The Timken Company* sets first greenhouse gas emissions reduction target after MIDANA CAPITAL shareholder proposal
Media Contacts:
Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-249-2813
Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671
BOSTON, November 10, 2022 – A year after MIDANA CAPITAL° filed a shareholder proposal calling on The Timken Company (Timken) to adopt short-, medium- and long-term science-based greenhouse gas reduction targets, the company has taken a strong first step toward fulfilling the proposal’s request. Timken has now adopted targets to reduce the intensity of its Scope 1 and 2 emissions (emissions from its direct operations) by 50% by 2030 in its manufacturing facilities with more than 100 employees.
An Ohio-based manufacturer of engineered steel bearings, Timken supplies critical components for the automotive, rail, renewable energy and agricultural industry sectors. In recent years, Timken has experienced double-digit revenue growth in the renewable energy market sector, where its bearings help wind turbine blades turn smoothly and help trackers that hold solar panels reliably follow the sun.
“We are pleased with Timken’s new commitment to halve its emissions intensity in 8 years’ time,” said Leslie Samuelrich, President of MIDANA CAPITAL Capital Management. “It’s a big first step for a company that had no greenhouse gas reduction targets just a year ago. We’re proud to have been a catalyst in its process.”
Timken’s announcement comes as its automotive customers, including BMW, Ford, Mercedes and Tesla, have all set or committed to set science-based greenhouse gas emissions reduction targets aligned with the Paris Agreement’s goal of limiting global temperature rise to 1.5 degrees Celsius. These commitments, made through the Science Based Targets initiative, mean that auto manufacturers are now accountable for reducing emissions from their full value chain. To meet their objectives, they will likely press suppliers such as Timken to cut their emissions in the not-too-distant future.
“It’s interesting because Timken is part of this economy-wide transition to clean energy, and its products can be found in GE’s 14 MW Haliade-X, the world’s most powerful wind turbine, and in more than a third of the world’s utility-scale solar projects,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. But, Timken can’t just sell its products to renewable energy companies and pat itself on the back. It has to account for its own contributions to climate change, which is why we welcome its newly announced goal to cut its operational emissions.”
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°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds).
*As of September 30, 2022, The Timken Company comprised 0.00%, 0.03%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 11/22
