Welcome!

News Feed Item

Timken Signs Joint Venture Agreement With United Wagon Company (UWC) to Strengthen Presence in Key Rail Market

CANTON, Ohio, March 24, 2014 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) has entered into an agreement with United Wagon Company (UWC), a leader in building,  leasing, engineering and servicing freight cars  in Russia, to establish a joint venture (JV) to manufacture Timken® AP-2™ rail bearings in Russia. The JV will advance the safety, reliability and efficiency of the local rail industry, equipping customers' freight cars with premium Timken bearings. The JV is contingent upon various regulatory approvals and other commercial and customary conditions.

The Timken Company Logo

"Leveraging the expertise Timken provides as a global leader in high-performance bearing design is critical to our strategy to deliver modern, high-quality freight cars to our customers in Russia and the Commonwealth of Independent States," said Roman Savushkin, chief executive officer of UWC, based in Moscow.

As part of the agreement, Timken and UWC will establish dedicated manufacturing capacity, with construction expected to start within the next several months.

This JV expands upon an established relationship between the two companies, which was formalized in 2013 with a strategic partnership agreement covering technical and design support and an initial supply of Timken AP-2 bearings to UWC.

"The Russian and CIS rail markets present an incredible growth opportunity for Timken as the region is rapidly modernizing its fleet to support its expanding economy," said Brian Ruel, Timken vice president for rail, off highway and light vehicle systems.

The agreement provides both companies a strategic opportunity to capitalize on a surge in demand as the industry advances from using cylindrical roller bearings on freight car axles to the more efficient, reliable cartridge tapered roller bearing Timken originally designed for the rail industry. Russia expects to acquire nearly one million new freight cars by 2030 as part of an aggressive investment program to renew and upgrade its rolling stock.

"Timken is well-established in delivering engineering solutions for demanding environments like Russia, where the terrain and climate can be rugged," Ruel said. "Our AP-2 rail bearings carry the heaviest loads in the world, in the harshest of conditions. Together with UWC, we will set a new standard of performance for the Russian and CIS markets."  

About United Wagon Company

United Wagon Company is a leading Russian company that manufactures, operates leases, engineers and maintains modern freight cars. UWC was incorporated in 2012 to manage Tikhvin Freight Car Building Plant (Leningrad region) and RAIL1520, a rolling stock leasing company. UWC's annual production capacity is 13,000 freight cars and 30,000 car sets. The company's owned current fleet is more than 11,000 freight cars.

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com), a global bearing designer and manufacturer, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world.  The company engineers, manufactures and markets mechanical components and high-performance steel.  Timken® bearings, engineered steel bars and tubes—as well as transmissions, gearboxes, chain, related products and services—support diversified markets worldwide.  With sales of $4.3 billion in 2013 and approximately 19,000 people operating from 28 countries, Timken makes the world more productive and keeps industry in motion.

Media Contact:  
Pat Burnham  
Global Media Relations 
1835 Dueber Avenue, S.W. 
Canton, OH 44706-0927 U.S.A. 
Telephone: (330)471-3514 
[email protected] 

Investor Contact:  
Steve Tschiegg  
Director – Capital Markets & Investor Relations 
1835 Dueber Avenue, S.W. 
Canton, OH 44706-0927 U.S.A. 
Telephone: (330)471-7446 
[email protected]

Logo - http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO

SOURCE The Timken Company

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, will discuss how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees will learn how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He will also look at what good leadership must entail in order to accomplish this, and how IT managers ca...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of pati...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...