Timken's Extensive Food & Beverage Portfolio Experiencing Strong Customer Demand
Achieved sales CAGR of 30+ percent over last five years; well-positioned for additional growth
NORTH CANTON, Ohio, June 20, 2023 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, is experiencing strong demand for the broad range of application-proven products and services it offers the food and beverage industry. Timken has built a comprehensive food and beverage portfolio through both organic and inorganic growth, including its 2022 addition of GGB Bearings, and achieved a total sales compound annual growth rate of more than 30 percent in the market-sector over the last five years. The company expects an expanding global footprint, new product line launches and growing demand for food worldwide to drive additional growth in the coming years.
"Timken's growth in food and beverage is a great example of how we're combining the power of our core bearing business with our industrial motion capabilities to extend our value proposition and increase scale in growing markets," said Andreas Roellgen, executive vice president and president of Engineered Bearings. "Our engineers work hand-in-hand with manufacturers and end users to help solve food and beverage processing equipment challenges to improve food safety, hygiene, reliability and efficiency."
As part of Timken's growth strategy, the company is leveraging its decades-long relationships with manufacturers to design some of the safest, most durable and reliable products in the food and beverage industry. In the aftermarket, Timken's premium value proposition resonates in an industry where equipment failure and downtime can be catastrophic. Most industrial motion and bearing positions in a food-processing plant have short replacement cycles and can be converted to Timken products. In addition, the market for food and beverage processing equipment is estimated to increase from $64.6 billion this year to $84.9 billion by 2028.1
Timken offers a wide range of highly engineered bearings to improve uptime and food safety, including the recently introduced Timken® IP69K Hygienic Mounted Ball Bearing product line. Industrial motion capabilities include Groeneveld-BEKA automatic lubrication systems, Cone Drive® hygienic IP69K-rated stainless steel gear drives, Lovejoy® stainless couplings, Diamond® and Drives® stainless chain and Rollon® and Nadella® linear guides, telescopic rails and actuators. All these solutions play a critical role in increasing the world's capacity to produce food and address nutritional disparities around the globe. More information about Timken's complete food and beverage line is available here.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, America's Most Innovative Companies by Fortune and America's Best Large Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company's future financial performance, future demand for its products, and plans for product launches are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the company's ability to respond to the changes in its end markets that could affect demand for the company's products or services; unanticipated changes in business relationships with customers or their purchases from the company; weakness in global or regional economic conditions and capital markets; and the company's ability to complete and achieve the benefits of announced plans, programs, initiatives, acquisitions and capital investments. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2022, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
1 SOURCE: https://www.marketsandmarkets.com/ResearchInsight/food-processing-equipment-market.asp
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SOURCE The Timken Company
