Release time : 2015-06-12 09:32:20
BS reported that hit by falling demand from the commercial vehicles, automotive and construction machinery sectors, Timken, the world's biggest ball bearings maker with revenues of close to USD 6 billion is redoing its growth strategy in India and has identified wind energy sector as its thrust area.
As per report, it is investing in research and development at its Bangalore centre, which has over 400 employees for manufacturing 3 meter bearings for clients who are into wind energy industry.
Speaking at the global mining summit organized by the Confederation of Indian Industry, Mr Pierre Kocher market manager of Timken said that ???We are going on focus on wind energy sector as this industry growth is projected at 10% to 15% annually. The sectors that primarily used to drive our revenues like construction machinery and automotive industry are stagnant, which automatically slows our revenues down. We automatically had to look at alternate sectors for growth.??? Each 3 meter ball bearing will cost upwards of USD 100,000. Each windmill needs at least three ball bearings.
Mr Kocher said that ???Ball bearings are needed in high volumes in wind mills and each should last for 10 to 15 years, so quality assurance is very stringent. We have about a dozen clients in wind energy. This sector has already generated revenues of close to USD 40 million this year globally.???
He said that ???Engineering clients are demanding more energy efficient products. So we will invest into making light weight products, special design to address friction so that the machinery consumes less energy, among other product development plans.???
The report added that it expects to close this calendar year at USD 108 million up from USD 89 million last year. It has invested close to USD 52 million into research and development in its centre in Bangalore.