What changed in this filing

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Item 1. Business

2025-02-20 compared with 2024-02-26 · 30 added, 32 removed, 208 unchanged (23% of the section changed)

As used herein, the term “Timken” or the “Company” refers to The Timken Company and its subsidiaries unless the context otherwise requires.

As used herein, the term “Timken” or the “Company” refers to The Timken Company and its subsidiaries unless the context otherwise dictates.

Timken designs and manages a portfolio of engineered bearings and industrial motion products, and provides related services.

The Company’s growing portfolio features many strong brands, including Timken®, GGB®, Philadelphia Gear®, Cone Drive®, Rollon®, Nadella®, Diamond®, Drives®, Groeneveld®, BEKA®, Des-Case®, Lovejoy® and Lagersmit®.

The Company was founded in 1899 by Henry Timken, who received two patents on the design of a tapered roller bearing.

Timken remains the world's leading authority in tapered roller bearings and has leveraged that expertise to develop a full portfolio of industry-leading engineered bearings and industrial motion products.

Timken remains the world's leading authority on tapered roller bearings and has leveraged that expertise to develop a full portfolio of industry-leading engineered bearings and industrial motion products.

Timken built its reputation as a global leader by applying its knowledge of metallurgy, friction management and industrial motion to increase the reliability and efficiency of its customers' equipment across a diverse range of industries.

Today, the Company's global footprint consists of 142 manufacturing facilities/service centers, 28 technology and engineering centers, and 73 distribution centers and warehouses, supported by a team comprised of more than 19,000 employees.

Today, the Company's global footprint consists of 124 manufacturing facilities and service centers, 28 technology and engineering centers, and 77 distribution centers and warehouses, supported by a team comprised of approximately 19,000 employees.

Timken operates in 45 countries around the globe.

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industrial distribution, renewable energy, automation, automotive original equipment ("OE"), agriculture/turf, rail, aerospace, auto/truck aftermarket, construction, services, metals and mining, heavy truck OE, and marine.

No single customer accounts for 5% or more of total net sales.

No single customer accounts for more than 6% of total net sales.

Timken manufactures and manages global supply chains for multiple product lines including engineered bearings and industrial motion products designed to operate in demanding environments.

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Timken markets among the broadest range of housed or mounted bearings in the industry.

These products deliver durable, heavy-duty components designed to protect spherical, tapered and ball bearings in debris-filled, contaminated or high-moisture environments.

These products include durable, heavy-duty components designed to protect spherical, tapered and ball bearings in debris-filled, contaminated or high-moisture environments.

Common housed unit applications include material handling and processing equipment.

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Industrial Motion Products:

Linear Motion Products.

Linear Motion Solutions.

The Company designs and manufactures a global portfolio of Rollon® and Nadella® engineered linear motion products, including linear guides, telescopic rails, linear actuators, seventh-axis robotic transfer units and gantry systems.

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These gear drive designs are custom made to meet user specifications, offering a wide array of size, footprint and gear arrangements.

Timken also offers Cone Drive® high-torque worm gears, harmonic solutions and precision slew drives.

Timken has one of the broadest and most differentiated precision drives product portfolios in the global automation industry.

These products include Cone Drive® high-torque worm gears, harmonic solutions and precision slew drives.

Cone Drive products can be found in a variety of industrial end-market sectors, including solar, oil and gas, aerial platforms, automation and food and beverage.

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Spinea's solutions primarily serve high precision automation and robotics applications in the factory automation sector.

Lubrication Systems.

The portfolio also features CGI precision drive systems, which serve a broad range of automation markets with a concentration in medical robotics.

Automatic Lubrication Systems.

The Company's Groeneveld® and BEKA® lubrication systems include a wide variety of automatic lubrication delivery devices, oil management systems and safety support systems designed to reduce operational costs for customers while increasing equipment uptime, productivity and safety.

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and aerospace engines and gearboxes.

Services accounted for approximately 4% of the Company’s net sales for the year ended December 31, 2023.

Sales and Distribution:

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Timken primarily competes based on its total value proposition, including product design and performance, application engineering, quality, price, timeliness of delivery, and the ability to provide technical sales and service support on a global basis.

The Company competes with many domestic and foreign manufacturers of anti-friction bearings, including SKF Group and Schaeffler Group, and with a diverse group of domestic and foreign manufacturers of industrial motion products.

The Company competes with a variety of domestic and foreign manufacturers of anti-friction bearings, including SKF Group and Schaeffler Group, and with a diverse group of domestic and foreign manufacturers of industrial motion products.

Joint Ventures:

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Downer's Grove, Fulton and Montgomery, Illinois;

Norton Shores, Rochester Hills and Traverse City, Michigan;

Norton Shores and Traverse City, Michigan;

Springfield, Missouri;

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Morganton, North Carolina;

Carson City, Nevada;

and King of Prussia, Pennsylvania.

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Where appropriate to meet or exceed customer requirements, we are certified under the formal ISO 14001 certification process.

As of the end of 2023, 29 of the Company’s plants had obtained ISO 14001 certification, including the majority of the Company's bearing manufacturing plants.

As of the end of 2024, 28 of the Company’s plants, which includes a majority of the Company's bearing manufacturing plants, had obtained ISO 14001 certification.

The Company establishes appropriate levels of reserves to cover its environmental expenses and has a well-established environmental compliance audit program for its domestic and international units.

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It is difficult to assess the possible effect of compliance with future requirements that differ from existing requirements.

The Company and certain of its U.S.

subsidiaries previously have been and could in the future be identified as potentially responsible parties for investigation and remediation at off-site disposal or recycling facilities under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), known as the Superfund, or state laws similar to CERCLA.

The Company and certain of its subsidiaries have previously been and could in the future be identified as potentially responsible parties for investigation and remediation at off-site disposal or recycling facilities under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), known as the Superfund, or state, foreign, or international laws similar to CERCLA.

In general, such claims for investigation and remediation also have been asserted against numerous other entities.

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and foreign patents, trademarks and licenses relating to certain products.

While Timken regards these as important, it does not deem its business as a whole, or any industry segment, to be materially dependent upon any one item or group of items.

At December 31, 2023, Timken had more than 19,000 employees worldwide.

While Timken regards these as important, it does not deem its business as a whole, or any industry segment, to be materially dependent upon any one item of intellectual property or group of items.

At December 31, 2024, Timken had approximately 19,000 employees worldwide.

Approximately 9% of Timken’s U.S.

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Employee Health and Safety

Employee health and safety remains a top priority for the Company and its commitment to safety starts at the top of the organization.

Chief Executive Officer, Richard Kyle, was the first-ever chair of the Company's Environmental Health and Safety Steering Committee, which was created in 2009 and continues to drive accountability and responsibility for safety throughout the organization .

Employee health and safety remains a top priority for the Company and the Company's Environmental Health and Safety Steering Committee, which was created in 2009, continues to drive accountability and responsibility for safety throughout the organization.

The Company's commitment to the health and safety of its employees is evidenced by its strong safety results in 2024 and 2023 shown in the charts below:

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Bureau of Labor Statistics.

For 2023, the Company's lost time accident rate of 0.37 and recordable rate of 1.10 remained strong.

In 2022, the Company's lost time accident rate of 0.29 outperformed the top quartile of U.S.

metal manufacturers while its recordable rate of 1.06 slightly lagged.

In 2024, the Company improved on 2023 performance with both its lost time accident rate of 0.31 (0.37 in 2023) and its recordable rate of 1.01 (1.10 in 2023).

Attracting, Retaining, and Motivating Highly Qualified Employees

Successful execution of the Company's strategy continues to depend on attracting, retaining, and motivating highly qualified talent.

Successful execution of the Company's strategy depends on attracting, retaining, and motivating highly qualified talent.

The Company provides professional growth and learning opportunities and individualized career development to support these objectives.

The Company thinks it is important to recognize and reward its employees with pay and comprehensive benefits that are competitive and equitable based on the local markets in which it operates.

The Company also believes that having open, honest dialogue with its employees is key to maintaining its strong culture and ethical work practices.

The Company also believes it is important to recognize and reward its employees with pay and comprehensive benefits that are competitive and equitable based on the local markets in which it operates.

The Company believes that having open, honest dialogue with its employees is key to maintaining its strong culture and ethical work practices.

In line with that approach, the Company conducts comprehensive surveys on a periodic basis and individual stay interviews to measure employee engagement.

Exit interviews are conducted with employees who voluntarily terminated their employment, which helps improve management processes.

Exit interviews are also conducted with employees who voluntarily terminate their employment, which helps improve management processes.

The Company deploys pulse surveys to gain insights from employees’ recent experiences and to better understand how effectively it is engaging, energizing and enabling its workforce.

The Company provides several professional development and training opportunities to advance its employees’ skills and expertise.

Some of these opportunities include online-learning platforms, job-specific training, employee development programs, including its operations development program (a training program designed to increase the internal pool of employees who are ready to take on leadership positions), and its educational reimbursement programs.

The Company also provides several professional development and training opportunities to advance our employees’ skills and expertise.

Some of these opportunities include online-learning platforms, job-specific training, our operations development program (a training program designed to increase the internal pool of employees who are ready to take on leadership positions) and our educational reimbursement programs.

The Company has recruited and trained many of its employees through its engineering co-op program, where engineering students have the opportunity to work up to five semesters alongside the Company’s experienced engineers while they complete their bachelor’s degrees.

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To better inform its hiring and employee development efforts, the Company has also partnered with third-party vendors to provide required training for its managers focused on leadership, diversity and inclusion.

To further the Company's diverse and inclusive culture, Timken employee resource groups (“ERGs”) around the world help us understand and address the challenges faced by its diverse workforce and the benefits inclusion offers in advancing its collective knowledge.

The Company's employees continue to drive new programming and chapter expansion across its five primary ERGs:

Women’s International Network (WIN), Multicultural Association of Professionals (MAP), Young Professionals Network (YPN), Veteran Engagement at Timken (VET), and Timken PRIDE Network (TPN).

Additionally, the Company partners with an online platform, Aperian®, to help its employees further their global competency.

To further our Company’s diverse and inclusive culture, Timken employee resource groups (“ERGs”) around the world help us understand and address the challenges and opportunities faced by our diverse workforce and the benefits inclusion offers in advancing our collective knowledge.

Our employees continue to drive new programming and culture acumen development across our six primary ERGs:

Women’s International Network (WIN), Multicultural Association of Professionals (MAP), Young Professionals Network (YPN), Veteran Engagement at Timken (VET), Timken PRIDE Network (TPN), and Celebrating Abilities Network (CAN).

Additionally, we partner with an online platform, Aperian®, to help our employees further their global competency.

Available Information:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business