We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Privacy Policy.
The Timken Company has agreed to acquire CGI Inc., a Nevada-based manufacturer of precision drive systems serving a broad range of automation markets with a concentration in medical robotics. The deal is subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter.
The Timken Company has been recognized among Newsweek's America's Greatest Workplaces and U.S. News & World Report's Best Companies to Work For. The Newsweek ranking is based on a study by data research firm Plant-A Insights, which collected over 1.5 million comprehensive company reviews from more than 250,000 employees. U.S. News determined its list using a combination of publicly available information, and industry classification benchmark standards.
The Timken Company board of directors has reached an agreement with Tarak Mehta to become Timken's next president and chief executive officer Sept. 5, 2024. Mehta is currently president of the Motion business and member of the Group Executive Committee at ABB Ltd., a $32 billion leader in electrification and automation. Mehta will be appointed Timken president and CEO after he completes a transition period with ABB.
The Timken Company was recognized by Newsweek as one of America's Greatest Workplaces for Diversity. The ranking is the result of a study conducted by data research firm Plant-A Insights, which interviewed over 223,000 employees in the United States and collected over 1.5 million comprehensive company reviews.
The Timken Company has acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial applications.
The Timken Company has reached an agreement to acquire Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions or iMECH), based in Houston, Texas. iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. The business employs approximately 70 people and projects revenue of approximately $30 million for calendar year 2023.
The Timken Company has acquired Des-Case Corp., a Nashville, Tenn.-based manufacturer of specialty filtration products for industrial lubricants. Founded in 1983, the company serves customers across a variety of industrial end markets. Des-Case's revenue for the calendar year 2023 is expected to be around $40 million.
The Timken Company is providing slewing drives for the second-largest photovoltaic (PV) solar tracking system project in Australia. Solar tracker manufacturer ATEC chose Timken's Cone Drive solution to help it overcome challenging wind conditions in the mountainous region of New South Wales, where the 280 MW Wollar Solar Farm is being constructed.
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.