Timken Co., a company specializing in engineering bearings and power transmission products, announced that it will make more than $ 75 million in capital investments by early 2022 to enhance the company’s renewable energy capabilities in its global Improve presence.
“This was a breakout year for us in the renewable energy markets,” said Richard G. Kyle, President and CEO of Timken. “Through innovation and acquisitions in recent years, we have become an important supplier and technology partner for wind and solar energy. This latest round of investments is an expression of our confidence in the future growth of our wind and solar businesses as the world continues to switch to renewable energy sources. ”
To serve Timken’s global renewable energy customers, the company has established a network of engineering and innovation centers and manufacturing facilities in the United States, Europe and Asia.
Timken will use the announced $ 75 million investment to:
– Expansion of its LEED-certified production facility in Xiangtan, China, where technical bearings for wind turbines are manufactured
– Further expansion of production capacity at locations in Wuxi (China) and Ploiesti (Romania), where Timken manufactures technical bearings for wind turbines
– Consolidate multiple locations into a new, larger campus in Jiangyin, China to increase production capacity, expand product range and improve productivity for precision drives in the solar market
Timken’s acquisition of Cone Drive in 2018 introduced the company’s position in the solar space. Timken designs and manufactures precision motion control products that enable the positioning of solar tracking systems for both photovoltaic (PV) and solar concentration (CSP) applications.
Photo: Timken’s landing page