Timken Company Article

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The Timken Company
Public
Traded as NYSETKR
S&P 400 Component
BSE522113
NSETIMKEN
Industry Manufacturing
Founded1899; 119 years ago (1899)
St. Louis, Missouri USA,
Founder Henry Timken
Headquarters,
Area served
Worldwide
Key people
John M. Timken Jr.( Non-Executive Chairman of the Board of Directors), Richard G. Kyle ( President & CEO)
Products Bearings
[1]
RevenueIncrease US$ $3.0 billion (FY 2017) [2]
Increase US$ $284.7 million (FY 2017) [2]
Increase US$ $202.3 million (FY 2017) [2]
Total assetsIncrease US$ $3.4 billion (FY 2017) [2]
Total equityIncrease US$ $1.5 billion (FY 2017) [2]
Number of employees
17,000
Website www.timken.com

The Timken Company is a global manufacturer of bearings, and related components and assemblies. [3] Timken operates from 33 countries.

Company history

In 1898, Henry Timken obtained a patent for the 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. [4]

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. [5] 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. [6]

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. [7] 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. [8] 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. [9]

By 1960, Timken had operations in the U.S., Canada, Great Britain, France, South Africa, Australia and Brazil. [10] Timken Research was created in 1966 to establish technological leadership and to help standardize research and development processes across the company. [11]

Timken expanded into new global markets throughout the 1970s and 1980s, establishing a sales operation in Japan in 1974 [12] and opening sales offices in Italy, Korea, Singapore and Venezuela in 1988 [13]. By the late 1990s Timken also had a sales presence in Spain, Hong Kong, China and Singapore.

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. [14] 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. [15] Today Timken 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. [16] 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 [17] to offshore wind turbines [18].

The Timken Company brands include: Timken bearings, Fafnir bearings, EDT bearing housed units, Lovejoy couplings and universal joints, Drives chain, Groeneveld lubrication solutions, Interlube lubrication systems, Philadelphia Gear power systems, Cone Drive worm gear drives, Torsion Control Products spring couplings, Bii aerospace bearing inspection services, PTTech industrial clutches and brakes, Rollon linear motion products, and R+L Hydraulics hydraulic components.

Timken is a member of the World Bearing Association (WBA), a non-profit and unincorporated industrial association. [19]

References

  1. ^ "Products". Timken Company. Archived from the original on 2013-07-08.
  2. ^ a b c d e "Timken Co. (TKR)". Yahoo! Finance.
  3. ^ About Us
  4. ^ The Timken Company: Information and Much More from Answers.com
  5. ^ 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.
  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. 115-116.
  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. 117.
  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. 148.
  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. 157.
  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. 252.
  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. 278-282.
  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. 429.
  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. 431.
  14. ^ Pritchard, Edd (June 30, 2014). "Canton Repository". Retrieved Oct 2, 2014.
  15. ^ http://investors.timken.com/Cache/1001233921.PDF?O=PDF&T=&Y=&D=&FID=1001233921&iid=4645763
  16. ^ https://www.timken.com/products/
  17. ^ https://www.oemoffhighway.com/drivetrains/hardware/press-release/10755722/timken-bearings-being-put-to-work-on-mars
  18. ^ https://www.energy.gov/articles/timken-producing-parts-wind-turbines
  19. ^ https://www.americanbearings.org/page/WhyJoinABMA

External links