TIMKEN

In 1898, Henry Timken obtained a patent for the tapered roller bearing. In 1899, he founded "The Timken Roller Bearing Axle Company" in St. Louis together with his two sons, which is now the predecessor of Timken Corporation. Two years later, in 1901, the company relocated to Canton, Ohio, its current headquarters. The move aimed to be closer to the automotive centers of Detroit and Cleveland, as well as the steel center of Pittsburgh. By 1923, Timken Corporation produced approximately 90% of bearings in the United States.

During World War I, Timken's tapered roller bearings performed exceptionally well in the European market. Consequently, the company established factories in Europe after the war to meet the demand of the automotive market. During the global economic crisis of the 1930s, Timken decisively transitioned from the automotive market to the industrial sector.

During World War II, Timken's production increased significantly to meet the demands of the war. For instance, a military jeep at the time required 24 Timken bearings. The demand for military jeeps alone resulted in a 15 million bearing order for Timken. Furthermore, the post-war Marshall Plan led to the use of Timken bearings in machines exported from the United States to Europe, helping Timken quickly capture the European market.

The internationalization process of Timken Corporation began in the 1960s after World War II. By then, Timken had already established factories in Canada, the United Kingdom, France, South Africa, Australia, and Brazil. In 1974, they set up a factory in Japan and sales companies in Italy, South Korea, Singapore, and Venezuela in 1988. However, it wasn't until the late 1990s that Timken established sales companies in Spain, Hong Kong, and mainland China. In the past two decades, one significant event had a substantial impact on the competitive landscape of the bearing industry. In 2003, Timken acquired the American company Torrington, effectively doubling the size of the Timken company and making it the third-largest bearing manufacturer in the world at that time. This acquisition received significant attention in the United States and the global bearing industry.

Now, let's briefly discuss the founder of Timken Corporation and the inventor of the tapered roller bearing, Henry Timken. He was born in 1831 in Germany and immigrated to the United States with his family at the age of seven. After reaching adulthood, Henry Timken initially worked as an apprentice in a carriage manufacturing factory. However, at the age of 24, he established his own carriage manufacturing company in St. Louis. He achieved financial independence through the invention of the "Timken off-road carriage spring," which, in modern terms, allowed him to achieve financial freedom. In 1898, his second invention patent concerning tapered roller bearings prompted him to establish the Timken company that we are familiar with today.

In the Western tradition of family business management, families like the Timkens prioritize excellent education for their descendants, often graduating from prestigious universities or Ivy League schools. They selectively join the management and board of directors of the family company. However, they generally do not choose to become politicians. Nevertheless, there have been instances of politicians among the descendants of the Timken family. One notable example is William Robert Timken Jr., the great-grandson of founder Henry Timken, who served as Chairman and CEO of Timken Corporation. In 2005, during the presidency of George W. Bush, he was appointed as the United States Ambassador to Germany.

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