Timken Company

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The Timken Company
TypePublic
NYSE: TKR
S&P 400 Component
IndustryManufacturing
Founded1899; 122 years ago (1899)
St. Louis, Missouri USA,
FounderHenry Timken
Headquarters
North Canton, Ohio
,
United States
Area served
Worldwide
Key people
John M. Timken Jr.( of the Board of Directors), Richard G. Kyle (President & CEO)
ProductsBearings
[1]
RevenueDecreaseUS$ $3.51 billion (FY 2020)[2]
IncreaseUS$ $545.9 million (FY 2017)[2]
IncreaseUS$ $292.4 million (FY 2017)[2]
Total assetsIncreaseUS$ $5.0 billion (FY 2017)[2]
Total equityIncreaseUS$ $2.2 billion (FY 2017)[2]
Number of employees
17,000[3] (2019)
Websitewww.timken.com

The Timken Company is a global manufacturer of bearings and power transmission products.[4] Timken operates from 42 countries.

Company history[]

Further information: Timken Roller Bearing Company

In 1898, Henry Timken obtained a patent for an improved tapered roller bearing, and in 1899 incorporated as The Timken Roller Bearing Axle Company in St. Louis.

In 1901, the company moved to Canton, Ohio, as the automobile industry began to overtake the carriage industry. Timken and his two sons chose this location because of its proximity to the American car manufacturing centers of Detroit and Cleveland and the American steel-making centers of Pittsburgh and Cleveland.

In 1917, the company began its steel- and tube-making operations in Canton to vertically integrate and maintain better control over the steel used in its bearings. World War I had created an increase in demand for steel, affecting its supply and price in the market.[5]

Timken entered international markets in the early 1900s, establishing a presence initially in Great Britain, France and Germany. The performance of Timken tapered roller bearings in World War I military equipment made an impression on the European bearing market.[6] After the war, Great Britain rose to the position of #2 in the global automotive manufacturing market, creating opportunities for Timken to expand its European manufacturing presence.[7]

Timken entered the Great Depression in a strong financial position and its performance placed it in the ranks of the most solid, well-managed industrial firms of the 1930s.[8] Expanding into non-automotive markets like agriculture, machine tooling, industrial and rail softened the impact.

During World War II, Timken production increased dramatically to keep up with wartime demand. For instance, every U.S. jeep was built using 24 Timken® bearings. With 660,000 jeeps delivered to the U.S. military, Timken delivered more than 15.8 million bearings for those vehicles over the course of the war.[9] Following the war, much of the machinery shipped to Europe under the Marshall Plan was Timken-bearing equipped, helping Timken establish a broader presence in a bearing market where European competitors had dominated.[10]

By 1960, Timken had operations in the U.S., Canada, Great Britain, France, South Africa, Australia and Brazil.[11] Timken Research was created in 1966 to establish technological leadership and to help standardize research and development processes across the company.[12]

Timken expanded into new global markets throughout the 1970s and 1980s, establishing a sales operation in Japan in 1974[13] and opening sales offices in Italy, Korea, Singapore and Venezuela in 1988.[14] By the late 1990s Timken also had a sales presence in Spain, Hong Kong, China and Singapore.

Timken acquired its competitor, The Torrington Company, in 2003 for $840 million, doubling the size of the company and creating the world's third-largest bearing manufacturer at that time.[15]

The company changed its corporate structure in 2014; the roller bearing-producing part of the company was separated from the steel-producing part of the company, resulting in two separate companies.[16] The Timken Company continues to manufacture roller bearings, while TimkenSteel produces steel.

Company overview[]

Timken is currently focused on expanding its global leadership in tapered roller bearings and growing its offering of industrial bearings and mechanical power transmission products and services.[17] Today the company engineers, manufactures and markets bearings, gear drives, automated lubrication systems, belts, chain, couplings and linear motion products, and offers a spectrum of powertrain rebuild and repair services.[18] Timken engineering knowledge in metallurgy, tribology and power transmission is applied across bearings and related systems to improve the reliability and efficiency of machinery around the world. Applications range from the Mars Rover[19] to offshore wind turbines.[20]

The Timken Company brands include: Timken bearings, Fafnir bearings, EDT bearing housed units, Lovejoy couplings and universal joints, Carlisle belts, Cone Drive worm gear drives, Drives chain, Diamond chain, Groeneveld-BEKA lubrication solutions, Interlube lubrication systems, PT Tech industrial clutches and brakes, R+L Hydraulics hydraulic components, Rollon linear motion products and Torsion Control Products spring couplings. The company also operates Timken Power Systems, which supplies and services industrial drivetrain customers with repair, upgrade and service solutions for bearings, gearboxes and electric motors.

The company is a member of the World Bearing Association (WBA), a non-profit and unincorporated industrial association committed to ending bearing counterfeiting globally.[21]

The company promotes Corporate Social Responsibility through its actions in the industries it serves and communities where it operates. Timken solutions are designed into new wind and solar energy operations to improve operating efficiency and positively affect the environment. Renewable energy makes up 12% of Timken’s total sales.[22] The company’s charitable trust, The Timken Company Charitable and Education Fund, has awarded more than $25 million in college scholarships since the scholarship program’s inception in 1958.

References[]

  1. ^ "Products". Timken Company. Archived from the original on 2013-07-08.
  2. ^ Jump up to: a b c d e "Timken Co. (TKR)". Yahoo! Finance.
  3. ^ "Timken". Fortune. Retrieved 2019-03-05.
  4. ^ About Us
  5. ^ The Timken Company: Information and Much More from Answers.com
  6. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 112.
  7. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 115-116.
  8. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 117.
  9. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 148.
  10. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 157.
  11. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 252.
  12. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 278-282.
  13. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars �� A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 429.
  14. ^ Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998, p. 431.
  15. ^ "Timken Says It Will Acquire Ingersoll-Rand's Bearings Unit". Wall Street Journal. 17 October 2002.
  16. ^ Pritchard, Edd (June 30, 2014). "Canton Repository". Retrieved Oct 2, 2014.
  17. ^ http://investors.timken.com/Cache/1001233921.PDF?O=PDF&T=&Y=&D=&FID=1001233921&iid=4645763
  18. ^ "The Timken Company - Engineered Products and Services".
  19. ^ "Timken Bearings Being Put to Work on Mars". 6 August 2012.
  20. ^ "Timken Producing Parts for Wind Turbines".
  21. ^ https://www.americanbearings.org/page/WhyJoinABMA
  22. ^ https://s27.q4cdn.com/749962998/files/doc_financials/2020/ar/2020-Annual-Report.pdf

External links[]

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