Goldwind and Timken Sign Memorandum of Collaboration Advancing Wind Energy

Companies agree to work together on engineering, development, products and services for new projects and aftermarket

News provided by

May 23, 2011, 09:04 ET

CANTON, Ohio, May 23, 2011 /PRNewswire/ -- The Timken Company (NYSE: TKR) and Xinjiang Goldwind Science & Technology Co., Ltd. (Goldwind: SZ stock code: 002202; HK stock code: 2208) today signed a memorandum of long-term strategic collaboration in the United States to cooperate on a range of technical services, products and aftermarket support for the development, supply and maintenance of advanced wind turbine components and systems.

(Photo: http://photos.prnewswire.com/prnh/20110523/CL06667 )

(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO )

This memorandum's three-year term extends and broadens the existing relationship between the two companies, with opportunity to multiply significantly their current collaboration. To support these efforts, Timken will develop additional capacity in China and at its other facilities focused on wind energy technology to support Goldwind's expansion globally.

The memorandum reflects the highest level of collaboration between the companies, including the following Timken capabilities:

Original-equipment design and engineering services;
Testing at Timken's new Wind Energy Research and Development Center scheduled to open in 2012;
Supply of bearings and adjacent power transmission components;
Optimization of wind-turbine installations;
Field services and aftermarket lifecycle support for Goldwind's growing installed base, including on-line intelligence monitoring systems; and
Integrated supply-chain management and wind-farm sustainability services.

As industry leaders, Goldwind and Timken executives said the memorandum reinforces their commitment to develop sustainable wind energy projects to strengthen the global balance of green power generation. The companies have forged a strong relationship since 2008, when they began collaboration on wind turbines of 1.5 megawatts. Last year, they signed an agreement valued at US$26 million supporting the development of additional, multi-megawatt projects.

"We are very pleased to extend our collaboration with Timken and look forward to working together to advance the development of wind energy technologies around the world," said Mr. Cao Zhigang, executive vice president of Goldwind.

Goldwind's global market share grew to 9.5 percent last year, solidifying its position as the world's fourth-largest wind-turbine manufacturer. The company recently presented Timken with its 2010 "Pioneering Cooperation Award."

"Our collaboration with Goldwind demonstrates mutual value and appreciation of the respective capabilities we bring to advance windpower development," said Christopher Coughlin, president of Process Industries at Timken.

Timken has continuously expanded its capabilities over the past decade to serve the sector, which is the company's fastest-growing business. The company's product offering includes a breadth of bearings and gearbox systems for multi-megawatt wind turbines with a full complement of seals, lubrication systems, online intelligent monitoring technologies and support services for the life of the equipment. Timken's wind-energy supply chain is unrivaled in the breadth of manufacturing and service locations around the world dedicated to serve the industry, including wind-bearing production in China, India, Romania and the United States. The company this summer breaks ground on a new Wind Energy Research and Development Center in Ohio, the first full-scale wind-energy bearing and seal system testing facility in the Americas.

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that are critical to help hard-working machinery perform efficiently and reliably. With sales of $4.1 billion in 2010, and operations in 29 countries with approximately 20,000 people, Timken is Where You Turn® for better performance.

Contacts - Media: Lorrie Paul Crum, Ofc: 330.471.3514; Mob: 330.224.5021, [email protected]; Investors: Steve Tschiegg, Ofc: 330.471.7446, [email protected], The Timken Company

SOURCE The Timken Company