The Timken Company (NYSE: TKR) has been honored with a Supplier Quality Award by Renault, a leading European auto manufacturer. One of only three companies to receive the award, Timken was selected from among more than 600 Renault parts suppliers worldwide.
The award acknowledges Timken's excellent results in incoming quality and performance in customer satisfaction.
Timken first became a Renault supplier in 2003 and has rapidly increased its business with the automaker since then. Today, Timken supplies Renault with roller finger followers for engine valvetrains and bearings for gearboxes and wheel ends. This is the first year Renault has given this award to suppliers.
"Timken is dedicated to customer service and performance, and we are honored to receive the Supplier Quality Award," said Bob Logston, vice president of Timken's Automotive Group in Europe. "Renault is a valued customer, and we appreciate their decision to recognize us for contributing to their business success."
The Renault Supplier Quality Award is based on several factors, including parts-per-million quality levels, response to customer needs and responsiveness in case of quality crisis. Other considerations taken into account by Renault include suppliers' global presence, size and strategic fit with the objectives of Renault's purchasing organization.
In addition to Timken, Renault also recognized two Germany-based companies with Supplier Quality Awards: Siemens VDO, a provider of automotive electronics and mechatronics, and Mahle, an engine component supplier.
About Renault
Renault is an international automaker that has acquired a global reach through its alliance with Nissan and acquisitions of Romanian car manufacturer, Dacia, and South Korea's Samsung Motors. Renault pursues a strategy of profitable and responsible growth with its innovative, quality range of vehicles and services. For nearly 50 years, Renault has made safety a pillar of its strategy. Today it boasts the safest line-up in Europe - it has eight cars with five stars in Euro NCAP crash tests. Worldwide, Renault employs 126,600 people. It sold 2,533,000 vehicles in 2005, recording revenues of 41.3 billion euros and a net income of 3.36 billion euros.
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