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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 leader in engineered bearings and industrial motion products, will participate in two investor conferences: the Oppenheimer Industrial Growth Conference on May 9 and the Goldman Sachs Industrials & Materials Conference on May 10, 2023, both in New York City. Representing Timken will be Philip D. Fracassa, CFO, and Neil Frohnapple, Director of Investor Relations. Interested investors can access conference materials online at www.timken.com/investors. Timken achieved $4.5 billion in sales in 2022 and is recognized for its commitment to innovation, ethics, and employee satisfaction, having been featured on various reputable lists such as America's Most Innovative Companies by Fortune and World's Most Ethical Companies by Ethisphere.
The Timken Company (NYSE: TKR) is set to release its first-quarter 2023 financial results on May 3, 2023, before the NYSE opens. A conference call will follow at 11:00 a.m. Eastern Time to discuss the financial performance with investors. The financial results and call materials will be available online at investors.timken.com. The company aims to share insights into its operations and performance, following a successful year in 2022 where it posted $4.5 billion in sales and employed over 19,000 people across 46 countries. Potential investors and analysts can tune in to gain critical insights into the company's future direction.
The Timken Company (NYSE: TKR) has successfully completed its acquisition of Nadella Group, a prominent European manufacturer specializing in linear guides and other industrial motion solutions. This acquisition, announced on April 4, 2023, aligns with Timken's strategy to enhance its industrial motion product portfolio, which previously expanded with the 2018 purchase of Rollon. Nadella, based in Italy, recorded approximately €100 million in revenue in 2022 and employs 450 people across Europe and China. This addition is expected to bolster Timken's presence in the linear motion market.
The Timken Company (NYSE: TKR) released its 2022 Annual Report, celebrating a century on the NYSE and highlighting its strategy to maintain strong performance as a diversified industrial leader. Key achievements include record sales of $4.5 billion, a 9% increase from 2021, and record earnings per share. Timken also announced approximately $300 million returned to shareholders through dividends and share repurchases and marked its ninth consecutive year of higher dividends. CEO Richard G. Kyle emphasized the company's focus on profitable growth and capitalizing on sustainable engineering solutions.
The Timken Company (NYSE: TKR), a leader in engineered bearings, will participate in the BofA Global Research Global Industrials Conference in London on March 21, 2023, with a presentation at 2:50 p.m. GMT. Philip D. Fracassa and Andreas Roellgen will represent the company. A live webcast will be available on the company's website, with a replay accessible until April 4, 2023. Timken reported $4.5 billion in sales in 2022 and employs over 19,000 people globally. The company is recognized as one of America’s Most Responsible Companies and is committed to enhancing the reliability and efficiency of machinery worldwide.
The Timken Company (NYSE: TKR) has awarded $540,000 in scholarships to 20 students as part of its Global Scholars Program, established in 1958. This initiative aims to support the children of Timken associates pursuing various careers, including economics, agriculture, and medicine. To date, over $26 million has been awarded to 815 students through this program. Notable awards include the Henry Timken Scholar Award worth $25,000 annually to Cassie Craig, and the Jack Timken Scholar Award valued at $20,000 annually to Jaydan Brown. Timken continues to emphasize its commitment to education and community involvement.
The Timken Company (NYSE: TKR) announced its participation in the Evercore ISI Industrial Conference on March 7, 2023. Philip D. Fracassa, executive vice president and CFO, along with Neil Frohnapple, director of investor relations, will represent the company. Attendees can access the materials shared during the event online at investors.timken.com. Timken, a leader in engineered bearings and industrial motion products, reported $4.5 billion in sales in 2022 and employs over 19,000 people across 46 countries, highlighting its significant market presence.
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