Timken Releases CSR Report, Celebrating 125 Years as Strong Corporate Citizen
Rhea-AI Summary
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.
Positive
- 40% reduction in emissions intensity from 2018 to 2023, progressing towards 50% reduction target by 2030
- Recognition as one of the World's Most Innovative Companies by Fast Company
- $1.25 million annual investment in STEM programming through partnership with FIRST®
- Named one of America's Greatest Workplaces by Newsweek and one of the Best Companies to Work For by U.S. News & World Report
- $4.8 billion in sales reported for 2023
Negative
- None.
News Market Reaction
On the day this news was published, TKR gained 1.02%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
"Our deep experience and specialized expertise provide us with a unique perspective and ability to navigate a rapidly changing world together," said Richard G. Kyle, Timken president and CEO. "As we look to the future, our founder Henry Timken's vision of making the world move more efficiently and sustainably remains at the core of our strategy and our approach to CSR."
The report highlights the company's progress towards its target to reduce aggregate Scope 1 and Scope 2 greenhouse gas (GHG) emissions intensity by 50 percent by 2030. Timken increased capital investments from 2022 to 2023 to fund projects aimed at increasing efficiency and reducing emissions in its plants, including on-site renewable energy sources. From its 2018 baseline year through year-end 2023, Timken decreased emissions intensity by about 40 percent.
As one of the leading suppliers to some of the world's most notable wind and solar projects, the company contributes to the global shift to renewable-energy production. Timken's focus on sustainable processes and products to serve a wide and growing list of industries helped it earn recognition from Fast Company as one of the World's Most Innovative Companies.
In the latest CSR report, Timken announced the launch of a global STEM education partnership with FIRST® (For Inspiration and Recognition of Science and Technology). The FIRST partnership is part of an increased annual investment of
"This partnership will allow us to expand our programming for underserved youth and help increase female participation in STEM," said Mark Giordono, vice president of development and alumni relations, FIRST. "While more than 81 percent of FIRST alumni declare majors in STEM by their fourth year of college, we know that FIRST experience enables a variety of post high school education, employment, enlistment, and entrepreneurial opportunities. Thanks to Timken's support, we can help prepare even more young people today for the world of tomorrow."
Along with additional information on the FIRST partnership and other educational initiatives, Timken shares in the report how it's advancing a culture that helps employees grow as professionals and thrive as individuals. The company's focus on continuous growth and career-development opportunities resulted in it being named one of America's Greatest Workplaces by Newsweek and one of the Best Companies to Work For by
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. The company posted
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
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SOURCE The Timken Company
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