Timken's Extensive Food Beverage Portfolio Experiencing Strong Customer Demand
The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, is experiencing strong demand for the broad range of application-proven products and services it offers the food and beverage industry. Timken has built a comprehensive food and beverage portfolio through both organic and inorganic growth, including its 2022 addition of GGB Bearings, and achieved a total sales compound annual growth rate of more than 30 percent in the market-sector over the last five years. The company expects an expanding global footprint, new product line launches and growing demand for food worldwide to drive additional growth in the coming years.
"Timken's growth in food and beverage is a great example of how we're combining the power of our core bearing business with our industrial motion capabilities to extend our value proposition and increase scale in growing markets," said Andreas Roellgen, executive vice president and president of Engineered Bearings. "Our engineers work hand-in-hand with manufacturers and end users to help solve food and beverage processing equipment challenges to improve food safety, hygiene, reliability and efficiency."
As part of Timken's growth strategy, the company is leveraging its decades-long relationships with manufacturers to design some of the safest, most durable and reliable products in the food and beverage industry. In the aftermarket, Timken's premium value proposition resonates in an industry where equipment failure and downtime can be catastrophic. Most industrial motion and bearing positions in a food-processing plant have short replacement cycles and can be converted to Timken products. In addition, the market for food and beverage processing equipment is estimated to increase from $64.6 billion this year to $84.9 billion by 2028.
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