Timken Recognized by Fast Company as one of World's Most Innovative Companies

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The Timken Company (NYSE: TKR) has been recognized as one of the World's Most Innovative Companies of 2024 by Fast Company for its groundbreaking engineering solutions in renewable energy, particularly in the wind turbine sector. Timken's focus on sustainability and customer-centric industrial innovations has led to the development of a two-bearing solution for wind turbines using 100% recycled material and an electricity-based heat-treating process. This recognition highlights Timken's commitment to sustainable engineering solutions and its position as a global leader in engineered bearings and industrial motion products.

NORTH CANTON, Ohio, March 19, 2024 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has been named one of the World's Most Innovative Companies of 2024 by Fast Company. Alongside the top 50 companies overall, the publication recognized 606 organizations across 58 sectors and regions, with Timken ranking in the manufacturing category.

"Throughout our company history, we've been creating complex engineering solutions for applications across industries, from aviation and rail to space exploration and robotics," said Richard G. Kyle, Timken president and chief executive officer. "Timken has been known for its customer-centric industrial innovations for 125 years, and our specialized engineering knowledge is more relevant today than ever. We're proud to be honored along with these other innovative companies and inspired by this recognition as we focus on sustainable engineering solutions for generations to come."

Fast Company editors and writers judged applications for inclusion on the annual list according to four criteria: innovation, impact, timeliness and relevance. Timken and other honorees are featured in Fast Company's March/April print edition and at www.fastcompany.com.

The publication recognized Timken for its innovations in renewable energy, the company's largest end-market sector. Specifically, Timken demonstrated to Fast Company how it worked with customers to develop an innovative two-bearing solution for the mainshaft used in the world's largest wind turbines. The company also created a new steel alloy with 100-percent recycled material for the bearings and innovated a process for heat-treating the components using electricity in place of hydrocarbon-burning furnaces. Ultimately, Timken created a sustainable product using a sustainable process to benefit a sustainable industry. The first turbines to employ this comprehensive solution went online in 2023.

Members of Timken's technology, research and development, application engineering and product management teams all participated in the development of the innovations that led to this recognition. The company is a trusted partner and market leader in application engineering, serving a broad range of industries and customers worldwide.

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.8 billion in sales in 2023 and employs more than 19,000 people globally, operating from 45 countries. Timken is one of the World's Most Innovative Companies, according to Fast Company, and has been recognized among America's Most Responsible Companies and America's Greatest Workplaces for Diversity by Newsweek, the World's Most Ethical Companies^® by Ethisphere and America's Most Innovative Companies by Fortune.

Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com

 

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SOURCE The Timken Company

FAQ

What is the reason behind Timken being named one of the World's Most Innovative Companies of 2024 by Fast Company?

Timken was recognized for its innovations in renewable energy, particularly for developing a two-bearing solution for wind turbines using 100% recycled material and an electricity-based heat-treating process.

What sector did Timken rank in for the World's Most Innovative Companies of 2024 list by Fast Company?

Timken ranked in the manufacturing category for the World's Most Innovative Companies of 2024 list by Fast Company.

What are the criteria used by Fast Company to judge companies for inclusion on the annual list of World's Most Innovative Companies?

Fast Company judges companies based on innovation, impact, timeliness, and relevance for inclusion on the annual list of World's Most Innovative Companies.

What specific innovations did Timken showcase to Fast Company for the recognition?

Timken demonstrated innovations in renewable energy, including a two-bearing solution for wind turbines with recycled material and an electricity-based heat-treating process.

Who led the development of the innovations that led to Timken's recognition as one of the World's Most Innovative Companies of 2024?

Members of Timken's technology, research and development, application engineering, and product management teams all participated in the development of the innovations that led to the recognition.