Timken to invest $70 million to expand renewable energy capabilities
May 10, 2023
This investment is on top of the $75 million commitment Timken made last December to improve its wind and solar capacity.
Timken plans to invest $70 million to expand its manufacturing capabilities and its wind energy solutions. This investment is on top of the $75 million commitment Timken made last December to improve its wind and solar capacity. This investment will be used on automated manufacturing equipment which Timken claims will result in increased production capacity of engineered bearings for wind turbines.
In a recent quote, Richard G. Kyle, Timken president and chief executive officer, said, "We continue to see tremendous demand for our renewable energy solutions, especially in wind. In response, we've developed a focused and highly effective network of engineering and innovation centers and manufacturing facilities to serve our global renewable energy customers. This additional investment will specifically enhance our ability to support the rapid growth we're seeing in the wind energy sector as the world continues its transition to renewable energy sources."
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