Detailing Company’s Resilience, Record Results, Commitment to Social Responsibility and Future Growth Opportunities
The Timken Company, a global industrial leader in engineered bearings and power transmission products, has released its 2021 Annual Report, which describes how the company successfully navigated a highly dynamic operating environment to deliver record results. Timken’s 2021 performance reflected both the resilience of its business model and the strong demand for the company’s products and technology.
“Our talent, capabilities, customer-centric innovation and track record of results all contribute to the enduring value of our company,” said Richard G. Kyle, president and chief executive officer. “In 2021, we continued to build on our strong foundation as a high-performing global industrial leader. We invested in our company’s growth, stayed focused on our customers, drove operational excellence and advanced our role as a respected corporate citizen.”
Timken’s annual report details many of the company’s 2021 achievements, including:
- Continued execution against its long-term strategy with investments in its digital platform and advancement of its global footprint.
- Another record year of renewable energy revenue.
- The allocation of $148 million for capital expenditures to grow and further strengthen the business.
- The return of $185 million in cash to shareholders through dividends and share repurchases.
- The eighth consecutive year of higher annual dividends.
- The 12th consecutive year of completing an acquisition, with the addition of iMS to expand its linear motion solutions in industrial robotics.
Moving forward, the company remains committed to advancing its long-term strategy. “To fully capitalize on future opportunities, we must continue to invest in our people, product portfolio, market leadership and our role as a corporate citizen,” said Kyle. “We look to the future with confidence.”