NORTH
CANTON, Ohio, Sept. 28,
2023 /PRNewswire/ -- The Timken Company (NYSE: TKR;
www.timken.com), a global leader in engineered bearings and
industrial motion products, today issued its annual corporate
social responsibility (CSR) report, which features an update on
progress towards its 2030 environmental emissions target. The
report also details Timken's efforts to improve the lives of
individuals and communities and build a more efficient and
resilient world.
"As we advance our corporate social responsibility programs, it
is increasingly evident how interconnected they are,"
said Richard G. Kyle, Timken president and CEO. "From our
global operations to the communities where we live and work, we are
pursuing a sustainable CSR strategy with long-term impact. At
Timken, we continually focus on improving our operations. And, with
our customers, we are continuously innovating to deliver more
efficient and sustainable products — including for the renewable
energy industry, our largest end-market sector."
Announced in 2022 and measured against a 2018 baseline, Timken's
environmental emissions target is to reduce aggregate Scope 1 and 2
greenhouse gas emissions intensity by 50 percent by
2030i. This includes direct emissions intensity from its
operations, and indirect emissions intensity from purchased energy.
As of the end of 2022, the company had achieved a decrease of
nearly 25 percent from its 2018 baseline. Helping to drive down
emissions intensity, Timken used 10x more energy from renewable
sources in its global operations last year than it did in 2018.
Through the use of on-site solar arrays and purchase power
agreements, the company expects to double its renewable energy use
over the next three to five years.
Meanwhile, Timken's Sustainable Engineering Process guides how
the company creates and evaluates product sustainability across its
portfolio and how it innovates with customers to advance everyone's
CSR objectives. The process also helps the company identify
opportunities to target additional improvements and progress across
its portfolio.
In addition, Timken is investing in strategic partnerships and
STEM education, increasing the impact the company makes in
developing the next generation of diverse engineering talent.
Timken is focused on strengthening the skills and broadening the
perspectives of its current and future workforce and
next-generation leaders. The company provides employees with the
necessary support to thrive and become leaders who understand the
needs and desires of the global workforce of today and
tomorrow.
Reflective of its unwavering commitment to ethics, integrity and
good corporate governance, Timken has been honored 12 times,
including this year, by Ethisphere as one of the World's Most
Ethical Companies. For the last three years, Newsweek has named
Timken one of America's Most Responsible Companies.
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.
Safe Harbor
Certain statements in this release
(including statements regarding the company's beliefs, estimates,
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 Timken's environmental sustainability plans,
developments, targets, goals and, expectations are forward-looking.
Timken cautions that actual results may differ materially from
those projected or implied in forward-looking statements due to a
variety of important factors, including those 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 December 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
i See the 2022 CSR report for additional details
on the 2030 environmental emissions target
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SOURCE The Timken Company