Timken Releases CSR Report, Celebrating 125 Years as Strong Corporate Citizen
NORTH CANTON, Ohio, Aug. 29, 2024 /PRNewswire/ -- The Timken Company (NYSE:TKR, www.timken.com))), a global technology leader in engineered bearings and industrial motion, today issued its corporate social responsibility (CSR) report, providing an update on the company's actions to improve the lives of individuals and communities, benefit the planet and strengthen its business.
"Our deep experience and specialized expertise provide us with a unique perspective and ability to navigate a rapidly changing world together," said Richard G. Kyle, Timken president and CEO. "As we look to the future, our founder Henry Timken's vision of making the world move more efficiently and sustainably remains at the core of our strategy and our approach to CSR."
The report highlights the company's progress towards its target to reduce aggregate Scope 1 and Scope 2 greenhouse gas (GHG) emissions intensity by 50 percent by 2030. Timken increased capital investments from 2022 to 2023 to fund projects aimed at increasing efficiency and reducing emissions in its plants, including on-site renewable energy sources. From its 2018 baseline year through year-end 2023, Timken decreased emissions intensity by about 40 percent.
As one of the leading suppliers to some of the world's most notable wind and solar projects, the company contributes to the global shift to renewable-energy production. Timken's focus on sustainable processes and products to serve a wide and growing list of industries helped it earn recognition from Fast Company as one of the World's Most Innovative Companies.
In the latest CSR report, Timken announced the launch of a global STEM education partnership with FIRST® (For Inspiration and Recognition of Science and Technology). The FIRST partnership is part of an increased annual investment of $1.25 million for STEM programing in celebration of the company's 125-year legacy of leadership and innovation. Timken will support multiple global programs for FIRST, whose mission is to inspire and engage young people in mentor-based programming. Timken employees will have the opportunity to volunteer, share their skills as mentors and help prepare youth to participate in FIRST robotics competitions.
"This partnership will allow us to expand our programming for underserved youth and help increase female participation in STEM," said Mark Giordono, vice president of development and alumni relations, FIRST. "While more than 81 percent of FIRST alumni declare majors in STEM by their fourth year of college, we know that FIRST experience enables a variety of post high school education, employment, enlistment, and entrepreneurial opportunities. Thanks to Timken's support, we can help prepare even more young people today for the world of tomorrow."
Along with additional information on the FIRST partnership and other educational initiatives, Timken shares in the report how it's advancing a culture that helps employees grow as professionals and thrive as individuals. The company's focus on continuous growth and career-development opportunities resulted in it being named one of America's Greatest Workplaces by Newsweek and one of the Best Companies to Work For by U.S. News & World Report.
About The Timken Company
The Timken Company (NYSE:TKR, www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. The company posted $4.8 billion in sales in 2023 and employs more than 19,000 people globally, operating from 45 countries. Timken is one of the World's Most Innovative Companies according to Fast Company, and has been recognized among America's Most Responsible Companies, America's Greatest Workplaces and America's Greatest Workplaces for Diversity by Newsweek, Best Companies to Work For by U.S. News & World Report, the World's Most Ethical Companies® by Ethisphere and America's Most Innovative Companies by Fortune.
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SOURCE The Timken Company