The global leader in the engineering bearings and industrial transmission products industry, Timken Corporation, recently announced an additional $70 million investment to further expand manufacturing capabilities to support the growing demand for wind energy solutions. The company has previously announced an investment of $75 million to enhance the capacity of wind and solar equipment products. With the addition of new investments, Timken has committed a total of $145 million since 2020 to expand its renewable energy production capacity in Europe and Asia.
The market demand for our renewable energy solutions continues to rise, especially for wind energy. In response, we utilize a centralized and efficient network of engineering and innovation centers and manufacturing factories in various regions to focus on serving global renewable energy customers. This additional investment will greatly enhance our ability to support the rapidly growing wind energy industry, thereby driving the world's continued transition towards renewable energy.
Richard G. Kyle
President and CEO of Timken Corporation
The additional $70 million investment includes automation and advanced manufacturing equipment to help increase the production capacity of wind turbine bearings. As an important partner of major wind turbine manufacturers around the world, Timken has developed innovative wind turbine bearing designs that can significantly reduce wear and prolong the service life of components. Timken Company is not satisfied with the core professional field of engineering bearings, but continues to enrich its product lineup through innovation and strategic acquisitions, supplementing products and services including automatic lubrication systems, couplings and power transmission devices, as well as maintenance and repair services. Renewable energy is Timken's largest single terminal segment market, accounting for over 10% of the company's total sales in 2022.
Mr. Kyle said, "Timken will continue to increase investment in the technology sector to support the production and maintenance of larger, more efficient, and more powerful wind turbines. We are very proud to make significant contributions to the development of renewable energy globally