Timken launches more than $75 million investment plan for wind and solar markets

Timken, a global leader in bearing and power transmission products, announced a few days ago that from now until the beginning of 2022, it will invest more than 75 million U.S. dollars to enhance the capabilities of renewable energy products in the global production capacity layout.

“This year is a year when we have made a major breakthrough in the renewable energy market. Through innovation and acquisitions in the past few years, we have become a leading supplier and technology partner in the wind and solar fields, and this position has brought us a record Sales and a steady stream of business opportunities.” Timken President and CEO Richard G. Kyle said, “The latest round of investment announced today shows that we are confident in the future growth of the wind and solar business because the world The transition to renewable energy will continue.”

In order to serve customers in the global renewable energy industry, Timken has built a strong service network consisting of engineering and innovation centers and manufacturing bases in the United States, Europe and Asia. The US$75 million investment announced this time will be used to:

●Continue to expand the manufacturing base in Xiangtan, China. The plant is technologically advanced and has obtained LEED certification and mainly produces fan bearings.

●Further expand the production capacity of the Wuxi manufacturing base in China and the Ploiesti manufacturing base in Romania. The products of these two manufacturing bases also include fan bearings.

●Integrate multiple factories in Jiangyin, China to form a new large-scale factory area to further expand production capacity, broaden product range and improve production efficiency. The base mainly produces precision transmissions that serve the solar market.

●All the above investment projects will introduce advanced automation and manufacturing technology.

Timken’s wind power product portfolio includes engineered bearings, lubrication systems, couplings and other products. Timken has been deeply involved in the wind energy market for more than 10 years and is currently an important partner in the design and manufacturing of many leading wind turbine and drive device manufacturers in the world.

Timken acquired Cone Drive in 2018, thereby establishing its leading position in the solar industry. Timken develops and manufactures precision motion control products to provide solar tracking system transmission solutions for photovoltaic (PV) and solar thermal (CSP) applications.

Mr. Kyle pointed out: “Timken’s world-renowned ability is to help customers deal with the most difficult friction management and power transmission challenges, including our advanced engineering and manufacturing technology to help produce the world’s most efficient and reliable wind turbines and solar energy. System. Through continuous investment and technological advancement, Timken will help the renewable energy industry improve efficiency and reduce costs, thereby promoting the development of the solar and wind energy industries.”