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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), a global leader in engineered bearings and industrial motion, will participate in the Jefferies Industrials Conference in New York City on September 4, 2024. Philip D. Fracassa, EVP and CFO, and Neil Frohnapple, VP of Investor Relations, will present at 7:30 a.m. Eastern Time. A live webcast will be available on the company's website, with a replay accessible until September 18, 2024.
Timken, celebrating 125 years of innovation, reported $4.8 billion in sales for 2023 and employs over 19,000 people across 45 countries. The company has received numerous accolades, including recognition as one of the World's Most Innovative Companies by Fast Company and among America's Most Responsible Companies by Newsweek.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, has appointed Todd M. Leombruno to its Board of Directors. Leombruno, currently serving as executive vice president and CFO of Parker Hannifin Corp., brings over 30 years of experience in accounting and finance roles. This addition expands Timken's board to 11 members.
Leombruno will serve on the Board's Audit and Nominating and Corporate Governance committees. His appointment is expected to contribute significant financial and executive leadership skills, as well as deep knowledge of industrial markets and manufacturing sectors. Timken, which posted $4.8 billion in sales in 2023, employs more than 19,000 people globally and operates in 45 countries.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, has declared a quarterly cash dividend of 34 cents per share. The dividend is payable on Aug. 30, 2024, to shareholders of record as of Aug. 20, 2024. This marks 409 consecutive quarters of dividend payments, one of the longest-running dividend streaks among NYSE-listed companies. Timken has consistently paid dividends since its NYSE listing in 1922.
Timken, founded 125 years ago, reported $4.8 billion in sales for 2023 and employs over 19,000 people across 45 countries. The company has received recognition for innovation, responsibility, and workplace excellence from various prestigious publications.
The Timken Company (NYSE: TKR) has agreed to acquire CGI Inc., a Nevada-based manufacturer of precision drive systems. This acquisition will expand Timken's motion-control platform and capabilities, creating an unmatched portfolio of precision drives. CGI specializes in medical robotics and serves various automation markets. The deal is expected to close in Q3 2024, subject to regulatory approval.
CGI's offerings complement Timken's Cone Drive and Spinea products. The acquisition aligns with Timken's strategy to diversify and expand in industrial motion. CGI, founded in 1967, is expected to generate around $45 million in sales in 2024. Timken will fund the transaction with cash and existing credit facilities. This move further solidifies Timken's position as a global leader in automation and robotic solutions.
The Timken Company (NYSE: TKR) reported second-quarter 2024 results with sales of $1.18 billion, down 7.1% from last year's record level. Earnings per share were $1.36, with adjusted EPS of $1.63. The company's net income margin was 8.1%, while adjusted EBITDA margin stood at 19.5%. Timken updated its full-year 2024 outlook, now expecting EPS of $5.00-$5.20 and adjusted EPS of $6.00-$6.20. Revenue is forecasted to be down 3-4% from 2023. The company completed the sale of a portion of its stake in Timken India , generating pre-tax proceeds of approximately $232 million. Timken continues to focus on operational excellence, targeted growth initiatives, and strategy execution to deliver resilient performance in 2024.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, will announce its second-quarter 2024 financial results on July 31, 2024, before the NYSE opens. A conference call to discuss these results with investors and analysts is scheduled for the same day at 11:00 a.m. Eastern Time. Participants can join via a provided dial-in number or access a live webcast. Replay options will be available until August 14, 2024.
Timken recorded $4.8 billion in sales for 2023 and employs over 19,000 people worldwide, with operations spanning 45 countries. The company has received numerous accolades, including recognition as one of Fast Company's World's Most Innovative Companies and Newsweek's America's Most Responsible Companies.
The Timken Company (NYSE: TKR), a leading innovator in engineered bearings and industrial motion, has been honored by Newsweek and U.S. News & World Report as one of America's top workplaces. Newsweek's ranking, based on a study by Plant-A Insights, involved over 1.5 million reviews from 250,000 employees. U.S. News utilized public information and industry standards to determine its list, focusing on pay, benefits, work-life balance, job stability, and professional development. Timken's 125-year history of innovation and commitment to a strong, diverse work culture played a key role in these recognitions. The company reported $4.8 billion in sales in 2023 and employs over 19,000 people globally.
The Timken Company (NYSE: TKR) has announced the pricing of €600 million in 4.125% senior unsecured notes due in 2034, to be issued at 98.832% of par. The offering, managed by Goldman Sachs & Co. and J.P. Morgan Securities plc, is expected to close on May 23, 2024, subject to customary conditions. Timken plans to use the proceeds to redeem its 3.875% senior notes due 2024, repay borrowings under its senior unsecured revolving credit facility, and cover other corporate purposes. Timken, a global leader in engineered bearings and industrial motion, reported $4.8 billion in sales in 2023.
Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, will participate in the KeyBanc Industrials & Basic Materials Conference on May 30, 2024, in Boston. Representing Timken will be CEO Richard G. Kyle and CFO Philip D. Fracassa. The company, recognized for its innovation and responsibility, reported $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries. Conference materials will be available online at the Timken investor relations website.
The Timken Company (TKR) announced a 3% increase in its quarterly dividend to 34 cents per share. This marks 11 consecutive years of dividend increases, reflecting confidence in the company's long-term growth strategy and financial performance. Timken has a long history of dividend payments, with 408 consecutive quarters of dividends paid since 1922. The company's commitment to consistent dividend growth aligns with its capital allocation strategy.
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