NORTH CANTON, Ohio,
March 22, 2021 /PRNewswire/ -- The
Timken Company (NYSE: TKR; www.timken.com), a global
industrial leader in engineered bearings and power transmission
products, recently released its 2020 Annual Report. It details how
the company delivered strong financial performance and continued to
advance its strategy despite the COVID-19 pandemic. Throughout
2020, Timken continued to serve its customers, keeping essential
industries moving while protecting the company's global team of
employees and other stakeholders.
"Timken performed extremely well in extraordinary times and our
strategy, now tested by a historic global crisis, proved equal to
the challenge," said Richard G.
Kyle, president and chief executive officer. "These results
would not have been possible without the dedication of our
employees and their focused, disciplined execution of our strategy.
As we move into a new decade in our company history, we are
well-positioned to engineer the future of industrial motion and
deliver strong returns for our shareholders."
The annual report documents how Timken has evolved in recent
years to perform through industrial cycles and details many of the
company's 2020 achievements, which include:
- The advancement of the company's long-term strategic goal to
expand its engineered bearings and power transmission portfolio and
diverse end-market mix.
- The acquisition of Aurora Bearing Company assets, and continued
progress integrating the Diamond Chain and BEKA Lubrication Systems
acquisitions completed in 2019.
- A more than 50 percent increase in renewable energy revenue,
making it the company's single largest end-market sector,
representing 12 percent of 2020 full-year sales.
- The allocation of $122 million
for capital expenditures, focusing on growth and
continuous-improvement initiatives.
- Strong cash flow that enabled the company to return
$136 million to shareholders through
share repurchases and dividends.
- The seventh consecutive year of annual dividend increases.
While some pandemic-related uncertainty remains, Timken is
well-positioned to capitalize on strengthening markets and plans to
deliver record levels of revenue and earnings while continuing to
invest in the business for success beyond 2021.
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 $3.5 billion in sales in 2020
and employs more than 17,000 people globally, operating from 42
countries. Timken is recognized among America's Most Responsible
Companies by Newsweek, the World's Most Ethical
Companies® by Ethisphere and America's Best Employers by
Forbes.
Media Relations:
Scott
Schroeder
234.262.6420
scott.schroeder@timken.com
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SOURCE The Timken Company