ability to realize and obtain the benefits of announced plans, programs, initiatives, acquisitions and capital investments. Additional factors are discussed in documents filed by the company with the Securities and Exchange Commission, including the company’s annual report on Form 10-K for the year ended. December 31, 2020, quarterly reports on Form 10-Q and routine reports on Form 8-K. Except as required by federal securities laws, the company does not undertake 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
[email protected]

Investor Relations:
Neil Frohnapple
234.262.2310
[email protected]





I Based on company estimates and general industry data

ii Based on company estimates and global Wood Mackenzie wind power market outlook, Q1 2021

iii Source: BP Energy Outlook 2020 edition; CAGR 2018-2030E; Based on BP’s “ business as usual scenario ”

SOURCE The Timken Company

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