COMPANY PROFILE -Timken Company
Business Sector :Manufacturing, Engineered Bearings and Power Transmission Products
Operating Geography :United States, North America, Global
About Timken Company :Timken Company is an American multinational corporation headquartered in North Canton, Ohio, United States. It was founded in 1899 by Henry Timken, a carriage maker who designed a tapered roller bearing to solve load issues that carriage makers were facing. The roller bearing was found to improve performance in many other sectors as well. By the 1920s Timken became the bearing supplier to almost 80% of the American cars and started moving to other industries as well. With the help of technological advancements and automation, Timken has been able to scale up production and has been able to keep up with global demands. Some of the diversified sectors where Timken's clients are available are – Food and Beverages, which require the use of bearings in harsh environments along with meeting the requirements of safety regulations and in Railways, which require reliable bearings to manage the changes in loads and speed, alongside offering longevity to the components.
The Timken Company’s unique selling proposition or USP lies in being a global industrial leader with a growing portfolio of engineered bearings and power transmission product brands riding high on the wave of a century’s knowledge and innovation. Timken’s mission statement is to “Use its knowledge to make the world’s industries work better.” Timken’s vision statement is to “Be the global leader in bearings and mechanical power transmission, continually improving performance, reliability and efficiency.”
Timken Company Revenue :
$3.5 billion - FY ended Dec 2020 (year-on-year decline by 7.3%)
$3.8 billion - FY ended Dec 2019
Competitive Analysis of Timken Company
|1. Harnessing customers from multiple business domains|
2. Strong Acquisition strategies to consolidate positions.
3. Strong growth in the Asian market
4. Second largest producer of industrial automatic lubrication systems
5. Strong R&D team that drive constant innovations
|1. High dependence on developed markets which could prevent expansion to other markets
2. Aggressive Acquisition strategy resulting in increased leverage
|1. Expansion in the food and beverage sector|
2. Expansion of manufacturing units in Latin America
3. Improvement in workplace safety as compared to other heavy manufacturing industries
4. Environmental sustainability with adoption of green practices
|1. Global political and regulatory changes will impact operations
2. Highly competitive global bearing industry
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Detailed SWOT Analysis of Timken Company
1. Harnessing customers from multiple business domains: The roller bearing has found its use in multiple segments leading to Timken diversifying its client mix. Some of the segments apart from Railways, that the company has clients in are – Food and Beverage, Industrial Equipment and Machinery, Agricultural equipment, Mining, Metals, Construction, Civil Aerospace and Defence. Timken Company has been able to upgrade its product mix and has made its products resilient to heat and other extreme working conditions such as sudden change in load or speed. There are stronger regulations in the food and agricultural segments, something which has been taken care of by the company as well. The use of bearings in defence and aerospace requires the products to be low on maintenance as well be free from wear and tear. Timken Company has been able to rise up to these challenges and such advantages make Timken products the go-to products for such segments.
2. Strong Acquisition strategies to consolidate positions: The Timken Company has a strong acquisition strategy which helps strengthen its expertise and reputation as well as consolidate positions in the geographies that it operates in. In December 2020, the company acquired Aurora Bearing Co., which is a manufacturer of rod ends and spherical plain bearings, thus helping Timken expand its product line. In November 2019, the company acquired BEKA Lubrication, which is a global supplier of automatic lubrication systems. This acquisition made Timken the world’s second largest producer of automatic lubrication systems. In April 2019, the company acquired The Diamond Chain Company, which is a global supplier of high-performance industrial roller chains. This acquisition helped strengthen the company’s distribution channels and expand the product mix. It also helps add manufacturing capabilities in the Asian market as well as consolidate its position amongst the food and beverage, agriculture and construction segments.
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References used in Timken Company Analysis Report
1. Timken Acquires Aurora Bearing Co.- https://news.timken.com/2020-12-01-Timken-Acquires-Aurora-Bearing-Co
2. Timken Completes Acquisition of BEKA Lubrication - https://news.timken.com/2019-11-01-Timken-Completes-Acquisition-of-BEKA-Lubrication
3. Timken Acquires The Diamond Chain Company, Expanding Its Leadership in Engineered Industrial Chain - https://news.timken.com/2019-04-01-Timken-Acquires-The-Diamond-Chain-Company-Expanding-Its-Leadership-in-Engineered-Industrial-Chain
4. Timken Expands Manufacturing Footprint in the Americas - https://news.timken.com/2020-12-18-Timken-Expands-Manufacturing-Footprint-in-the-Americas
5. Corporate Social Responsibility Report 2019 - https://www.timken.com/wp-content/uploads/2020/10/TKR-2020-CSR-Report_Final_Pages.pdf
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Timken Company SWOT & PESTLE Analysis - SWOT & PESTLE.COM
SWOT & PESTLE.com (2021). Timken Company SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/timken/ [Accessed 21 Apr, 2021].
In-text: (SWOT & PESTLE.com, 2021)
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Timken Company SWOT and PESTLE analysis has been conducted by Nishant Banka and reviewed by senior analysts from Barakaat Consulting.