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Timken Company - Wikipedia Jump to content

Timken Company

From Wikipedia, the free encyclopedia

The Timken Company
Company typePublic
NYSE: TKR
S&P 400 Component
IndustryManufacturing
Founded1899; 126 years ago (1899) in St. Louis, Missouri, U.S.
FounderHenry Timken
Headquarters
North Canton, Ohio
,
U.S.
Area served
Worldwide
Key people
John M. Timken Jr.(Non-Executive Chairman of the Board of Directors), Lucian Boldea (President & CEO)[1]
ProductsBearings
[2] Chain, Couplings, Clutches, Filtration Products, Hydraulic Components, Industrial Brakes, Linear Actuators, Seals, Universal Joints
ServicesBearing Repair Services, Electric Motor Services, Gear Repair Services, Onsite Technical Services
RevenueDecreaseUS$ $4.6 billion (FY 2024)[3]
DecreaseUS$ $611.1 million (FY 2024)[3]
DecreaseUS$ $375.3 million (FY 2024)[3]
Total assetsDecreaseUS$ $6.4 billion (FY 2024)[3]
Total equityIncreaseUS$ $3 billion (FY 2024)[3]
Number of employees
19,000[3] (2024)
DivisionsEngineered Bearings, Industrial Motion
Websitewww.timken.com

The Timken Company is a global manufacturer of engineered bearings and industrial motion products.[4] Headquartered in North Canton, Ohio, the company operates from 45 countries.[5]

History

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Further information: Timken Roller Bearing Company

In 1898, Henry Timken obtained a patent for an improved tapered roller bearing, and in 1899 incorporated as The Timken Roller Bearing Axle Company in St. Louis.

In 1901, The Timken 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 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.[6][non-primary source needed]

The Timken Company 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.[7]: 112  After the war, Great Britain rose to the position of #2 in the global automotive manufacturing market, creating opportunities for the company to expand its European manufacturing presence.[7]: 115–116 

The Timken Company 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]: 117  Expanding into non-automotive markets like agriculture, machine tooling, industrial and rail softened the impact.

During World War II, The Timken Company's 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, the company delivered more than 15.8 million bearings for those vehicles over the course of the war.[7]: 148  Following the war, much of the machinery shipped to Europe under the Marshall Plan was Timken-bearing equipped, helping The Timken Company establish a broader presence in a bearing market where European competitors had dominated.[7]: 157 

By 1960, The Timken Company had operations in the U.S., Canada, Great Britain, France, South Africa, Australia and Brazil.[7]: 252  Timken Research was created in 1966 to establish technological leadership and to help standardize research and development processes across the company.[7]: 278–282 

The Timken Company expanded into new global markets throughout the 1970s and 1980s, establishing a sales operation in Japan in 1974[7]: 429  and opening sales offices in Italy, Korea, Singapore and Venezuela in 1988.[7]: 431  By the late 1990s the company also had a sales presence in Spain, Hong Kong, China and Singapore.

The Timken Company acquired its competitor, The Torrington Company, in 2003 for $840 million, doubling the size of the company and creating the world's third-largest bearing manufacturer at that time.[8]

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.[9] The Timken Company continues to manufacture roller bearings, while Metallus, formerly known as TimkenSteel,[10] produces steel.

The Timken Company entered the linear motion space in 2018 with the acquisition of Rollon, a maker of linear guides, telescopic rails, and linear actuators and systems used in a wide range of industrial and commercial applications.[11] To further expand and strengthen its position in the attractive linear motion space, the company acquired iMS in 2021 and added Nadella's complementary product portfolio in 2023.[12]

In 2023, The Timken Company expanded its Industrial Motion segment with the acquisitions of Des-Case,[13] Rosa Sistemi[14] and Lagersmit.[15] The company also bolstered its engineered bearings portfolio in 2023 with the acquisitions of American Roller Bearing and Engineered Solutions Group (iMECH).[16] Timken acquired CGI, Inc. in 2024,[17] expanding its motion-control platform.

Products

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The Timken Company posted $4.6 billion in sales in 2024 and employs more than 19,000 people globally, operating from 45 countries.[18]

Timken is focused on expanding its tapered roller bearings and growing its offering of industrial bearings and mechanical power transmission products and services.[19] Today the company 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. Timken products are used in a variety of diversified markets including railroading, food and beverage, energy harvesting, marine vessels, mining, agriculture, construction, civil aerospace, defense and commercial vehicles.

In 2023, the company's wheel bearings were used on Ford Motor Company's F-150 Lightning[20] and Philadelphia Gear main reduction gears were installed in the latest generation of United States Navy ships.[21]

References

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  1. ^ "Timken Company Appoints New CEO Lucian Boldea". The Globe and Mail. Tipranks. August 28, 2025. Retrieved September 3, 2025.
  2. ^ "Metallus Inc". Metallus.Inc. Archived from the original on July 8, 2013.[non-primary source needed]
  3. ^ a b c d e f "Timken Reports Fourth-Quarter and Full-Year 2024 Results". Timken Co.[non-primary source needed]
  4. ^ Zacks Equity Research (July 11, 2023). "Here's Why Timken (TKR) is a Strong Growth Stock". Nasdaq. Nasdaq, Inc. Retrieved September 12, 2025.
  5. ^ "Timken Reports Second-Quarter 2025 Results". The Timken Company – Investor Relations. July 30, 2025. Retrieved September 12, 2025.
  6. ^ The Timken Company: Information and Much More from Answers.com
  7. ^ a b c d e f g h i Pruitt, Bettye H. and Jeffrey R. Yost. Timken: From Missouri to Mars – A Century of Leadership in Manufacturing. Harvard Business School Press, 1998.
  8. ^ "Timken Says It Will Acquire Ingersoll-Rand's Bearings Unit". Wall Street Journal. October 17, 2002.
  9. ^ Pritchard, Edd (June 30, 2014). "Canton Repository". Retrieved October 2, 2014.
  10. ^ "TimkenSteel Announces Intent to Change Name to Metallus Inc". investors.metallus.com. Retrieved April 7, 2025.[non-primary source needed]
  11. ^ "Timken Completes Acquisition of Rollon Group". Timken News | Latest News and Updates from The Timken Company. Retrieved April 4, 2025.[non-primary source needed]
  12. ^ "Timken Completes Acquisition of Nadella Group". Timken News | Latest News and Updates from The Timken Company. Retrieved April 4, 2025.[non-primary source needed]
  13. ^ "Timken Acquires Des-Case, Adding Filtration Solutions to Industrial Motion Portfolio". Timken News | Latest News and Updates from The Timken Company. Retrieved April 4, 2025.[non-primary source needed]
  14. ^ "Timken Expands Linear Motion Offerings with Rosa Sistemi Acquisition". Timken News | Latest News and Updates from The Timken Company. Retrieved April 4, 2025.[non-primary source needed]
  15. ^ "Timken Adds Engineered Sealing Solutions to Portfolio with Lagersmit Acquisition". Timken News | Latest News and Updates from The Timken Company. Retrieved April 4, 2025.[non-primary source needed]
  16. ^ "Timken Completes Acquisition of Engineered Solutions Group (iMECH)". Timken News | Latest News and Updates from The Timken Company. Retrieved April 4, 2025.[non-primary source needed]
  17. ^ "Timken Completes Acquisition of CGI, Inc". Timken News | Latest News and Updates from The Timken Company. Retrieved April 7, 2025.[non-primary source needed]
  18. ^ BearingNews (February 6, 2025). "Timken Reports $4.6 Billion Sales in 2024 Sales Amid Market Challenges". BEARING NEWS. Retrieved April 9, 2025.
  19. ^ "2017 Annual Report" (PDF). Archived from the original (PDF) on October 3, 2018. Retrieved October 3, 2018.[non-primary source needed]
  20. ^ "Ford F-150 Lightning Wheel Bearing Supplier Revealed". January 5, 2023. Retrieved April 9, 2025.
  21. ^ "U.S. Navy Chooses Philadelphia Gear for Their Frigate Class Main Reduction Gears | WorkBoat". www.workboat.com. Retrieved April 9, 2025.
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