SHANGHAI, April 18, 2024 /PRNewswire/ -- Timken (NYSE: TKR;), a global leader in engineering bearings and industrial transmission products, has been selected by Fortune magazine's “America's Most Innovative Companies” list for the second year in a row.
Richard G. Kyle, President and CEO of Timken, said, “For 125 years, Timken has been working side by side with customers in all industries to create solutions to the most challenging problems. We have a world-class team dedicated to designing and developing innovative products to help keep the world running, achieving key applications from aerospace exploration to renewable energy to robotics. We are honored to partner with leading global companies, including several Fortune magazine listed companies.”
“Fortune” magazine and market and consumer data provider Statista evaluated the company based on employee survey results and expert opinions in various fields. The selection criteria for companies on this year's list include product innovation, process innovation, and innovation culture. The number and value of the company's patents are also taken into account.
This is the second time this year that Timken has received recognition for innovation. As early as March 19, Timken was selected by “Fast Company” magazine's list of the world's most innovative companies. Timken's expertise and 125 years of cross-industry experience and depth of knowledge are second to none in the industry. Timken invests significant time and resources to improve its expertise in friction management, materials science, and mechanical transmission. The company continues to explore new opportunities and technologies, including emerging trends in digital manufacturing, high performance modeling, heat treatment technology, and advanced lubrication science.
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 sales of US$4.8 billion in 2023 and has more than 19,000 employees in 45 countries and regions 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 3,100 employees, offices at various levels in 14 major cities, and has established 5 bearing manufacturing bases and 4 industrial transmission product manufacturing bases, as well as 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.