The Timken Company has announced more than $75 million in capital investments through early 2022 to increase the company's renewable energy capabilities across its global footprint.
“This has been a breakout year for us in renewable energy markets,” said Richard Kyle, president and CEO of Timken. “This latest round of investments represents our confidence in the future growth of our wind and solar business as the world continues to transition to renewable energy sources.”
To serve Timken's global renewable energy customers, the company has developed an extensive network of engineering and innovation centers and manufacturing facilities located throughout the United States, Europe and Asia. Timken will use the announced $75 million investment for the following initiatives:
Expand its state-of-the-art and LEED-certified manufacturing facility in Xiangtan, China, where it makes engineered bearings for wind turbines.
Continue to scale up its p