North Canton, Ohio-based bearings manufacturer Timken is investing another $70 million in renewable energy capabilities, the company announced May 9.
The new $70 million investment will go towards expanding Timken’s manufacturing capabilities to support increased demand for its wind energy solutions, according to a news release. This adds to the $75 million Timken committed in late 2020 to strengthen both its wind and solar capabilities.
“We continue to see tremendous demand for our renewable energy solutions, especially in wind,” Timken President and CEO Richard Kyle said in the release. “In response, we’ve developed a focused and highly effective network of engineering and innovation centers and manufacturing facilities to serve our global renewable energy customers. This additional investment will specifically enhance our ability to support the rapid growth we’re seeing in the wind energy sector as the world continues its transition to renewable energy sources.”
The additional $70 million investment includes automated manufacturing equipment, which will increase production capacity of engineered bearings for wind turbines, according to the release.
“Timken will continue investing in our technologies to help produce and maintain larger, more efficient and more powerful wind turbines,” Kyle said. “We’re proud to be a key contributor to advancing renewable energy sources on a global scale.”
Renewable energy is Timken’s single-largest end-market sector, representing more than 10% of the company’s total sales in 2022, the release said.