2023-05-09 11:51:03 ET
Timken ( NYSE: TKR ) plans to spend $70 million to expand its manufacturing capabilities amid higher demand for its wind-energy products, the company said.
The capital expenditure is in addition to a previously announced $75 million investment to make products for the renewable energy industry.
"We continue to see tremendous demand for our renewable energy solutions, especially in wind," Richard G. Kyle, Timken ( TKR ) president and CEO, said in a statement. "This additional investment will specifically enhance our ability to support the rapid growth we're seeing in the wind energy sector as the world continues its transition to renewable energy sources."
Timken's ( TKR ) products include engineered bearings to reduce friction in machinery and motion-control devices for automated equipment.
The company last week reported Q1 revenue and earnings that beat the average estimates of Wall Street analysts.
Timken's stock ( TKR ) rose 26% in the 12 months through May 8.
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Timken invests $70 million to make more wind-energy products