Timken Wins US$26 Million Wind Energy Contract Supplying Goldwind
Timken to provide engineering, advanced bearings, condition monitoring and services for Goldwind platforms in China with broader, global opportunity
CANTON, Ohio, July 28
CANTON, Ohio, July 28 /PRNewswire-FirstCall/ -- The Timken Company (NYSE: TKR) has received a contract worth US$26 million to supply wind turbine products and services to China's Xinjiang Goldwind Science & Technology Company, one of the world's top five wind power equipment manufacturers.
In 2009, Goldwind received new wind power capacity orders for about 2,722 megawatts, accounting for approximately 19.7 percent of the wind generation added in China last year. Goldwind's contract with Timken will support more than 1,500 megawatts of new wind power capacity, with a broad scope that reflects Timken's long-term commitment to develop wind energy technology. It will contribute meaningfully to the company's expansion in the industry, with Timken providing engineering support, advanced bearings that include the new Timken® UltraWind tapered roller bearings and condition-monitoring systems and services for Goldwind's current 1.5-megawatt and 2.5-megawatt platforms. The companies also will collaborate on future wind-turbine developments.
The agreement reinforces Timken's position as a leader in the sector, providing a customer-focused breadth of bearings and gearbox systems for multi-megawatt wind turbines. The company's product offering also includes a full complement of seals, lubrication and online condition monitoring and support services for the life of the equipment.
"The collaboration between our companies brings together two leaders developing advanced technologies for efficient, green power generation," said Leong Fang, president of Timken China. "Combining Timken's century of experience with Goldwind's leading innovation in large-scale wind turbines, we are prepared to serve China's needs for renewable energy, and to promote global development as well."
Christopher Coughlin, president of Timken Process Industries, added, "The opportunity to support Goldwind's leadership on these platforms plays to Timken's strength: engineering sustainable systems for large turbines, from a range of proprietary materials to a breadth of power transmission products and services for the extended life of the equipment."
Coughlin noted the companies have agreed to collaborate further on development programs, including using Timken's advanced engineering design to reduce cycle times for new platforms and incorporating the company's "life cycle" service approach to contribute to sustainable performance and uptime of Goldwind's projects around the world. "We've established wind power manufacturing and service capabilities on three continents, which is important as Goldwind looks to grow globally," he said.
Wu Gang, Chairman and CEO of Goldwind said, "Goldwind maintains its momentum as a leader in the global wind turbine industry, and we are delighted to partner with companies like Timken, which earned this opportunity on its performance during our test period last year. We look forward to working with Timken to expand the rapid development of the wind energy industry in China and abroad."
Timken supplies a broad range of wind-power solutions for the global market including: engineering design, development and testing support; high quality alloy steels; gearbox components and systems; tapered, cylindrical, and spherical roller bearings; seals and lubrication products; online condition-monitoring; and global field services and technical support.
The company recently began producing ultra-large bore bearings for wind turbines in Xiangtan, Hunan Province, and retooled and expanded its U.S. facilities in Asheboro, N.C. and Tyger River, S.C. to serve customers in the industry. This is in addition to Timken's existing wind-bearing production in Wuxi, China; Chennai, India; and Ploiesti, Romania. The company also provides clean Timken® steel from its facilities in Canton, Ohio, for its own production and for various wind-energy components for other customers.
More information about the company's wind energy capabilities is available at:
The Timken Company (NYSE: TKR) (http://www.timken.com) keeps the world turning with innovative friction management and power transmission products and services, enabling its customers' machinery to perform more efficiently and reliably. With sales of $3.1 billion in 2009, operations in 27 countries/territories and approximately 17,000 employees, Timken is Where You Turn® for better performance.
Media Contact: Lorrie Paul Crum, Manager – Global Media and Strategic Communications, Telephone: (330) 471-3514, Mobile: (330) 224-5021, firstname.lastname@example.org
Investor Contact: Steve Tschiegg, Director – Capital Markets and Investor Relations, Telephone: (330) 471-7446, email@example.com