NORTH CANTON, Ohio,
March 22, 2016 /PRNewswire/ -- The
Timken Company (NYSE: TKR; www.timken.com) released its 2015 Annual
Report to shareholders and announced its 2016 Annual Meeting will
be held on May 10. As reported, the
company achieved solid performance for the year, successfully
navigating market headwinds while setting sights on future
growth.
"We operated The Timken Company with great intensity in 2015,
driving efficiencies, reducing costs, protecting margins and
generating strong cash flow, all while competing to win our
customers' bearings and power transmission business," wrote
Richard G. Kyle, president and CEO,
in his letter to shareholders. "We will remember the year as a
challenging one, but also as one that validated our strategy and
proved our many strengths."
Kyle noted that the company removed more than $60 million in costs, produced strong free cash
flow and delivered double-digit operating margins. It also
acquired the Carlisle®
belts product line, expanding the Timken portfolio into a new power
transmission product category, and invested in organic growth
initiatives.
"Through continued investment in DeltaX, our multi-year global
initiative to fuel organic growth in bearings, we are accelerating
our product development rate, expanding our best-in-class technical
sales model and increasing global market penetration," said
Kyle.
To view the Timken 2015 Annual Report and 2016 Proxy Statement,
which contains more information about the company's Annual Meeting,
visit www.timken.com/investors.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers,
manufactures and markets bearings, gear drives, belts, chain and
related products, and offers a spectrum of powertrain rebuild and
repair services. The leading authority on tapered roller bearings,
Timken today applies its deep knowledge of metallurgy, tribology
and mechanical power transmission across a variety of bearings and
related systems to improve reliability and efficiency of machinery
and equipment all around the world. The company's growing product
and services portfolio features many strong industrial brands
including Timken®, Fafnir®, Philadelphia
Gear®, Carlisle®, Drives® and
Interlube™. Known for its quality products and
collaborative technical sales model, Timken posted $2.9 billion in sales in 2015. With more
than 14,000 employees operating from 28 countries, Timken makes the
world more productive and keeps industry in motion.
Media Relations:
234.262.3514
mediarelations@timken.com
Investor Relations:
Shelly
Chadwick, Vice President – Treasury & Investor
Relations
234.262.3223
shelly.chadwick@timken.com
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SOURCE The Timken Company