Timken's Philadelphia Gear to Supply Critical Components for U.S. Navy Frigate Program

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Rhea-AI Summary

The Timken Company (NYSE: TKR) has strengthened its collaboration with the U.S. Navy as Fincantieri Marinette Marine (FMM) selects Timken's Philadelphia Gear to supply main reduction gears for the new Constellation frigates. This contract, which includes options for up to 10 frigates, could escalate Timken's contract value to over $140 million. The Philadelphia Gear will design and manufacture critical propulsion components in Pennsylvania and California. Timken, a leader in power transmission solutions, reported $3.8 billion in sales in 2019.

Positive

Contract with U.S. Navy could exceed $140 million if options are exercised.
Strengthens Timken's long-standing relationship with the Navy.
Philadelphia Gear's expertise in high-performance gear drives enhances competitive positioning.

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10/21/2020 - 06:59 AM

NORTH CANTON, Ohio, Oct. 21, 2020 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), is building on its decades-long relationship with the United States Navy. The Navy recently announced that Fincantieri Marinette Marine (FMM) will build its new Constellation (FFG-62) Class of guided-missile frigates and FMM has chosen Timken's Philadelphia Gear business to supply the main reduction gears.

Philadelphia Gear will design the critical elements of the ship's propulsion system at its technical center in King of Prussia, Pa., and manufacture and assemble them at its marine center of excellence in Santa Fe Springs, Calif. FMM's contract with the Navy includes options for up to 10 frigates. These options, if exercised, could bring the cumulative value of Timken's contract to more than $140 million over its life.

"We've worked on many U.S. Navy ships over the years and are proud to continue that relationship supplying essential elements for this next generation ship," said Carl Rapp, Timken group vice president. "We congratulate Fincantieri Marinette Marine on winning this new class of warship and thank them for entrusting us with this critical role."

The nearly 500-foot-long ships will have multi-mission capabilities, across the air, anti-submarine, surface, and electronic warfare spectrum of operations.

Timken acquired Philadelphia Gear, a recognized leader in high-performance gear drives, components and related services, in 2011. With over 128 years of power transmission design experience, Philadelphia Gear offers world-class expertise in the service and manufacture of power transmission equipment.

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission 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 $3.8 billion in sales in 2019 and employs more than 17,000 people globally, operating from 42 countries.

Media Relations:
Scott Schroeder
234.262.6420

View original content to download multimedia:http://www.prnewswire.com/news-releases/timkens-philadelphia-gear-to-supply-critical-components-for-us-navy-frigate-program-301156243.html

SOURCE The Timken Company

FAQ

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What recent contract did Timken Company secure with the U.S. Navy?

Timken Company secured a contract with the U.S. Navy through Fincantieri Marinette Marine to supply main reduction gears for the new Constellation (FFG-62) Class frigates.

How much could the Timken contract with the U.S. Navy be worth?

The contract with the U.S. Navy could reach over $140 million if all options for 10 frigates are exercised.

Where will Timken design and manufacture components for the Navy contract?

Timken will design components at its technical center in King of Prussia, PA, and manufacture them at its marine center in Santa Fe Springs, CA.

What is the significance of the Constellation Class frigates?

The nearly 500-foot-long Constellation Class frigates will feature multi-mission capabilities across various operational spectrums, including air and anti-submarine warfare.

What is Timken Company's background in power transmission?

Timken Company has over 128 years of experience in power transmission design and acquired Philadelphia Gear in 2011, enhancing its expertise in high-performance gear drives.

Timken's Philadelphia Gear to Supply Critical Components for U.S. Navy Frigate Program