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The Timken Company is experiencing strong demand for the broad range of application-proven products and services it offers the food and beverage industry. Timken has built a comprehensive food and beverage portfolio through both organic and inorganic growth, including its 2022 addition of GGB Bearings, and achieved a total sales compound annual growth rate of more than 30 percent in the market-sector over the last five years. The company expects an expanding global footprint, new product line launches and growing demand for food worldwide to drive additional growth in the coming years.
Timken is helping fund the futures of 20 students in pursuit of careers ranging from economics and agriculture to medicine and education. In an awards ceremony last week, the company presented college scholarships to the children of Timken associates in the United States, China, India, Poland and Romania. Since the Timken Global Scholars Program's inception in 1958, The Timken Company Charitable and Educational Fund has awarded more than $26 million in scholarships to 815 students.
The Timken Company continues to be a key contributor to the latest generation of United States Navy ships. General Dynamics Bath Iron Works (BIW) recently awarded Timken a long-term contract to deliver Philadelphia Gear main reduction gears (MRGs) for all future Flight III ships of the Arleigh Burke (DDG-51) class. The contract, if executed fully, will result in revenue of more than $500 million for Timken over approximately five to eight years. Production is expected to begin in 2024.
The Timken Company has acquired the assets of American Roller Bearing Company (ARB), a North Carolina-based manufacturer of industrial bearings. ARB's offerings join Timken's industry-leading portfolio of engineered bearing solutions. ARB, which boasts a large U.S. installed base and strong aftermarket business, generated sales of more than $30 million in 2022.
The Timken Company has reached an agreement to acquire Nadella Group, a leading European manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions, from ICG plc.
Timken Utilizes LK Metrology for Bearing Inspection and Analysis
January 9, 2023
The Dudley, UK factory of The Timken Company supplies the engineered bearings it manufactures into a multitude of industries including mining, food and beverage, pulp and paper, cement, marine, and wastewater. Recently there has been a significant increase in demand for larger bearings up to 1,200 mm in diameter for use in the construction of wind turbines, which promises exponential growth in the coming years as countries across the globe work towards meeting their green energy targets.
The Timken Company recently announced its packaged wheel bearings are being used on Ford Motor Company's F-150 Lightning, the first mainstream electric light-duty pickup truck to hit the market. Timken bearings on the F-150 Lightning represent incremental content per vehicle, compared to its gasoline-powered counterpart.
The Timken Company has closed the sale of its Aerospace Drive Systems (ADS) business to PCX Aerostructures, LLC. Terms were not disclosed. ADS is a supplier of drive system components and sub-assemblies for military and civil rotorcraft applications. ADS revenue is expected to be around $50 million in 2022.
The Timken Company has reached an agreement to acquire GGB Bearing Technology (GGB), a division of Enpro, Industries (including exclusive negotiations with respect to the French operations of GGB). Founded in 1899, GGB serves a variety of diverse customers, markets, geographies and applications with a product portfolio that complements existing Timken industry-leading engineered bearing solutions. GGB revenue is expected to be around $200 million in fiscal year 2022.