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The Timken Company (NYSE: TKR; www.timken.com), established in 1899, is a global leader in designing, engineering, and manufacturing engineered bearings and industrial motion products. With over a century of experience, Timken leverages its deep knowledge of metallurgy, tribology, and mechanical power transmission to enhance the efficiency and reliability of machinery worldwide. The company's products include tapered, spherical, and cylindrical roller bearings, thrust and ball bearings, and a variety of gear belts and chain-related products. Timken also offers extensive powertrain rebuild and repair services.
Timken's extensive portfolio features strong industrial brands such as Timken®, Fafnir®, Philadelphia Gear®, Carlisle®, Drives®, and Interlube™. These brands serve a diverse array of end markets, including automotive, aerospace, rail, energy, heavy truck, defense, agriculture, metals, mining, and construction sectors.
Headquartered in North Canton, Ohio, Timken operates in 45 countries with 19,000 employees worldwide. The company reported a revenue of $4.8 billion in 2023, reflecting its significant market presence and operational efficiency. Timken's collaborative technical sales model and commitment to quality have earned it several prestigious accolades, including recognition among America's Most Responsible Companies by Newsweek and the World's Most Ethical Companies® by Ethisphere.
Recent achievements include the completion of six strategic acquisitions in 2023, contributing to a record $4.8 billion in sales. These acquisitions, such as iMECH and Lagersmit, have expanded Timken's industrial motion portfolio and are expected to enhance operating margins. Financially, Timken achieved adjusted net income of $508.1 million for 2023, with impressive EBITDA margins.
The company continues to innovate, focusing on customer-centric solutions and sustainable practices. For instance, Timken's recent CEO succession plan highlights a commitment to leadership continuity and strategic growth, with Tarak Mehta set to take over as CEO in September 2024.
Timken's impact extends beyond financial metrics. Through initiatives like the Timken Global Scholars Program, the company supports education and community development, having awarded over $26 million in scholarships since its inception. As Timken celebrates its 125th anniversary in 2024, it remains dedicated to advancing industrial technology and fostering a sustainable future for global machinery and equipment.
The Timken Company (NYSE: TKR) has been awarded a contract by Huntington Ingalls Industries – Newport News Shipbuilding to supply main reduction gears (MRGs) for the upcoming USS Doris Miller (CVN-81) aircraft carrier. The contract, valued at over $100 million, includes engineering support from Timken's Philadelphia Gear division and is expected to deliver gears between 2025-2026. The Doris Miller, the first aircraft carrier named after an enlisted sailor and an African-American, will serve into the 2080s.
The Timken Company (NYSE: TKR) declared a quarterly cash dividend of 29 cents per share, payable on March 4, 2021, to shareholders of record as of February 22, 2021. This marks the company's 395th consecutive quarter of dividend payments since its NYSE listing in 1922, highlighting its longstanding commitment to returning value to shareholders. In 2020, Timken generated $3.5 billion in sales and employs over 17,000 people globally, operating in 42 countries.
The Timken Company (NYSE: TKR) will participate in the Citi 2021 Global Industrials Virtual Conference on February 18, 2021. Key representatives attending include president and CEO Richard G. Kyle, along with executive vice president and CFO Philip D. Fracassa. This conference presents an opportunity for Timken to showcase its innovations in engineered bearings and power transmission products. For further details, materials will be available online at investors.timken.com.
The Timken Company (NYSE: TKR) reported fourth-quarter 2020 sales of $891.7 million, a 0.5% decline year-over-year, primarily due to lower demand. Net income fell to $53.1 million ($0.69 per diluted share) from $113.5 million ($1.48 per diluted share) in the previous year, impacted by special items. Adjusted net income slightly increased to $65.0 million ($0.84 per diluted share). For 2020, total sales were $3.5 billion, down 7.3%, with net income at $284.5 million. Timken expects 2021 adjusted earnings to rise by nearly 20%, driven by improving industrial markets and growth in renewable energy.
The Timken Company (NYSE: TKR) will announce its fourth-quarter and full-year financial results for 2020 on February 4, 2021. A conference call is scheduled for 11:00 a.m. ET to discuss the financial performance with investors and analysts. Key materials will be available on the company's investor relations website. Timken generated $3.8 billion in sales in 2019 and operates in 42 countries, employing over 17,000 people.
The Timken Company has appointed Sarah Lauber to its Board of Directors, expanding the board to 12 members. Lauber, who is currently the CFO of Douglas Dynamics, brings over 25 years of financial leadership experience. She previously served at Jason Industries and began her career at KPMG. Timken's Chairman, John Timken, highlighted Lauber’s expertise in financial planning and acquisition integration, noting her diverse perspectives will enhance board discussions. Lauber holds degrees from California State University-San Bernardino and Northwestern University.
The Timken Company (NYSE: TKR) has announced the opening of a new manufacturing facility in San Jose Iturbide, Mexico, for tapered roller bearings. This state-of-the-art facility utilizes advanced automation technologies, enhancing its capacity to deliver quality products to customers in the Americas and globally. Timken's investment reflects its commitment to regional manufacturing, with Latin America contributing over 5% to the company's sales. The company aims to leverage this facility to strengthen its global bearing leadership by providing improved service and value.
The Timken Company (NYSE: TKR) announced over $75 million in capital investments to enhance renewable energy capabilities through early 2022. This funding will primarily target expansions in China and Romania, focusing on engineered bearings for wind turbines and solar energy technologies. CEO Richard G. Kyle highlighted a record year in renewable markets, showcasing Timken's position as a leading supplier in wind and solar energy. Investments aim to improve production capacity and efficiency while integrating advanced manufacturing technologies.
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