The joint venture is expected to contribute to China’s goal of generating 30 million kilowatts of power from wind energy systems by 2020, providing a renewable energy source for China’s rapidly expanding economy.
The joint venture will build a new $38 million facility in Xiangtan, located in China’s Hunan province, to collaborate on the manufacture of main-shaft bearings for wind turbines. Timken and Xiangtan Electric Manufacturing Company(XEMC) expect to employ more than 110 people in the joint venture. Construction of the new facility is scheduled to begin in 2008.
Carlos Gutierrez, US Secretary of Commerce, said: Timken’s partnership in China will provide $100 million in exports, while also helping China expand alternative energy, wind power, which helps the planet.
