Timken Recognized by Fortune as one of America's Most Innovative Companies

Rhea-AI Summary

Timken, a global leader in engineered bearings and industrial motion products, has been recognized by Fortune as one of America's Most Innovative Companies for the second consecutive year. The company's focus on product innovation, process innovation, and innovation culture has led to this prestigious recognition.

NORTH CANTON, Ohio, April 16, 2024 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has been named to Fortune's list of America's Most Innovative Companies for the second straight year.

"For 125 years, Timken has worked side-by-side with customers across diverse industries to engineer solutions for their most challenging problems," said Richard G. Kyle, Timken president and chief executive officer. "Our world-class team designs and develops innovative products that keep our world in motion and enable a wide range of critical applications, from aviation and space exploration to renewable energy and robotics. We are honored to partner with leading global companies, including many on Fortune's list."

Fortune and Statista, a market and consumer data provider, evaluated companies through employee surveys and opinions from experts in various fields. They cited product innovation, process innovation and innovation culture among their criteria for determining the companies honored this year. They also examined the quantity and value of companies' patents.

This is the second time this year Timken has been recognized for its innovation. On March 19, Fast Company named Timken to its World's Most Innovative Companies list. Timken's specialized expertise, 125 years of cross-industry experience and depth of knowledge are unparalleled in the industry. Timken invests a significant amount of time and resources growing its expertise in friction management, materials science and mechanical power transmission. On an ongoing basis, the company explores new opportunities and new technologies, including emerging trends in digital manufacturing, performance modeling, heat treatment technologies and advanced lubrication science.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/timken-recognized-by-fortune-as-one-of-americas-most-innovative-companies-302117140.html

SOURCE The Timken Company

FAQ

What recognition did Timken receive from Fortune?

Timken was recognized by Fortune as one of America's Most Innovative Companies for the second straight year.

What criteria did Fortune and Statista use to evaluate companies for the recognition?

Fortune and Statista evaluated companies based on employee surveys, expert opinions, product innovation, process innovation, innovation culture, and the quantity and value of companies' patents.

How many times has Timken been recognized for its innovation this year?

This is the second time this year that Timken has been recognized for its innovation, with Fast Company also naming them to its World's Most Innovative Companies list.

What areas does Timken focus on to drive innovation?

Timken focuses on growing expertise in friction management, materials science, mechanical power transmission, digital manufacturing, performance modeling, heat treatment technologies, and advanced lubrication science.