Being a good corporate citizen isn’t something new to The Timken Company (NYSE:TKR), but having a report in one place which details how Timken earns the trust of its stakeholders marks a new milestone in the company’s long tradition of active citizenship.
“We know that global citizenship touches every aspect of our business and underscores the policies and practices for which we hold ourselves accountable," said Chairman Ward J. “Tim” Timken, Jr. “By continuing to grow our enterprise in ways that build sustainable value, we help to fulfill our responsibility to our associates, customers, and all business interests, including our communities and the environment.”
Published online on the company’s website on April 22nd to commemorate Earth Day, the report reflects Timken's strategies and goals, while also highlighting achievements during 2008 in a number of areas, including:
Recycling of 1.7 million tons of scrap metal, or the equivalent of 1.35 million automobiles;
Production of "green" products, such as fuel-efficient bearings, which have the potential to lower U.S. oil consumption by 14 million barrels a year;
Recycling of 21,000 tons of electric furnace dust to keep it from going to landfills;
Increased capacity and visibility of energy products, including new wind power capacity;
100 percent sign-off on ethics policy by 8,500 global salaried associates;
Significant reduction in lost-time accidents over the past five years;
Encouraged associate wellness through Active For Life program, in which 2,000 associates at 18 locations actively participated;
Support of local communities through volunteer activities and global corporate giving to nonprofit organizations.
The 2008 Timken Global Citizenship Report is available for download at www.timken.com.
About The Timken Company
The Timken Company keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers’ machinery to perform more efficiently and reliably. With sales of $5.7 billion in 2008, operations in 26 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
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