Timken Named to List of Most Ethical Companies
03/29/2010 - The Timken Co. has been recognized as one of the World's Most Ethical Companies for 2010 by the Ethisphere Institute, an international organization focused on the advancement of best practices in business ethics, corporate responsibility, and sustainability.
The Timken Co. has been recognized as one of the World's Most Ethical Companies for 2010 by the Ethisphere Institute, an international organization focused on the advancement of best practices in business ethics, corporate responsibility, and sustainability.
This is the fourth year Ethisphere has published these rankings, which appear in Ethisphere Magazine's Q1 issue. It is Timken's first time on the list. Ethisphere reviewed thousands of nominations from companies in more than 100 countries and 36 industries to determine the winners.
"This honor goes to the associates of our company, who deliver on our promise of ethics and integrity by the way they serve our customers, shareholders and communities, and build trust in the Timken name," said Chairman of the Board Ward J. "Tim" Timken, Jr. "It takes an unwavering commitment to ethics to achieve sustainable business success. That chain of cause and effect has been at the core of The Timken Co. throughout its history, and I'm convinced this basic understanding is fundamental to every great company."
Mr. Timken referenced 2009 highlights of the company's global citizenship activities, including:
- Training and certifying associates around the world on the Timken Standards of Business Ethics
- Operationalizing the company's core values through leadership by business, regional, and corporate compliance committees, who are charged with proactively identifying and mitigating risk
- Making a commitment to environmental leadership through examples such as:
· Recycling almost 3 million tons of scrap metal over the past two years to produce new steel, with nearly 100% of Timken's steel content made from recycled material
· Eliminating 6 million pounds of waste annually through the company's returnable and reusable packaging initiative
· Eliminating 31,000 tons of waste from landfills since 2008 though recycling and reusing electric-arc furnace dust
- Supporting local capital programs, such as construction of a water recovery and wastewater treatment system in Bangalore, India, to benefit area farms, and land donation and financial support to establish a community sports complex in Union County, S.C.
- Contributing Timken Charitable Trust and corporate donations of $2.4 million in 2009 for community and educational needs
- Donating thousands of hours of leadership and community service by Timken associates around the world to organizations such as Habitat for Humanity, Junior Achievement, the United Way, and various social and educational agencies.
"Timken's promotion of a sound ethical environment shines within its industry and shows a clear understanding that operating under the highest standards for business behavior goes beyond goodwill and is intimately linked to performance and profitability," said Alex Brigham, Executive Director of the Ethisphere Institute. "This year's World's Most Ethical Companies award was more competitive than ever, because companies realize that making ethics a priority is critical amidst a tough economic environment."
The methodology and the complete list of the 2010 World's Most Ethical Companies can be viewed at http://ethisphere.com/wme-2010.
The research-based Ethisphere Institute is a leading international think tank dedicated to the creation, advancement, and sharing of best practices in business ethics, corporate social responsibility, anti corruption, and sustainability. The Institute's associated membership group, the Ethisphere Council, is a forum for business ethics that includes more than 200 leading corporations, universities, and institutions. The Ethisphere Council is dedicated to the development and advancement of individuals on its membership council through increased efficiency, innovation, tools, mentoring, advice, and unique career opportunities.
The Timken Co. keeps the world turning with innovative friction management and power transmission products and services, enabling customers' machinery to perform more efficiently and reliably. The company posted sales of $3.1 billion in 2009, with operations in 26 countries/territories and approximately 17,000 employees.
