NORTH CANTON, Ohio, March 22, 2021 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, recently released its 2020 Annual Report. It details how the company delivered strong financial performance and continued to advance its strategy despite the COVID-19 pandemic. Throughout 2020, Timken continued to serve its customers, keeping essential industries moving while protecting the company's global team of employees and other stakeholders.
"Timken performed extremely well in extraordinary times and our strategy, now tested by a historic global crisis, proved equal to the challenge," said Richard G. Kyle, president and chief executive officer. "These results would not have been possible without the dedication of our employees and their focused, disciplined execution of our strategy. As we move into a new decade in our company history, we are well-positioned to engineer the future of industrial motion and deliver strong returns for our shareholders."
The annual report documents how Timken has evolved in recent years to perform through industrial cycles and details many of the company's 2020 achievements, which include:
- The advancement of the company's long-term strategic goal to expand its engineered bearings and power transmission portfolio and diverse end-market mix.
- The acquisition of Aurora Bearing Company assets, and continued progress integrating the Diamond Chain and BEKA Lubrication Systems acquisitions completed in 2019.
- A more than 50 percent increase in renewable energy revenue, making it the company's single largest end-market sector, representing 12 percent of 2020 full-year sales.
- The allocation of $122 million for capital expenditures, focusing on growth and continuous-improvement initiatives.
- Strong cash flow that enabled the company to return $136 million to shareholders through share repurchases and dividends.
- The seventh consecutive year of annual dividend increases.
While some pandemic-related uncertainty remains, Timken is well-positioned to capitalize on strengthening markets and plans to deliver record levels of revenue and earnings while continuing to invest in the business for success beyond 2021.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission 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 $3.5 billion in sales in 2020 and employs more than 17,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere and America's Best Employers by Forbes.
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SOURCE The Timken Company