SHANGHAI, March 25, 2024 /PRNewswire/ -- Timken (NYSE: TKR;), a global leader in engineering bearings and industrial transmission products, was named one of the “World's Most Innovative Companies” in 2024 by the world-renowned business magazine “Fast Company”. In addition to the top 50 companies overall, the magazine also recognized 606 organizations from 58 industries and regions, with Timken ranked in the manufacturing category.
Richard G. Kyle, President and CEO of Timken, said: “Throughout our history, we have been creating complex engineering solutions for applications in various industries — whether in aviation and rail, or in space exploration and robotics. For 125 years, Timken has been known for its customer-centric industrial innovation. Today, our engineering expertise is more important than ever. We are proud to share this recognition with other innovative companies, and this honor will also be a great encouragement as we remain focused on providing sustainable engineering solutions for future generations.”
The editors and authors of “Fast Company” select companies applying for inclusion in the annual list based on four criteria: innovation, impact, timing, and relevance. Featured stories about Timken and other accredited companies were published in the March/April print edition of “Fast Company” magazine and its official website.
The magazine recognized Timken's innovation in the field of renewable energy, which is Timken's largest terminal market. Specifically, Timken showed “Fast Company” magazine how to partner with customers to develop innovative dual-bearing solutions for the world's largest fan spindles. Timken has also developed a new type of alloy bearing steel made from 100% recycled materials, and has innovated a heat treatment process with electromagnetic induction heating to replace traditional heat treatment furnaces for heat treatment of large components. Ultimately, Timken uses sustainable processes to make sustainable products and contribute to a sustainable industry. The first fans with this comprehensive solution were put into use in 2023.
Members of Timken's technical, R&D, application engineering, and product management teams all participated in the development of innovative results and received this honor. Timken is a trusted partner and market leader in application engineering, serving many industries and customers around the world.
About Timken
The Timken Company (NYSE: TKR;) designs engineered bearings and industrial transmission products, and continues to expand its product line. With more than a century of innovation and knowledge accumulation, we continue to improve the reliability and efficiency of global machinery and equipment, and drive world progress. Timken has 2023 sales of $4.8 billion and has more than 19,000 employees in 45 countries around the world. Timken was named by “Fast Company” as one of the most innovative companies in the world, and Timken won titles such as “Newsweek” as America's Most Responsible Company and One of America's Best Diverse Workplaces, the World's Most Ethical Company by Ethical Village Association, and America's Most Innovative Company by “Fortune”.
Timken's Greater China headquarters is located in Shanghai, China, and provides engineering bearings and industrial transmission products for many industrial industries such as energy, automation, aviation, railways, automobiles, metallurgy, mining, cement, and machine tools. In Greater China, the company has more than 3,800 employees, offices at various levels in 14 major cities, and has established 5 bearing manufacturing bases, 4 manufacturing bases for industrial transmission products, 1 industrial service center and multiple logistics and engineering technology centers. Timken is committed to creating value and actively participating in the construction and sustainability of its communities to shape a better world.