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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 recognized as a finalist in the manufacturing category of Fast Company's Best Workplaces for Innovators list. This accolade highlights Timken's commitment to fostering innovation across all levels of the organization. The company's 125-year history is marked by close collaboration with customers to create technical solutions that drive growth.
Timken's innovative culture empowers employees to design products with lasting impact in industries such as renewable energy, electric vehicles, and automation. The company posted $4.8 billion in sales in 2023 and employs over 19,000 people globally across 45 countries. Timken has also been recognized on Fast Company's World's Most Innovative Companies list and has received accolades from Newsweek, U.S. News & World Report, Ethisphere, and Fortune for its workplace culture, ethics, and innovation.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, has completed its acquisition of CGI, Inc. CGI manufactures precision drive systems for automation markets, with a focus on medical robotics. The acquired company has approximately 130 employees and is expected to generate around $45 million in sales in 2024.
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 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) has appointed Tarak Mehta as its new president and CEO, effective September 5, 2024. Mehta, who previously served on ABB's Group Executive Committee and led its Motion business, succeeds Richard G. Kyle after a comprehensive search process. With 26 years of experience at ABB, Mehta brings strategic leadership and a proven track record of delivering results to Timken.
Kyle, who served as CEO for 10 years, will move into an advisory role to assist with the transition before retiring as a Timken employee in February 2025. He will continue to serve on the company's Board of Directors. Timken, a global leader in engineered bearings and industrial motion, posted $4.8 billion in sales in 2023 and employs over 19,000 people across 45 countries.
The Timken Company (NYSE: TKR) has released its corporate social responsibility (CSR) report, highlighting its progress and initiatives as it celebrates 125 years in business. Key points include:
- A 40% reduction in emissions intensity from 2018 to 2023, progressing towards its 50% reduction target by 2030
- Recognition as one of the World's Most Innovative Companies by Fast Company
- Launch of a global STEM education partnership with FIRST®, investing $1.25 million annually in STEM programming
- Accolades as one of America's Greatest Workplaces by Newsweek and one of the Best Companies to Work For by U.S. News & World Report
Timken, a global leader in engineered bearings and industrial motion, reported $4.8 billion in sales for 2023 and employs over 19,000 people across 45 countries.
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.
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