Timken announced an agreement with Chinese heavy equipment manufacturer Xiangtan Electric Manufacturing Company to establish a joint venture in China to manufacture bore bearings for main rotor shafts of multi-megawatt wind turbines for the Chinese wind energy market.
The joint venture is expected to contribute to China's goal of generating 30 million kilowatts of power from wind energy systems by 2020, providing a renewable energy source for China's rapidly expanding economy. The joint venture will build a new US$38 million facility in Xiangtan, located in China's Hunan province, to collaborate on the manufacture of main-shaft bearings for wind turbines. Timken and XEMC expect to employ more than 110 people in the joint venture. Construction of the new facility is scheduled to begin in 2008.
The agreement was unveiled in Beijing at a ceremony attended by China's Ministry of Commerce Vice-Minister, Jiang Zeng Wei, and U.S. Secretary of Commerce Carlos M. Gutierrez, who is visiting China to encourage bilateral trade and investment that will strengthen the U.S. and Chinese economies.
"Timken's partnership in China will provide $100 million in exports, while also helping China expand alternative energy, wind power, which helps the planet," said U.S. Secretary of Commerce Carlos M. Gutierrez.
In addition to Timken's participation in the wind energy industry, the company has developed a wide range of products that contribute to sustainability by improving the operating efficiency and power density of diverse types of machinery.
