12 August 2019

Major Bearing Brands Maintaining Markets, Profits & Strength

Reading our daily news tablets & business headlines; global media splashes big upsurge in GOLD

We should not be surprised with this accumulated Gold phenomenon, as most prudent Executives will explain 'Yellow Metal' is our safe haven particularly from months of unknown market turmoil set by USA & CHINA Presidents, realigning global trigger points in reshaping competing trade

An interesting scenario is how other business performances involving with different types of metals including manufacturing of Steel Ball Bearings.

Well, that's rather easy reckoning if you check major bearing corporations SKF SCHAEFFLER TIMKEN

Resilient to known business concerns, SKF SCHAEFFLER TIMKEN to date have successfully avoided downturn in value and kept their market. The significant difference from other manufacturers is maintaining public confidence with high performance quality, R&D and brand identification

While the JAPANESE have known reliable brands, they are not as prominent as the big three. NSK Japan has successfully made new excellent global contracts and NTN Japan has opened its board room to outside senior Executives/Directors to achieve bold worldwide bearing strategies

With GOLD price at new heights, the 2 biggest gold mining countries AUSTRALIA & CHINA in golden times

BearingCode's global experience is one of the oldest in maintaining bearing knowledge and has no relationship or funding from any above Bearing Corporations. Our articles are impartial & important to public hearings

9 August 2019

Schaeffler Group Meet Sound Expectations Half Year 2019

Schaeffler Germany posted a strong half year 2019 report with constant Industrial numbers in difficult Automotive markets. Results are again testament to Schaefflers commitment to Academic & Technical expertise to the global bearing requirements

2019-08-06 | Herzogenaurach Germany

  • Revenue of 7.2 billion euros for the first six months decreased slightly at constant currency in persistently difficult market environment (down 0.8 percent)
  • EBIT margin before special items of 7.7 percent below prior year (11.0 percent), quarterly earnings quality improved in first six months
  • Industrial division business remains strong while revenue and earnings of the two Automotive divisions decline
  • Free cash flow before cash in- and outflows for M&A activities of minus 229 million euros below prior year (minus 75 million euros), amount positive in second quarter (6 million euros)
  • Full-year guidance adjusted on July 29, 2019

https://www.schaeffler.com/content.schaeffler.com/en/news_media/press_office/ press_releases/press_releases_detail.jsp?id=87402177

Schaeffler presents interim report for the first half of 2019 | Press Releases | Schaeffler Group

Divisions & Products. Schaeffler products facilitate and shape mobility - as they have been doing for decades. We have also continued the development of our expertise from "basic" components to complete system solutions.

www.schaeffler.com

Having issued preliminary figures for the second quarter on July 29, 2019, global automotive and industrial supplier Schaeffler presented its interim report for the first half of 2019 today. The Schaeffler Group’s revenue amounts to 7,226 million euros (prior year: 7,193 million euros) at mid-year. At constant currency, revenue decreased slightly, declining by 0.8 percent during the period, and dropping by 2 percent in the second quarter. This trend was driven by declining revenue in both Automotive divisions that was only partially offset by revenue growth in the Industrial division. Of the four regions, the Americas and Asia/Pacific regions contributed constant currency revenue growth of 8.5 percent and 1.6 percent, respectively, while revenue declined by 5 percent and 3.3 percent in the Greater China and Europe regions, respectively.

The Schaeffler Group generated earnings before financial result, income (loss) from equity-method investees, and income taxes (EBIT) of 483 million euros (prior year: 773 million euros) in the first six months. These earnings were affected by special items for the reporting period of 73 million euros, largely consisting of 55 million euros in restructuring expenses related to the efficiency program RACE in the Automotive OEM division. As a result, EBIT before special items amounted to 556 million euros (prior year: 794 million euros). This represents an EBIT margin before special items of 7.7 percent (prior year: 11.0 percent). The decrease compared to the prior year was primarily attributable to the decrease in gross margin. The margin trend was also hampered by higher selling and administrative expenses. The EBIT margin before special items improved from 7.5 percent in the first quarter to 7.9 percent in the second quarter.

Automotive OEM: Challenging market environment in Europe and Greater China, solid order volumes and major order in electric motor manufacturing
Automotive OEM division revenue amounted to approximately 4,514 million euros (prior year: approximately 4,587 million euros) for the first half of 2019. At constant currency, the division generated 2.9 percent less revenue than in the prior year, outperforming global automobile production, which fell by 6.7 percentage points during the same period, by 3.8 percentage points. Order intake was very encouraging in the first six months, totaling 7.7 billion euros. The book-to-bill ratio, which represents the ratio of order intake to revenue for the year, amounted to 1.8x in the first six months, slightly ahead of prior year (1.7x). In the second quarter, the E-Mobility business division also won a 1.1 billion euro contract to supply components for electric motors to a global premium manufacturer. The Americas region reported constant currency revenue growth of 8.6 percent, the highest constant currency growth rate of the Automotive OEM division’s four regions, primarily as a result of a few major customers’ increased requirements resulting from product ramp-ups. The Asia/Pacific region generated revenue growth of 1.6 percent. Considerable revenue declines of 12.6 percent and 5.0 percent were reported by the Greater China and Europe regions, respectively. The decreases in the Greater China and Europe regions were driven by the significant decline in automobile production. The E-Mobility business division generated the largest growth of the four Automotive OEM business divisions, increasing its revenue by 35.8 percent at constant currency, followed by the Chassis Systems business division with 1.9 percent. The growth in the E-Mobility business division was mainly attributable to product ramp-ups of primary components for continuously variable transmissions (CVTs) and in the actuators field. Revenue in the Engine Systems and Transmission Systems business divisions declined by 8.2 percent and 3.9 percent, respectively. Especially remarkable is the high growth rate of 47 percent in revenue from the thermal management module on a stand-alone basis generated by the Engine Systems business division.

The division earned 216 million euros (prior year: 421 million euros) in EBIT before special items in the first six months. This resulted in an EBIT margin before special items of 4.8 percent for the period, significantly less than the 9.3 percent EBIT margin reported in the prior year. The decline was primarily attributable to the lower gross margin due to lower volumes, the impact of pricing and the revenue mix, and high fixed costs as well as to the increase in selling and administrative expenses.

According to the adjusted full-year guidance for 2019 issued July 29, 2019 (see the press and IR release issued on that date), the division expects constant currency revenue growth of minus 1 to 1 percent (previously 1 to 3 percent) and an EBIT margin before special items of between 5 and 6 percent (previously 6 to 7 percent).

Automotive Aftermarket: Difficult market conditions in Europe; impetus for growth in the Americas region
The Automotive Aftermarket division reported a drop in revenue for the first six months of 2.4 percent at constant currency to 905 million euros (prior year: 926 million euros) in a challenging environment as a result of the considerable decline in revenue in the Europe region. The decline in Europe region revenue, partly driven by a reduction in customers’ inventory levels both in the Independent Aftermarket (IAM) and in the OES business (OES - Original Equipment Service), amounted to 6.0 percent at constant currency. The decline was only partially offset by the significant revenue increase of 13.0 percent in the Americas region that resulted primarily from higher requirements and business with new customers in the IAM. The impact of the Greater China and Asia/Pacific regions on the revenue trend of the Automotive Aftermarket division was insignificant.

These developments resulted in EBIT before special items of 136 million euros (prior year: 177 million euros). This represents an EBIT margin before special items of 15.1 percent (prior year: 19.3 percent). The decrease compared to the prior year is primarily attributable to the reduction in gross margin and higher administrative expenses. The division’s gross margin declined due to lower sales volumes combined with increased product costs.

Based on the adjusted guidance issued July 29, 2019, the group expects the Automotive Aftermarket division to generate revenue growth of minus 1 to 1 percent (previously 1 to 3 percent) at constant currency. The division still expects to generate an EBIT margin before special items of 15 to 16 percent.

Industrial division: Rapid growth continuing, revenue guidance raised
The Industrial division increased its revenue to approximately 1,806 million euros (prior year: approximately 1,679 million euros) during the first six months of 2019 despite weaker momentum in global industrial production. At constant currency, revenue growth amounted to 5.9 percent and was primarily driven by the wind, raw materials, and railway sector clusters as well as Industrial Distribution. All regions of the Schaeffler Group contributed to the revenue growth, with the Greater China region once again achieving the largest increase of 18.9 percent, ahead of Americas (5.9 percent), Asia/Pacific (2.9 percent), and Europe (2.6 percent).

The Industrial division generated 203 million euros (prior year: 190 million euros) in EBIT before special items for the first six months, representing an EBIT margin before special items of 11.2 percent (prior year: 11.3 percent).

The guidance for the Industrial division’s constant currency revenue growth for the full year 2019 is now 2 to 4 percent (previously 1 to 3 percent). The target of achieving an EBIT margin before special items of 10 to 11 percent remains unchanged.

Second quarter free cash flow positive – full-year guidance for 2019 adjusted
Net income attributable to shareholders for the first half of 2019 decreased considerably compared to the prior year period, amounting to 273 million euros (prior year: 506 million euros). Earnings per common non-voting share were 0.42 euros (prior year: 0.77 euros). The Schaeffler Group’s free cash flow before cash in- and outflows for M&A activities for the first six months of minus 229 million euros was below prior year (minus 75 million euros). At 6 million euros, the second quarter amount was positive. Capital expenditures (capex) on property, plant and equipment and intangible assets for the first half of 2019 of 594 million euros were approximately flat with prior year (prior year: 595 million euros), representing a capex ratio of 8.2 percent of revenue (prior year: 8.3 percent). The capex ratio declined from 10.3 percent in the first quarter to 6.1 percent in the second quarter.

“In the second half of 2019, we will focus on even stronger discipline regarding cost and capital and on generating cash flow. While we continue to make large investments in growth fields and future-oriented areas, we are increasingly successful in managing our use of capital more efficiently, as demonstrated by the decrease in the capex ratio from the first to the second quarter. This is essential to meeting our full-year free cash flow target of now 350 to 400 million euros before cash in- and outflows for M&A activities,” said Dietmar Heinrich, CFO of Schaeffler AG.

Net financial debt as at June 30, 2019, increased to 3,167 million euros, raising the gearing ratio, i.e. the ratio of net financial debt to shareholders’ equity, to approximately 116 percent (December 31, 2018: approximately 83 percent). Total assets amounted to 12,953 million euros (prior year: 12,362 million euros) as at June 30, 2019. The group employed a workforce of 90,492 at the reporting date (prior year: 92,198), a decrease of 2.1 percent.

Based on the adjusted full-year guidance issued July 29, 2019, the Schaeffler Group now anticipates revenue growth of minus 1 to 1 percent (previously 1 to 3 percent) at constant currency, an EBIT margin before special items of 7 to 8 percent (previously 8 to 9 percent), and free cash flow before cash in- and outflows for M&A activities of 350 to 400 million euros (previously approximately 400 million euros).

“Following a difficult first six months that fell slightly short of our expectations, we believe that the market environment will remain challenging in the second half of 2019 as well. This is especially true for the global automotive business, whose persistent weakness can only be partially compensated for by our strong Industrial business. We have acted on this trend by adjusting our full-year guidance for 2019. Now, our most important goal is to securely meet the new guidance,” stated Klaus Rosenfeld, CEO of Schaeffler AG. “At the same time, we will continue to focus on addressing the Schaeffler Group’s structural challenges with even closer focus. To this end, we have initiated programs designed to improve cost and capital efficiency at all three divisions. We will report on these programs in detail at our Capital Markets Day on September 11, 2019.”

1 August 2019

Timken USA Strong Performance High Recommendation

The Timken Company announced its strongest 2nd Quarter in 2019 with outstanding results by global Bearing leader

Timken's president and chief executive officer Mr. Richard G. Kyle confirms "We posted strong performance in the second quarter with double-digit revenue growth, higher earnings and operating margins and excellent cash generation compared to a year ago"

Earnings Report
Jul 31, 2019

Timken Reports Strong Second-Quarter 2019 Results; Updates Full-Year Outlook

  • Posted sales of $1 billion, up over 10 percent from last year
  • Delivered strong earnings per diluted share of $1.20 on a GAAP basis, with record second-quarter adjusted earnings per diluted share of $1.27
  • Generated strong cash from operations of $158 million and free cash flow of $135 million
  • Updates earnings outlook; now expects 2019 GAAP earnings per diluted share of $4.55 to $4.75 and adjusted earnings per diluted share of $4.80 to $5.00

https://news.timken.com/2019-07-31-Timken-Reports-Strong-Second-Quarter-2019-Results-Updates-Full-Year-Outlook


NORTH CANTON, Ohio, July 31, 2019 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a world leader in engineered bearings and power transmission products, today reported second-quarter 2019 sales of $1 billion, up 10.3 percent from the same period a year ago. The increase was primarily driven by the benefit of acquisitions and organic growth in the Process Industries segment, partially offset by unfavorable foreign currency translation.

In the second quarter, Timken posted net income of $92.5 million or $1.20 per diluted share, versus net income of $91 million or $1.16 per diluted share for the same period a year ago. The year-over-year increase was primarily driven by favorable price/mix and the benefit of acquisitions, offset partially by higher interest expense. The current period also included higher expenses related to restructuring, acquisitions and a legal accrual, while the prior period included a pension remeasurement gain.

Excluding special items (detailed in the attached tables), adjusted net income in the second quarter of 2019 was $97.9 million or $1.27 per diluted share, a record for the second quarter, versus adjusted net income of $87.2 million or $1.11 per diluted share for the same period in 2018.

Cash from operations for the quarter was $157.6 million, and free cash flow was $134.6 million. During the quarter, the company returned $36.6 million of capital to shareholders with the payment of its 388th consecutive quarterly dividend and the repurchase of approximately 320 thousand shares.

"We posted strong performance in the second quarter with double-digit revenue growth, higher earnings and operating margins and excellent cash generation compared to a year ago," said Richard G. Kyle, Timken president and chief executive officer. "Our recent acquisitions are performing well and contributing to our strong results. We continue to win in the market place with our differentiated products, engineering innovation and industry-leading customer service. And we remain focused on executing our strategy and profitably growing our enterprise."

Second-Quarter 2019 Segment Results

Mobile Industries sales of $493.7 million increased 0.9 percent compared with the same period a year ago. The increase was driven primarily by the benefit of acquisitions net of divestitures, organic growth in the aerospace sector and higher shipments in automotive, mostly offset by lower shipments in off-highway and heavy truck, and unfavorable currency.

Earnings before interest and taxes (EBIT) in the quarter were $59.1 million or 12 percent of sales, compared with EBIT of $54.5 million or 11.1 percent of sales for the same period a year ago. The increase in EBIT reflects the benefit of acquisitions net of divestitures and lower logistics costs, partially offset by lower volume.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $59.7 million or 12.1 percent of sales, compared with $54.9 million or 11.2 percent of sales in the second quarter last year.

Process Industries reported sales of $506.3 million, up 21.4 percent from the same period a year ago. The increase was driven primarily by the benefit of acquisitions and organic growth in the wind energy, heavy industries and marine sectors, partially offset by unfavorable currency.

EBIT for the quarter was $103 million or 20.3 percent of sales, compared with EBIT of $90.6 million or 21.7 percent of sales for the same period a year ago. The increase in EBIT was driven by higher volume, favorable price/mix and the benefit of acquisitions, partially offset by higher tariff costs and selling, general and administrative expenses. The current period also included acquisition-related charges.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $107 million or 21.1 percent of sales, compared with $90.8 million or 21.8 percent of sales in the second quarter last year.

2019 Outlook

The company now expects 2019 revenue to be up approximately 7 to 9 percent in total versus 2018. This includes expected organic growth of 1½ to 3½ percent plus the benefit of acquisitions, partially offset by unfavorable foreign currency translation.

"While our organic growth rates have eased, the demand environment overall for Timken products and services supports our outlook for continued growth in the second half," said Kyle. "Softness in some markets like off-highway is being offset by our outgrowth efforts and strength in other markets like wind, solar and aerospace. We are lowering our full-year outlook for both revenue and earnings to reflect a more cautious view. However, for the year, we expect to deliver solid revenue growth, record earnings per share and strong cash flow. We are confident in our ability to profitably grow the company, as we continue to demonstrate with our 2019 results."

Timken now anticipates strong 2019 earnings per diluted share in the range of $4.55 to $4.75 for the full year on a GAAP basis. Excluding special items (detailed in the attached tables), the company expects record 2019 adjusted earnings per diluted share ranging from $4.80 to $5.00.

21 July 2019

SKF Global Half-Year Report 2019

Over many years declaring sound reliable Sales & Profit numbers, a slight bump in sales was expected from bearing industry leader SKF Group.

SKF global marketing position is superior than any competitor with profit returns remaining at strong levels and while President Danielson defends the bump, SKF worldwide network cements itself as a family brand

Gothenburg, Sweden

Alrik Danielson, President and CEO:

"Our efforts to keep costs under control are showing results, in a market with lower demand. Operating profit for the second quarter was SEK 2,539 million, including costs for restructuring and impairments of 317 million. The reported operating margin was 11.3% (12.9% last year), with an underlying operating margin of 12.7% excluding costs for restructuring and impairments, the sixth straight quarter above 12%.

Net sales were SEK 22.5 billion, a drop in organic sales of 1.6% compared to last year. Sales were relatively unchanged in Europe, slightly lower in Asia and North America and significantly higher in Latin America.

Our operating performance was positively impacted by cost reductions and price. Restructuring and impairment costs on the other hand had a negative impact of SEK 317 million. Cash flow from operations was in line with last year.

The industrial business had yet another strong quarter with an operating margin of 13.9% (14.7% last year) and an organic growth of 0.6% (10.7% last year). The underlying operating margin was higher than last year, with announced restructuring and impairments impacting the reported result negatively. Sales in Europe, Asia and North America were relatively unchanged but increased in Latin America.

The automotive business contributed with an operating margin of 4.8% (8.7% last year). Organic growth was negative 6.8% (+5.2% last year) with significantly lower sales volumes in North America and Asia, lower sales volumes in Europe and significantly higher sales in Latin America.

During the second quarter we continued to invest in regionalizing and automating our manufacturing footprint. An investment of SEK 450 million was announced for deep-groove ball bearings. This investment supports our ambitions to adopt a full value chain approach in Asia, where our global product development for deep-groove ball bearings is based.

During the quarter we also acquired RecondOil, a cleantech start-up that has developed a unique chemical filtration and reconditioning process that enables a drastic reduction in the consumption of lubrication fluids and oil. RecondOil is a perfect strategic fit with our Rotating Equipment Performance offer and supports our efforts to help customers reduce the environmental impact of their operations.

Entering the third quarter of 2019, we expect to see slightly lower volumes for the Group, relatively unchanged for Industrial and lower for Automotive.”


Key figures, SEKm 
Q2 2019 Q2 2018  Half year 2019 Half year 2018
Net sales 22,488 22,620 43,766 43,180
Operating profit* 2,539 2,925 5,197 5,550
Operating margin*, % 11,3 12.9 11.9 12.9
Profit before taxes 2,261 2,783 4,703 5,208
Net cash flow after investments before financing 1,448 2,182 2,132 2,441
Basic earnings per share 3.32 4.25 7.09 8.02

*including restructuring and impairments

Net sales change y-o-y, %, Q2  Organic  Structure  Currency  Total 
SKF Group -1.6 -2.6 3.5 -0.7
Industrial 0.6 -3.8 3.8 0.6
Automotive -6.8 0.2 -3.0 -3.6

Net sales change y-o-y, %, Half year  Organic  Structure  Currency  Total 
SKF Group -0.7 -2.6 4.6 1.3
Industrial 1.7 -3.6 4.8 2.9
Automotive -6.3 0.0 4.1 -2.2

Organic sales change in local currencies, per region y-o-y, %, Q2  Europe  North America  Latin America  Asia  Middle East & Africa
SKF Group -1.7 -3.2 8.8 -2.2 -5.4
Industrial +/- +/- ++ +/- ---
Automotive -- --- +++ -- +++

Organic sales change in local currencies, per region y-o-y, %, Half year  Europe  North America  Latin America  Asia  Middle East & Africa
SKF Group -0.5 -1.7 5.4 -1.2 -6.8
Industrial + +/- ++ +/- --
Automotive -- --- +++ -- +++

Outlook and guidance

Demand for Q3 2019 compared to Q3 2018
The demand for SKF’s products and services is expected to be slightly lower for the Group, including relatively unchanged demand for Industrial and lower demand for Automotive. Demand is expected to be relatively unchanged in Asia, slightly lower in Europe and North America and slightly higher in Latin America.

Guidance Q3 2019
Financial net: SEK -245 million
Currency impact on the operating profit is expected to be around SEK +130 million compared with Q3 2018, based on exchange rates per 30 June 2019

13 July 2019

Breakdown in Legal Settlement Against Bearing Manufacturers

In attempt to settle corruption allegations against global Bearing Manufacturers & Executives again failed as conciliation between the Bearing Industry Code of Conduct finally ended without meaningful agreement

Legal proceedings now appear definite with Government departments, who have just completed prosecutions against the same bearing manufacturers a few years ago. Civil proceedings will depend on their legal findings but could last for several years

Prospects of early settlements with Government legal departments are difficult and mainly devoted to amount of penalties fines and incarceration time, if any

Bearing Executives who argue in conciliation should focus on truthful outcomes with sincere statements that are binding. Conciliation based on personal executive prejudice could lead to extended government investigations, various sets of Legal hearings, and with unlimited subpoena documents to haunt the brave

8 July 2019

How To Measure "Justice" & "Fairness"

An important duty of BEARINGCODE is to offer a system of legal fundamentals, often wrongly viewed as irrelevant, useless or plain ignorant from our line of Bearing business.

With current DOJ & Legal action threatening the major Bearing Manufacturers, its time to re-access our positions what we can or cannot do or what can be done if legal consequences are attacking

We suggest a short break to view this news article & links involving academics in-conjunction with the University of Oxford UK, the latest reforms into Justice & Fairness recently legislated

TLEF, together with UCL and the University of Oxford, brought together experts to draft recommendations for measuring the impact of online courts on access to justice

The court system in England and Wales is undergoing a period of rapid and unprecedented change. In 2016, Her Majesty’s Courts and Tribunal Service (“HMCTS”) established a programme of reform that intends to introduce new technology, modernise the justice system and reduce costs. Cost reductions are expected to be realised through a combination of reducing staff, reducing the number of cases held in physical court rooms and reducing the court estate, as well as generating efficiency savings through reforming administrative processes. The HMCTS Reform Programme aims to reduce demand on courts by moving activity out of court rooms, expanding the use of video technology, introducing online end-to-end processes, promoting the use of online negotiation, mediation and settlement and developing new asynchronous processes (such as Continuous Online Resolution) for use in areas of administrative justice.

In delivering these changes, HMCTS have publicly committed both to monitoring and evaluating the impact of the reform programme on: "people’s access to, and the fairness of, the justice system, particularly in relation to those who are vulnerable" and to: "use insights from external research and academia to validate and challenge their approach”. To assist in this task, The Legal Education Foundation, together with Professor Dame Hazel Genn (UCL Laws) and Professor Abigail Adams and Professor Jeremias Prassl (University of Oxford) brought together experts from around the world to recommend a framework for designing an evaluation that would be recognised as robust.

The workshops, which were held in October and November 2018, brought together thirty-eight experts in online dispute resolution, public law, civil procedure, access to justice research, court administration and evaluation. Attendees included:

  • Prof. Abigail Adams, New College, University of Oxford
  • Ms. Julie Bishop , Law Centres Network
  • Lord Justice Peter Coulson, Deputy Head of Civil Justice, England and Wales
  • Dr. Naomi Creutzfeld, University of Westminster
  • Ms. Renee Danser, Access to Justice Lab, Harvard Law School
  • Prof. Noam Ebner, Creighton University Graduate School
  • Prof. Cristie Ford, University of British Columbia
  • Prof. Dame Hazel Genn, UCL Centre for Access to Justice, UCL Faculty of Laws
  • Mr. Richard Goodman, HMCTS
  • Prof. Andrew Higgins, Mansfield College, University of Oxford
  • Ms. Rhiannon Hollis, Justice Select Committee
  • Mr. Murray Hunt, Bingham Centre for the Rule of Law
  • Prof. Peter John, Kings College London
  • Ms. Charlotte Kilroy, Doughty Street Chambers
  • Ms. Sara Lomri, Public Law Project
  • Prof. Helen Margetts, The Alan Turing Institute and The Oxford Internet Institute
  • Mr. Richard Miller, The Law Society
  • Prof. Helen Mountfield, Matrix Chambers and Mansfield College Oxford
  • Prof. Kate O’Regan, The Bonavero Insitute of Human Rights, University of Oxford
  • Ms. Alison Pickup, Public Law Project
  • Mr. Timothy Pitt-Payne QC, 11 Kings Bench Walk
  • Prof. Jeremias Prassl, Magdalene College, Oxford
  • Mr. Michael Reed, Free Representation Unit
  • Prof. Judith Resnik, Arthur Liman Professor of Law, Yale Law School
  • Ms Erika Rickard, The Pew Charitable Trusts
  • Ms. Rachel Robinson, Equality and Human Rights Commission
  • Mr. Richard Rogers, The Civil Resolution Tribunal, British Columbia
  • Dr. Meredith Rossner, The London School of Economics
  • Sir Ernest Ryder, Senior President of Tribunals
  • Professor Amy Schmitz, School of Law, University of Missouri
  • Dr. Ayelet Sela, Bar-Illan University, Israel
  • Mr. David Slayton, Joint Technology Committee, National Centre for State Courts
  • Dr Joe Tomlinson, Kings College London and The Public Law Project
  • Prof. Patricia White, University of Miami School of Law
  • Prof. John Zeleznikow, Victoria University Business School

The draft recommendations are available here. The recommendations propose:

  • A revised approach to engaging with stakeholders and harnessing external expertise.
  • A definition of “vulnerability” and “fairness” that is capable of being operationalised empirically
  • An irreducible minimum standard of “access to justice”, derived from case law, and suggestions for how this standard should be measured.
  • The implications of adopting these definitions for the design of the data architecture underpinning the reform programme

The formal evaluation of the reform programme will be led by the Ministry of Justice, who have committed to finalising their approach by Spring 2019. In order to assist the Ministry of Justice in scoping their evaluation approach, TLEF would welcome comments and feedback on these draft recommendations by 22nd March 2019. Please email any comments or suggestions to Natalie.Byrom@theLEF.org by this date. https://research.thelegaleducationfoundation.org/blog/online-courts-how-to-measure-justice-and-fairness

28 June 2019

BearingCode & Net 25 Years to Global Industry

Date of Birth 28 June 1994. Birthday greetings from 25 years service to the Bearing Industry legal combination BearingCode.com BearingConference.com BearingNet.net

In 2006 BearingConference.com was renamed BearingCode.com and BearingNet.net unchanged

A brief detail on foundations can be found www.bearingcode.com Home & Reference pages about how, when & why this friendship or group has since developed

In 1995, John Bass & Ian McPherson clarified the Founder argument over a glass of wine in the UK city of Royal Tunbridge Wells, deciding on a mutually 'instant shared' technically accepted for a 50-50 equal establishment

John Bass background was more or less involved as steel Ball manufacturer commenced by his father; Ian McPherson commenced his own Australian bearing companies in 1970, finally transfered to SKF

John passed away 7 years ago, while Ian is experiencing problems with 'World Bearing Association' over ownership and with WBA recent DOJ matters

14 June 2019

Bearing Industry WBA Investigation Conclude to DOJ

The Bearing Industry Code of Conduct "BearingCode" has completed a long overdue investigation into allegations of repeated corruption within the World Bearing Association WBA

The findings of serious breaches to alleged criminal activity within the WBA in particular by senior executive officers, contain prima facie evidence to legal claims having sufficient evidence to proceed with the Department of Justice/ Fair Trade Commission in Countries with prior convictions registered against these WBA Bearing Corporations

"BearingCode" advises bearing customers that bearing trading business will not be effected and supply & demand will remain with normal high standards

6 June 2019

Bearing Industry Investigation Widens, New Revelations

The Bearing Industry (WBA) investigation into alleged corruption has intensified with more accusations and game blaming from senior corporate bearing executives

Due to compelling evidence in particular allegations of known Fake Bearings & News, a request was given to stand-down a corporate executive until the investigation is complete or forwarded to the Department of Justice. This advice was based on eliminating further Fake Counterfeit product & news that could inhibit the investigation

However, a leading bearing Manufacturer refused to cooperate stating the Bearing Industry Code of Conduct is telling Lies

BearingCode has stated many times the importance of membership and participate with the Codes objectives to clean the 'slate' from prior convictions and penalties with Department of Justice in 13 countries over 24 years, still allowing certain bearing executives to continue with alleged corruption

The seriousness of alleged bearing corruption has grown into secondary gaming with private operations working outside their main stock exchange board and financial control

26 May 2019

Investigations & Submissions Allegation of Fake Bearing News

The Bearing Manufacturers group known as 'World Bearing Association' is currently under investigation by the Bearing Industry Code of Conduct for alleged Fake, False and Misleading statements relating from past and present News articles including Photographs published in various media outlets relayed globally across internet sites

If your company has an interest in this matter to submit printed material, you can email The President, www.bearingcode.com - submissions will be treated strictly confidential

Ian K. McPherson - President
Bearing Industry Code of Conduct
Bearing Industry Corporate Governance
Bearingcode Education and Commerce
BearingNet UK & Global
www.bearingcode.com
imcphe7911@aol.com
+66 968070955
Australia

25 May 2019

NTN Joint Venture Agreement With IGP Indonesia


Start local production of constant velocity joints essential for increasing FF vehicles
NTN Corporation (hereafter, NTN) announces the signing of a joint venture agreement with PT. Inti Ganda Perdana (hereafter, IGP) of Astra Group in order to expand the supply of constant velocity joint (hereafter, CVJ) which is essential component for front-wheel drive vehicles (FF vehicles) whose demand is expanding in automotive market in Indonesia. We will establish a joint venture company which manufactures the CVJ in Karawang district of western Java (KIM industrial park)


Signing Ceremony
(From Left, Mr. Budi Pranadi, Vice President Director of IGP,
Mr. Kusharijono, President Director of IGP
and Vice President Inoue of NTN)

1.Aim of joint venture agreement
In production of automobile in Indonesia, the major drive system is changing from axle-suspended (rigid axle) rear-wheel-driven vehicles (FR vehicles) to front-wheel-driven vehicles (FF vehicles) due to various environmental regulations. As a result, demand for CVJ, which is essential component for FF vehicles, is expected to increase rapidly. In ASEAN and South Asia, NTN has been producing CVJ locally in Thailand and India but not in Indonesia until today.

Under these circumstances, IGP of Astra Group which manufactures automotive components in Indonesia, proposed a joint venture for local production of CVJ. NTN and IGP agreed to conclude a joint venture because it is necessary for NTN to locally produce CVJ and the goal of NTN and IGP is alignment in expanding sales and increasing the market shares.

NTN and IGP will establish a new company based on the joint venture agreement, and will construct a plant with the aim of starting mass production in August 2020. By local production in Indonesia for the first time, we will realize speeding up the response to customer and shorten delivery lead time. We will also increase our presence and promote business development to secure overwhelming market share of CVJ in the automotive market in Indonesia.

2.Outline of joint venture

(1)Company name PT. Astra NTN Driveshaft Indonesia
(2)Scope of Business Manufacture of CVJ
(3)Capital 120billion rupiah
(4)Ownership IGP 51% NTN 49%
(5)Location Kawasan Industri Mitrakarawang, Kabupaten Karawang, West Java, Indonesia
(6)Site area Approximately 18,000 m2
(7)Floor area Approximately 8,500 m2

3.About CVJ

CVJ is a critical security component that smoothly transmits the driving force of automotive engines and motors to tires. NTN is the first company who put it into use in Japan.

NTN is leading this industry with advanced technologies such as high-efficiency, low-vibration, lightweight and downsizing.

Reference:About IGP


(1)Name PT. Inti Ganda Perdana
(2)Location JI. Raya Pegangsaan Dua Block A3 Km 1.6 Kelapa Gading, Jakarta, Indonesia
(3)Representative Mr. Kusharijono, President Director
(4)Scope of Business Manufacture of automotive drivetrain components (rear axle and propeller shaft, etc.)
(5)Capital 60 billion rupiah
(6)Date Founded March 1982
(7)Number of Employees 1,484 (as of December 2018)

Reference:Application site of CVJ

22 May 2019

Schaeffler M&A Deal Strengthen Barden UK Future


2019-05-07 | Herzogenaurach/Plymouth UK

  • Schaeffler Group has agreed to sell The Barden Corporation (UK) Ltd, Plymouth
  • Barden UK will remain a supplier to the Schaeffler Group as well as to third-party customers
  • The Plymouth plant will continue its operation without significant changes for customers, suppliers and employees alike

Global automotive and industrial supplier Schaeffler is progressing with the realignment of its UK activities that it announced last November. The realignment in the UK is part of the company’s “Global Footprint” initiative, which reviews all Schaeffler locations worldwide with regards to the focus on Schaeffler’s core strategic business areas. (For details, see the press and IR release of November 6, 2018)

Schaeffler had originally proposed to close two of its three plants in the UK, to relocate their production, and to combine its two UK logistics centres into a single location in the UK. The closure of the plant in Llanelli was confirmed after consultation in January this year and the merger of the two logistics centers is on schedule for July.

During the formal consultation period for the Plymouth site, alternative options to closure were identified. As a result of this process, agreements relating to the sale of The Barden Corporation (UK) Ltd. (Barden UK) to HQW Holding (UK) Co. Limited, a UK affiliate of HQW Precision GmbH have been signed on 26th April 2019. HQW Precision GmbH is a premium-provider of high-precision rolling bearings and assemblies, headquartered in the German town of Kürnach.

Under the agreement, the Barden brand will be used worldwide except for America. In America the brand will continue to be used exclusively by Schaeffler. At present, the Plymouth site mainly produces spindle bearings and machine parts for Schaeffler’s Industrial division, as well as super-precision bearings for the aerospace and defence industries. Barden UK will continue to be a supplier to Schaeffler Group under a separate supply agreement.

Dr. Stefan Spindler, CEO Industrial of the Schaeffler Group, said: “We are very pleased that HQW Precision GmbH is a company with which Schaeffler already has a business relationship. The plant in Plymouth is an excellent addition to their portfolio of high precision products. We have every confidence that Barden will continue to offer products with the highest standards of quality.”

Jon Everett, Managing Director of Barden UK, added: “This successful outcome is the result of a shared goal between the key stakeholders to find the best solution for Schaeffler, Barden’s customers and employees, and the Plymouth community. We would therefore like to thank HQW and acknowledge the valuable support of the Ministry of Defence, our local political representatives, and the people of the City of Plymouth during this process.”

Jürgen Ziegler, Schaeffler’s Regional CEO Europe, said: “The measures adopted will make the Schaeffler Group’s footprint in Europe more efficient and bring it in line with current commercial and economic conditions. It also shows that we are willing to explore all possible alternatives in each of our divisional efficiency programs. The solution we have found will safeguard Barden’s future without significant changes for customers, suppliers and employees alike.”


19 May 2019

Sikorsky Honors Timken, Two Supplier Awards


Lockheed Martin’s Sikorsky brand recognized Timken twice at a recent ceremony honoring the helicopter company’s top suppliers for 2018.

Timken earned “Supplier of the Year” honors for its contributions to the Canadian Maritime Helicopter Program’s CH-148 Cyclone. In a press release, Sikorsky said Timken’s New Philadelphia, Ohio, facility did an excellent job in 2018 by executing short lead times and achieving technical success. Timken was one of only seven suppliers to achieve the distinction for 2018.

Also, Sikorsky cited Timken’s Lebanon, N.H., location as an “Elite Supplier” honoree. Timken produces precision OEM parts for Sikorsky and many of the world’s leading aerospace companies. Timken joined 18 other companies on the “2018 Elite Supplier” list, which honored suppliers for best-in-class performance in achieving on-time delivery, cost and quality standards.

“We appreciate the recognition, and strive to provide this same level of quality service to all of our customers,” said Vince Mennona, Timken national sales manager, aerospace. “We’re proud to play an important role in keeping vital machines such as Sikorsky helicopters safely in motion.”


Vincent J. Mennona Jr. is director, aerospace bearings, Americas at The Timken Company.

Named to this position in early 2015, Mennona is responsible for advancing the company's North American position in commercial and military aviation, space flight, and critical motion market solutions.


15 May 2019

Bearing Communications New & Old - Funny That

Bearing communications are critical to our survival especially with 5G now a serious threat everywhere

Already we have witnessed widespread phone & internet hacking, making our contacts quotes IP procurement or your purchase of a private vehicle, a genuine risk from major Manufacturers powerful IT apparatus listening methods

All electronic devices concealed at home, work, vehicle or personal watch can be easily hacked by your adversary

Your only escape maybe, returning to private & direct talks or at pub level without IT equipment big or small. Its now like the 'Old Days' ways when no electronic device were invented, only the old fashioned newspaper with a pot of beer to feel secure


There is a striking resemblance between our oldest known people the "Australian Aborigine" of 60,000 years, who mastered the art of communicating 1000 miles away without equipment, they can still do this today

Then the other known "Australian Rupert Murdoch" who needs no introduction as the media mogul with vast News Papers, Fox and business ventures in most areas seen by the modern worlds people - all done over 60 years

Are we to return to safety known communication levels not seen since our 1st people from OZ, or can private enterprise survive the onslaught of greed corruption and choked up DOJ actions and Court rooms full with commerce class cases ?


12 May 2019

New Plant Vietnam: Schaeffler Invests 45 Million Euros


The opening ceremony for the new Schaeffler plant in Vietnam. The guests in attendance included Seunghun Park, plant manager, Klaus Müller, COO Asia/Pacific, Andreas Schick, Chief Operating Officer of Schaeffler AG, Andreas Siegel, German Consulate General in Vietnam, Georg F. W. Schaeffler, Chairman of the Supervisory Board of Schaeffler AG, Dinh Quoc Thai, Chairman of the People’s Committee of the Dong Nai province, Helmut Bode, Regional CEO Asia/Pacific, Dr. Stefan Spindler, CEO Industrial of Schaeffler AG, and Martin Schreiber, President Industrial Asia/Pacific (from left).

2019-05-10 | Herzogenaurach/Bien Hoa, VIETNAM

  • 300 new jobs created
  • First section opened with an area of 25,000 square meters
  • State-of-the-art plant supplies customers in Asia and around the world

Schaeffler celebrated the opening of its new plant in Bien Hoa, Vietnam. The automotive and industrial supplier invested over 45 million euros in the construction of this new production plant. The company will create around 300 new jobs here by the end of the year. High-ranking representatives from politics and business as well as customers and partners participated in the ceremony to mark the plant’s inauguration.

Georg F. W. Schaeffler, shareholder and Chairman of the Supervisory Board of Schaeffler AG, said in his opening speech: “Vietnam was Schaeffler’s first manufacturing location in Southeast Asia more than eleven years ago. There are many reasons for our continued commitment in Vietnam. Its favorable strategic location in Asia, well-diversified, stable, and fast-growing economy, and its young, well-educated, and ambitious population are just a few examples.”

Confidence in Vietnam’s potential

“The expansion of local manufacturing capacities demonstrates our confidence in Vietnam as an ideal production hub in the Asia Pacific region to supply regional and global customers with best-in-class bearing products and systems. This new plant will become one of the best-performing and most modern production facilities in our global network”, said Andreas Schick, Chief Operating Officer of Schaeffler AG.

The new plant is located in the Amata industrial park in Bien Hoa, about 50 kilometers from Ho Chi Minh City, in the south of the country and will replace the old factory. Industrial bearings and components for a wide range of applications will be produced there. Schaeffler is increasing its capacities for its existing product portfolio and is developing new product lines, including radial insert bearings and needle roller bearings.

Products made in Asia for customers worldwide

The new plant in Vietnam has been developed based on a modular concept and further expansions are planned over the next few years. The plant currently covers an area of around 25,000 square meters. “In addition to our production facilities in Korea, we opened a new plant for automotive products in Thailand in 2016 and today we are proud to celebrate the opening of this state-of-the-art facility for products from our Industrial division in Vietnam,” said Dr. Stefan Spindler, CEO Industrial at Schaeffler. Products manufactured in Vietnam will be supplied to customers across various industrial sectors including agriculture, construction and mining, power transmission, food processing, textile, paper, steel, cement and motorcycles.

Application of Industry 4.0 solutions developed in-house

The new plant is equipped with state-of-the-art production machinery and technologies and, in addition, it is the first plant in Southeast Asia that uses the latest Industry 4.0 solutions to have been developed in-house at Schaeffler. 70 Schaeffler SmartCheck condition monitoring systems have been installed at key positions inside the plant. With these compact measuring devices, both Schaeffler and its customers can optimize manufacturing processes, prolong maintenance intervals, reduce downtimes, and thus reduce lifecycle costs for machines and equipment.

http://www.schaeffler.com/content.schaeffler.com/en/news_media/press_office/press_releases/ press_releases_detail.jsp?id=87360768

7 May 2019

5 New Liebherr Slewring Bearing Cranes for Gallagher Dubai

Sales Director Christian Wahrbichler (Liebherr Middle East FZE, 8th from the right) hands over the new Liebherr mobile cranes to Mahmoud A. Ibrahim, General Manager at Gallagher International.

Crane contractor Gallagher International based in Dubai has taken delivery of five new Liebherr mobile cranes. They cover the lifting capacity range from 50 to 300 tonnes. The company says that the product quality and after-sales service were major factors behind the decision to order the cranes from Liebherr.

The order comprises an LTM 1050-3.1, an LTM 1070-4.2, an LTM 1100-5.2, an LTM 1160-5.2 and an LTM 1300-6.2. The main areas of use for the new mobile cranes are the oil and navy industry, construction and infrastructure projects as well as hoisting work in the communications and energy supply industries.

Gallagher continually invests in new cranes with innovative technologies to enable it to meet the needs of its customers efficiently and effectively. General Manager Mahmoud A. Ibrahim explains: “We were so impressed by the quality and performance of the latest Liebherr all-terrain cranes that we decided to buy more cranes from Liebherr. In addition, their service is excellent. Liebherr also supports us with its tailored solutions to meet the demands of our customers.”

The company was founded in 1983 in the United Arab Emirates and now has 36 years of experience in heavy haulage as well as being a specialist in the crane rental sector. Gallagher operates cranes with lifting capacities from 30 to 500 tonnes and has a workforce of 225. It has had a business relationship with Liebherr since 1995

Types of Slewing Bearings in Cranes & Most Large Applications

Liebherr is one of the world's leading producers of large diameter bearings. Our portfolio comprises many different types, manufactured in a wide range of dimensions and designs.

All of our slewing bearings can be manufactured with internal gears, external gears or without gearing. Special gearing, such as helical and worm gears, are also available upon request. The seal concept is also configured for each individual case of use, and takes account of particular environmental conditions, such as particularly saline or dusty air. The bearings can also be coated for extra corrosion protection.

https://www.liebherr.com/en/aus/products/components/large-diameter-bearing/bearing-types/bearing-types.html

2 May 2019

Timken Reports Record 1st Quarter 2019; Raises Full-Year Earnings Outlook


World Headquarters

- Posted sales of $980 million, up 11 percent from last year
- Delivered strong earnings per diluted share of $1.19 on a GAAP basis, with record adjusted earnings per diluted share of $1.35
- Generated seasonally strong cash from operations of $52 million and free cash flow of $36 million
- Raises earnings outlook; now expects 2019 GAAP earnings per diluted share of $4.95 to $5.15 and adjusted earnings per diluted share of $5.15 to $5.35

NORTH CANTON, Ohio, May 1, 2019 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a world leader in engineered bearings and power transmission products, today reported first-quarter 2019 sales of $979.7 million, up 10.9 percent from the same period a year ago. The increase was primarily driven by organic growth in the Process Industries segment and the benefit of acquisitions, partially offset by unfavorable foreign currency translation.

In the first quarter, Timken posted net income of $91.9 million or $1.19 per diluted share, versus net income of $80.2 million or $1.02 per diluted share for the same period a year ago. The year-over-year increase was driven by higher volume, favorable price/mix, improved manufacturing performance, lower selling, general and administrative (SG&A) costs, and the benefit of acquisitions, partially offset by higher material costs. The current period also included higher interest expense, as well as higher income tax expense driven by discrete tax adjustments in the current quarter

Excluding special items (detailed in the attached tables), adjusted net income in the first quarter of 2019 was $104.2 million or a record $1.35 per diluted share, versus adjusted net income of $80 million or $1.01 per diluted share for the same period in 2018. Cash from operations for the quarter was $52.3 million, and free cash flow was $36.1 million.

"We had an excellent start to the year, achieving strong revenue growth, margin expansion and record adjusted earnings per share in the first quarter," said Richard G. Kyle, Timken president and chief executive officer. "We continue to deliver profitable growth as a result of our focused strategy, strong operating performance and diverse market and product mix. Our recent acquisition of Diamond Chain further enhances our power transmission portfolio, which now accounts for roughly one-third of company revenues. Whether through innovation from within or acquisition, we are profitably growing Timken's industrial leadership position to create shareholder value that endures."

Among recent developments, the company:

  • Earned recognition for the ninth time as one of the World's Most Ethical Companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success;
  • Returned $30 million of capital to shareholders during the quarter with the payment of its 387th consecutive quarterly dividend and the repurchase of approximately 210 thousand shares; and
  • Completed the acquisition of Diamond Chain, a leading supplier of high-performance roller chains for industrial markets, and an excellent strategic fit with Timken's existing Drives chain business

First-Quarter 2019 Segment Results

Mobile Industries sales of $500 million increased 2.4 percent compared with the same period a year ago, driven primarily by organic growth in the aerospace sector and the benefit of acquisitions net of divestitures, partially offset by unfavorable currency.

Earnings before interest and taxes (EBIT) in the quarter were $61.4 million or 12.3 percent of sales, compared with EBIT of $51.1 million or 10.5 percent of sales for the same period a year ago. The increase in EBIT reflects favorable price/mix, improved manufacturing performance, lower logistics and SG&A costs, and the benefit of acquisitions net of divestitures, partially offset by higher material costs. The current period also includes a $6 million charge for damage resulting from a flood that occurred during the quarter at one of our U.S. warehouses.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $66 million or 13.2 percent of sales, compared with $51.8 million or 10.6 percent of sales in the first quarter last year.

Process Industries reported sales of $479.7 million, up 21.6 percent from the same period a year ago. Acquisitions added revenue of $52.4 million in the quarter, or 13.3 percent. Excluding acquisitions, revenue was up 8.3 percent with broad organic growth across most sectors led by wind energy, industrial distribution and heavy industries, partially offset by unfavorable currency.

EBIT for the quarter was $106.2 million or 22.1 percent of sales, compared with EBIT of $81.6 million or 20.7 percent of sales for the same period a year ago. The increase in EBIT was driven by higher volume, favorable price/mix and the benefit of acquisitions, partially offset by higher material costs. The current period also included acquisition-related charges.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $109.8 million or 22.9 percent of sales, compared with $81.6 million or 20.7 percent of sales in the first quarter last year.

2019 Outlook

The company expects 2019 revenue to be up approximately 8 to 10 percent in total versus 2018. This includes expected organic growth of 3 to 5 percent plus the benefit of acquisitions including the recently completed Diamond Chain acquisition, partially offset by unfavorable foreign currency translation.

"We continue to see growing demand across many industrial sectors," said Kyle. "We expect to deliver solid revenue growth, expanded margins, record earnings and strong cash flow in 2019, further demonstrating the improvements in the company's market position and earnings power. We remain focused on winning with customers, driving operational excellence and investing for growth, all of which will generate significant value for shareholders over time."

Timken now anticipates increased 2019 earnings per diluted share in the range of $4.95 to $5.15 for the full year on a GAAP basis. Excluding special items (detailed in the attached tables), the company expects record 2019 adjusted earnings per diluted share ranging from $5.15 to $5.35.

http://news.timken.com/2019-05-01-Timken-Reports-Record-First-Quarter-2019-Results-Raises-Full-Year-Earnings-Outlook


30 April 2019

Annual General Meeting of Schaeffler AG - 2019


CEO Klaus Rosenfeld and Supervisory Board Chairman Georg F. W. Schaeffler at the annual general meeting of Schaeffler

2019-04-24 | Herzogenaurach GERMANY

  • Dividend payout of 55 cents per common non-voting share
  • High level of interest among 730 participants
  • Board of Managing Directors explains transformation of the Schaeffler Group
  • Scheduled election of shareholder representative in the Supervisory Board

The annual general meeting of Schaeffler AG generated a high level of interest. Around 730 shareholders traveled to Nuremberg to attend the meeting in the Frankenhalle. They voted for a dividend of 55 cents per common non-voting share (unchanged from the previous year). In the fourth year following the listing of the company, the dividend payout ratio is around 40% and therefore at the upper end of the target range of 30 to 40 percent of net income attributable to shareholders before special items.

A positive signal to the capital marketM

The unchanged dividend payout is a clear and positive signal to the capital market, particularly given the fact that the company – like most of its competitors in the automotive business – had to deal with severe stock market losses, particularly during the second half of 2018. The good cash flow generation and the further improvement in the key financial performance indicators confirm that the company is on a solid financial footing and allow a dividend payment at the prior year’s level.

“The past financial year was a year of light and shade. However much things may change, we will stay on course and continue to shape the future of the Schaeffler Group – actively and decisively. We will maintain our strategy and our position as an automotive and industrial supplier. In doing so, Schaeffler will remain in motion and consistently drive forward its transformation”, explained Klaus Rosenfeld, CEO of Schaeffler AG.

With regard to the business development in the first months of 2019, Klaus Rosenfeld said that Schaeffler had started the financial year as planned and that conditions on the market remained challenging. He added that the growth dynamics should not be expected to speed up again until the second half of the year. The company will publish the interim report for the first quarter of 2019 on May 8.

New appointments to Schaeffler AG’s Supervisory Board

At today’s annual general meeting, the ten shareholder representatives of Schaeffler AG’s Supervisory Board were elected as scheduled.

With the election, eight members of the Supervisory Board were confirmed in their posts. The following members were re-elected: Maria-Elisabeth Schaeffler-Thumann, Georg F. W. Schaeffler, Prof. Dr.-Ing. Hans-Jörg Bullinger, Dr. Holger Engelmann, Prof. Dr. Bernd Gottschalk, Robin Stalker, Prof. KR Ing. Siegfried Wolf, and Prof. Dr.-Ing. Tong Zhang. Sabine Bendiek and Sabrina Soussan were newly elected to the Supervisory Board.

Ms. Bendiek is the Chairperson of the Management Board of Microsoft Deutschland GmbH. She has many years of experience in digitalization, IT, and artificial intelligence.

Ms. Soussan is the CEO of Siemens Mobility GmbH and also manages the Siemens Rolling Stock business unit. Siemens Mobility offers innovative solutions for rail and road transport and for interconnected mobility worldwide.

“We are delighted to welcome two top managers with an impressive technological background, Ms. Bendiek and Ms. Soussan, to the Supervisory Board of Schaeffler AG. Their knowledge and experience will significantly strengthen the board, especially with regard to digitalization and technology,” said Georg F. W. Schaeffler, Chairman of the Supervisory Board.

20 April 2019

BearingCode Latest Link Legislation & Corruption

BearingCode has introduced a new Link for Bearing Corruption and Government statements

Over the past 2 decades we have witnessed bearing corruption particularly from Bearing Manufacturers without limitations, with excess of 60 global 'Price Fixing' convictions and penalties exceeding US$2.8 Billion

Government Justice Departments from USA UK EU CANADA JAPAN AUSTRALIA SINGAPORE KOREA CHINA RUSSIA BRASIL have registered these acts of fraud behavior, however Bearing Manufacturers continue with False Fake and Misleading acts of alleged crime dealing in Fake News and Fake Bearings

From April 2019, the Singapore Government has introduced an Act to cease Fake News & Fake Product Bearings that may soon include Germany Australia and Others

Further Corruption of Fake News and False Fake BEARING Counterfeits by the Major Bearing Manufacturers and Executives will carry Penalties of $100,000 to $1,000,000 with Jail terms to 10 Years

Copy of government Act legislation [PDF]

Photos and Media releases of first known act of alleged Fraud Fake News and False Claims 23 January 2007, Schweinfurt GERMANY, and still continues with Fake News and Fake products in 2019

10 April 2019

Singapore Introduces Bill to Fight Fake News - Bearings

Allegations that Major Bearing Manufacturers invented videos with professional actors and other media utilities for Fake News assisting those executives in charge of Fake False & Misleading bearing products for the entire Worldwide Bearing Market & associated products

This week the Singapore Government has introduced legislation refer "Protection From Online Falsehoods and Manipulation Bill" aimed to criminalize Fake News as it happens


Singapore introduced legislation [PDF] on Monday that aims to prevent the spread of fake news, and if passed, would place more responsibility onto media companies to ensure fake news does not reside on their platforms.

The legislation, called the Protection From Online Falsehoods and Manipulation Bill, will require online sites to take down false information, or show corrections to false and misleading claims. The legislative changes will also enable the Singaporean government to order media platforms to disable fake accounts or bots that spread misinformation.

Orders could also be sent out to internet service providers to disable internet access to those who are found to be creating or disseminating fake news.

According to the Bill, misinformation is anything that is against the "public interest". The definitions of "public interest" are vague, and will allow for the Singaporean government to block information so long as it protects the city-state's security, public health or finances, relations with other countries, or the independence of its election outcomes.

Blockable information also includes content resulting in the "diminution of public confidence" in the government or the "incitement of feelings of enmity, hatred, or ill will between different groups of persons".

Human rights activists have raised concerns with the fake news Bill, with Human Rights Watch deputy Asia director, Phil Robertson, tweeting the draft legislation "looks like a human rights disaster in the making, with plenty of extra-territorial application to make publishers in Asia and elsewhere very concerned".

The Bill will criminally punish propagators of fake news, with offenders potentially facing fines of up to SG$100,000 or imprisonment of up to 10 years, or both. Offenders may also be fined up to SG$1 million. The criminal penalties will also apply to anyone that makes or uses bots to spread fake news, as well as those who provide services for the purpose of spreading fake news in return for a financial or material benefit.

The move falls in line with moves made by other countries to protect against fake news and harmful content, such as Germany and Australia. The Australian government said it would introduce new laws that apply criminal penalties to media companies that allow videos of serious offences, such as terrorist attacks, to be live-streamed on their platforms.

"Big social media companies have a responsibility to take every possible action to ensure their technology products are not exploited by murderous terrorists," Australian Prime Minister Scott Morrison said at the time.

It also follows Facebook founder and CEO Mark Zuckerberg over the weekend calling for global internet regulation and for governments around the world to have a "more active role" in governing the internet.

"Regulation could set baselines for what's prohibited and require companies to build systems for keeping harmful content to a bare minimum," Zuckerberg said.

6 April 2019

Schaeffler & Mitsubishi Electric Global Strategic Partnership

Congratulations to Schaeffler Technologies Germany for achieving a milestone agreement with Japan's prestigious Mitsubishi Electric Group

This Partnership is a Global arrangement that further cements Schaeffler's technical & academical credentials with a leading edge in smart development and manufacturing


Global strategic partnership agreement sealed at the Hannover Messe 2019: Hartmut Pütz, President of Factory Automation – European Business Group, Mitsubishi Electric, Dr. Stefan Spindler, CEO Industrial of Schaeffler AG, Rauli Hantikainen, Head of Industry 4.0, Schaeffler, Mr. Hajime Sugiyama, Industrial IoT Evangelist, Factory Automation Systems Group, Mitsubishi Electric, and Kazuaki Nakamura, Sales Engineer Industrial, Schaeffler (left to right).

2019-04-05 | Hanover/Schweinfurt/GERMANY

  • Leveraging “e-F@ctory” solutions
  • Strategic collaboration for the future of production
  • Industry 4.0 product solutions towards smart manufacturing

Mitsubishi Electric Corporation and Schaeffler Technologies AG & Co. KG announced a global strategic partnership as part of the e-F@ctory Alliance network. Since 2010 both companies have been partners in the e-F@ctory Alliance, which is part of Mitsubishi Electric Corporation’s e-F@ctory Concept. This concept supports companies with measures within the framework of the digital transformation, such as the integration of machine and plant data into MES (manufacturing execution systems) and ERP (enterprise resource planning systems).

Industry 4.0 scenarios are characterized by highly individualized products in very flexible manufacturing conditions. Along with production technology, Industry 4.0 also comprises digitally connecting components and machines. Dr. Stefan Spindler, CEO Industrial of Schaeffler AG, explains: “To provide Industry 4.0 solutions with substantial added value for the customer we need collaboration across different companies. With the technological expertise and systems know-how of Schaeffler and Mitsubishi Electric teamed up in this global strategic partnership, we will be able to offer intelligent solutions tailored to customer and market requirements to optimize manufacturing operations and equipment lifecycle costs.”

Mr. Noriyuki Shimizu, Executive Officer and General Manager of Factory Automation Overseas Division at Mitsubishi Electric, adds: “Over the last years, we have successfully carried out joint projects in various countries in Europe and Asia. Now, we intend to intensify and expand our collaboration on a global level.” Schaeffler and Mitsubishi Electric collaborate to boost connectivity and to create Industry 4.0 solutions that reduce machine downtime and maximize productivity for the customer. For example, the machine protocol SLMP (seamless message protocol) implemented in Schaeffler condition monitoring systems enables vibration sensors to communicate bidirectionally with Mitsubishi Electric’s programmable logic controller and to transmit the characteristic values determined. The PLC processes the data into information, which is prepared as plain text messages and shown on a display. An additional integration level also allows the condition monitoring system to be connected with the PLC of the relevant plant via a network cable and Modbus protocol.

Schaeffler contributes concepts that combine mechatronic products, condition monitoring systems, and digital services to form application-specific 4.0 solution packages. These provide the basis for the creation of customized products and services whose main focus is always on the effectiveness of the overall system.

Mitsubishi Electric Corporation offers a vast range of factory automation and processing technologies, including programmable logical controllers (PLC), inverters, robots, servo-drives and HMI, helping to bring higher productivity and quality to the factory floor.

https://www.schaeffler.com/content.schaeffler.com/en/news_media/press_office/ press_releases/press_releases_detail.jsp?id=87325828

2 April 2019

NSK Bearings Inaugurates New Plant in India

NSK Ltd. joint venture, Rane NSK Steering Systems Pvt. Ltd. (RNSS; Headquarters: Chennai, India; Chairman: Laxminarayan Ganesh), has established a new plant in Ahmedabad City (Gujarat, India) to produce electric power steering (EPS) systems. The plant inauguration ceremony was held on November 22, 2018.

The new Gujarat Plant (west India) joins three existing RNSS plants to cover the vast expanse of India. RNSS also operates plants in Chennai (southeast India), Bawal (north India), and Pantnagar (north India). Ahmedabad is an important economic and automotive industry hub in western India. The new Gujarat plant was established to respond to increasing demand and shorten lead times to better serve our customers.


Comment from Laxminarayan Ganesh, Rane Group Chairman
This investment represents an important part of our strategic plan to achieve business growth. We are growing by continuing to introduce new technologies and expand our product lineup. The Gujarat Plant has been established with the goal of becoming the top leader of EPS manufacturing in India.

Comment from Shigeyuki Suzuki, Executive Vice President at NSK
By locating the new plant at the automotive industry hub of Ahmedabad we will increase our ability to closely provide engineering and technical support to our customers in northwest India, and we will realize shorter lead times. NSK and Rane have been working together since 1997, and we are continuing to build on a long history of success.

Gujarat Plant

Location Changodar, Ahmedabad City (Gujarat, India),
Land Size 18,000㎡
Floor Space 5,200㎡
Investment 5.11 billion rupees (About 800 million yen)
Products Electric Power Steering (EPS)
Production Capacity 250,000 units a year
Employees Around 150
Operating since November 2018

http://www.nsk.com/company/news/2019/0326a.html

25 March 2019

NTN Bearing Group Company Transition with Nominating Committee

In a bold corporate decision, the NTN Bearing Group Japan voted for new initiatives by creating power to an international management board including outside Directors and Auditors. This decision enables the NTN Group to fully utilize global experiences and development with updated services from leading world executives


At the Board of Directors on March 22, NTN Corporation (hereafter, NTN) has decided to transfer to the Company with Nominating Committee, etc. from Company with Board of Company Auditors subject to the approval of the shareholders at the 120th Annual General Meeting of Shareholders to be held in late June of this year. The details are as follows.

1. Transition to Company with Nominating Committee, etc.

(1) Background of the transition
Based on our corporate philosophy: “We shall contribute to the international community through the creation of new technologies and the development of new products,” we are aiming to promote globalization, form a management system and corporate organization which are essential for NTN, as an international leading company.

Recognizing that enhancing the corporate governance function is a top management priority, we have been working to build an effective corporate governance system by introducing an executive officer system and increasing the number of outside directors and auditors. In addition, in the Medium-term Management Plan “DRIVE NTN100,” which was launched in April last year, we are taking initiatives to establish the management system to support the transformation of business structure. In line with these, we have decided to transfer to Company with Nominating Committee, etc. to further strengthen the system.

(2) Purpose of the transition
(i) Establish a prompt decision-making and business execution organization
Accelerate the decision-making process by delegating the authority to the executive organ in accordance with the basic philosophy of “Separating Supervision and Execution” of the “Company with Nominating Committee, etc.”

(ii) Strengthen the supervision of management
The Board of Directors is dedicated to deciding basic management policies and supervising the execution of operations to enhance the appropriate and efficient management so that NTN will improve its corporate value.

(iii) Improve management transparency and fairness
Improve management transparency and fairness in the appointment and dismissal of officers and the compensation, etc. by establishing three committees (nominating, auditing and compensation) with a majority of outside directors.

(3) Timing of the transition
After the approval of our 120th Annual General Meeting of Shareholders to be held in late June of this year, NTN plans to transfer to Company with Nominating Committee, etc.

2. Others
Details of the transition, including the contents of the amendment to the Articles of Incorporation and personnel affairs, will be announced as soon as the decision is made.


19 March 2019

Timken Plants Safety Awards, South Carolina Manufacturers Alliance


NORTH CANTON, Ohio, March 18, 2019 /PRNewswire/ -- The Timken Company (NYSE: TKR), a world leader in engineered bearings and power transmission products, is celebrating safety in South Carolina. The South Carolina Manufacturers Association last week honored Timken’s Gaffney and Honea Path plants as 2018 Plant Safety Award winners at its annual Safety Summit in Spartanburg, S.C.

“These awards are the direct result of the hard work and commitment of our dedicated associates in South Carolina, and we congratulate them,” said Dan Mcfadden, director of manufacturing, North America. “They exemplify our pledge to operate safely and responsibly everywhere we do business.”

Timken is committed to achieving a safe and accident-free workplace, with initiatives that are championed by executive leadership, coordinated and shared globally and emphasized through a culture of accountability. Last year, Timken’s lost-time-accident rate was the second-lowest in company history.

Timken’s Gaffney bearing plant produces high-volume and medium-volume tapered roller bearings up to 6 inches.

Timken’s Honea Path plant produces medium-and low-volume tapered roller bearings up to 8 inches, matched-bearing assemblies, and engineered surface coatings.

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $3.6 billion in sales in 2018 and employs more than 17,000 people globally, operating from 35 countries.

14 March 2019

Schaeffler Group Meets 2018 Financial Year Targets

Schaeffler Germany Financial's for 2018 holds sound momentum under challenging global automotive conditions. Together with new executive board appointments from within the industry, Schaeffler's known academic ability will continue its world leadership for 2019/2020


March 2019 | Herzogenaurach GERMANY

  • Revenue grows 3.9 percent at constant currency in challenging environment, EBIT margin before special items declines to 9.7 percent (prior year: 11.3 percent) in 2018
  • Earnings of both Automotive divisions lower while Industrial division significantly improves earnings (up 47 percent)
  • Free cash flow before M&A activities of 384 million euros better than expected
  • Proposed dividend of 55 cents per common non-voting share at prior-year level
  • Cautious guidance for 2019
  • You can find our annual report at: www.schaeffler-annual-report.com

Global automotive and industrial supplier Schaeffler presented its results for 2018 today. The Schaeffler Group’s revenue for the reporting period amounted to approximately 14.2 billion euros (prior year: approximately 14.0 billion euros). At constant currency, revenue increased by 3.9 percent during this period. All three divisions and all four regions contributed to the group’s constant currency revenue growth. The Greater China region once more reported the highest revenue growth rate, albeit with considerably less momentum than in previous years. The Schaeffler Group generated earnings before financial result and income taxes (EBIT) before special items of 1,381 million euros in 2018, (prior year: 1,584 million euros), less than in the prior year. This represents an EBIT margin before special items of 9.7 percent (prior year: 11.3 percent).

Net income attributable to shareholders of the parent company for the reporting period amounted to 881 million euros, falling short of the prior year level (980 million euros). Earnings per common non-voting share were 1.33 euros (prior year: 1.48 euros). On that basis, Schaeffler AG’s Board of Managing Directors will propose a dividend of 55 cents to the annual general meeting. This represents a dividend payout ratio of approximately 40 percent (prior year: approximately 35 percent) of net income attributable to shareholders before special items.

Klaus Rosenfeld, CEO of Schaeffler AG, commented on the performance of the business in 2018: “Following a good first six months for the Schaeffler Group, market conditions in the global automotive business deteriorated considerably during the second half of 2018. This put pressure on our earnings. The Industrial division’s very strong development over the course of 2018, which has partially offset the weaker performance of the two Automotive divisions, was encouraging. It proves that our positioning as a global automotive and industrial supplier is invaluable.”

Klaus Rosenfeld was not satisfied, however, with the Automotive OEM division’s earnings. “The decrease in Automotive OEM division earnings resulted mainly from the difficult competitive and market environment and the growing pressure to change. However, there are also a number of homegrown factors we need to address. That is why we have launched the program RACE, which is aimed at increasing efficiency and optimizing the portfolio. If we are going to improve our productivity and competitiveness, we need more focus and more speed.”

The objectives and measures of RACE are described in more detail in the press and IR release also issued today
https://www.schaeffler.com/content.schaeffler.com/en/news_media/ press_office/press_releases/press_releases_detail.jsp?id=86861057

7 March 2019

Struggling German Family Down to Last $16 Billion

Germany's industrial difficulties are encapsulated by the family-controlled car parts maker Schaeffler. - theirs probably won't be the last fortune to suffer a bruising.

By Chris Bryant, March 6, 2019 Bloomberg LP




If you're looking for a company that encapsulates the wrenching changes that are set to upturn Germany's economic model over the next decade or so, you could do worse than study what's happened to Schaeffler AG.

On Wednesday, the family-controlled automotive and industrial components group scrapped its long-term earnings targets, announcing 900 job cuts and the closure of several factories. The shares tumbled 8 percent, bringing the decline since January 2018 to a wretched 55 percent.


Schaeffler also owns a hefty stake in tire and car parts giant Continental AG, but those shares have nosedived too. Hence, though Maria-Elisabeth Schaeffler-Thumann and her son Georg remain two of Germany's richest people, their combined $16 billion wealth as estimated by the Bloomberg Billionaires Index isn't as eye-catching as it once was. Theirs probably won't be the last German industrial fortune to suffer a bruising this decade.

Losing Their (Ball) Bearings
Schaeffler's wilting share price reflects an epochal industrial struggle
https://www.bloomberg.com/opinion/articles/2019-03-06/germany-s-schaeffler-family-is-down-to-its-last-16-billion

Like many of Germany'sexport champions, Schaeffler is trying to make the leap from a world dominated by highly precise mechanical components (its most famous product is the humble ball-bearing) to one controlled by automated and electric systems. "In the coming years, the sector will change more extensively than in the 130 years since the automobile was invented," Schaeffler's annual report notes, rather ominously.

Right now, more than 60 percent of Schaeffler's sales relate to the combustion engine, according to analysts at Berenberg. Those sales haven't suddenly disappeared, but engines are slowing becoming hybridized, and will eventually be displaced by fully electric motors. Schaeffler's "e-mobility" sales increased by 18 percent last year – the company provided the e-axle transmission for the new Audi eTron – but they're still a small proportion of the total.

Making this transition efficiently is hugely difficult for any company. There's a danger that plants are left with excess capacity; and it isn't straightforward asking employees who've made one thing all their lives to start producing something entirely different. Capital becomes an even more precious resource: Do you invest in the products that deliver high profits today or the ones that are likely to be in demand tomorrow?

It's doubly difficult to pull this off when important automotive markets like China are slowing – partly for cyclical reasons, but also structurally as more city dwellers decide a car isn't necessary.

Plateauing demand is bad news for carmakers, who are splurging heavily on new technologies and have struggled with new emissions testing procedures. Their response, one assumes, has been to try to squeeze their suppliers' margins even more. It's a vicious cycle, and not one that will end any time soon.

In fairness, Schaeffler generates sufficient cash to service its 2.5 billion euros ($2.8 billion) of net debt and remains comfortably profitable. It's just that those profits aren't nearly as impressive or reliable as they used to be. On average, the company has achieved an operating margin of about 12.5 percent during the past decade. Now it has to make do with 10 percent, and 2019 will probably be worse still.

It's understandable that the company didn't commit to new medium-term earnings targets. Profit is all but impossible to predict in such a volatile environment. But that uncertainty explains why a stock that's priced at just five times estimated earnings, and which yields 7.5 percent, hasn't found more buyers.

Germany remains one of the world's great workshops, but its industrial engines need new parts.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

4 March 2019

Schaeffler Appoints Uwe Wagner, Member to Board of Managing Directors

Uwe Wagner

2019-03-01 | Herzogenaurach

  • Prof. Dr.-Ing. Peter Gutzmer retires
  • Successor from within Schaeffler's own ranks
  • Contract of Matthias Zink extended

In today's meeting, the Supervisory Board of Schaeffler AG appointed Mr. Uwe Wagner (54), Head of Research and Development Automotive OEM and Industry, to become member of the Board of Managing Directors of Schaeffler AG for a period of three years, as of January 1st, 2020. Mr. Wagner will succeed Prof. Dr.-Ing. Peter Gutzmer (65), who will retire as of December 31st, 2019. He will take over the responsibility as Chief Technology Officer.

The Supervisory Board also decided to extend the contract of Matthias Zink (49), CEO of the Automotive OEM division, by a further five years until December 31, 2024.

With regard to the changes, Georg F. W. Schaeffler, Chairman of the Supervisory Board of Schaeffler AG, said: "We are delighted to welcome Mr. Uwe Wagner, another top talent within the Schaeffler Group, to the Board of Managing Directors of Schaeffler AG. As Chief Technology Officer, he will take over a key position for the future development of Schaeffler Group. Prof. Dr. Gutzmer has been with Schaeffler Group for more than 17 years. He has shaped the company with passion and innovation. On behalf of the entire Supervisory Board, I would like to thank Professor Dr. Gutzmer, who in addition to his role as Chief Technology Officer also served as Deputy CEO, for his outstanding work and his extraordinary commitment."

https://www.schaeffler.com/content.schaeffler.com/en/news_media/press_office/ press_releases/press_releases_detail.jsp?id=86748488

26 February 2019

Timken One of World's Most Ethical Companies 'Ethisphere' 9th Time



NORTH CANTON, Ohio, Feb. 26, 2019 /PRNewswire/ -- For the ninth time, the Timken Company (NYSE: TKR; www.timken.com) a world leader in engineered bearings and power transmission products, has been recognized as one of the World's Most Ethical Companies. Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, unveiled the 2019 list today.

"We are proud to earn this recognition once again and even more proud of our more than 17,000 associates around the world who demonstrate their commitment to ethics and integrity," said Richard G. Kyle, Timken president and chief executive officer. "We are focused on making the world a better place through our products, services and actions, and doing the right thing every day, everywhere we do business."

This year's list recognizes 128 honorees from 21 countries and 50 industries. Timken is one of only four companies honored in the industrial manufacturing category.

According to Ethisphere, Timken and this year's other honorees profoundly illustrate how companies continue to be the driving force for improving communities, building capable and empowered workforces, and fostering corporate cultures focused on ethics and a strong sense of purpose.

"To be recognized nine times on our list puts Timken in rare company. Timken's associates embody the company's commitment to operating with honesty, fairness, respect and responsibility all around the world," said Timothy Erblich, Ethisphere CEO. "It's clear that Timken's ethics and integrity stand out to customers, investors and other stakeholders, and I want congratulate everyone at Timken for earning this recognition."

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $3.6 billion in sales in 2018 and employs more than 17,000 people globally, operating from 35 countries.

About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World's Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance (BELA). More information about Ethisphere can be found at: https://ethisphere.com.

http://news.timken.com/2019-02-26-Timken-Named-One-of-the-Worlds-Most-Ethical Companies-R-by-Ethisphere-for-the-9th-Time

20 February 2019

Timken 2019 Scholarship Winners Make Impact Around World

Company honors 17 children of associates with $540K in awards


Photos(1)



NORTH CANTON, Ohio, Feb. 20, 2019 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) is helping to fulfill the dreams of a future pharmaceutical developer, an aspiring criminology professor and 15 other high school scholars with big ambitions of their own. Today from its World Headquarters in North Canton, Timken presented college scholarships—valued at $540,000 over a four-year period—to 17 children of Timken associates from six countries. Since launching the annual program in 1958, The Timken Company Charitable and Educational Fund has awarded more than $24 million in scholarships to deserving students.

Ioana Babarus, daughter of senior process design engineer Dana Babarus and Dragos Babarus, earned the Henry Timken Scholar Award, valued at $35,000 annually, up to $140,000 over four years. Ioana, who plans to open her own pharmaceutical laboratory one day, is a senior at Alexandru Ioan Cuza College in Ploiesti, Romania, and plans to study pharmacy at Carol Davila University in Bucharest, Romania.

An accomplished scholar, Ioana has studied in China, France and the United Kingdom, and has volunteered extensively with foster children. She hopes someday to establish a charitable organization that would send pharmacy students to isolated communities to provide medicine to help care for people.

Jeanna Hill, daughter of manufacturing associate Charles Hill and Denine Di Lucchio, earned the Jack Timken Scholar Award, valued at $25,000 annually, up to $100,000 over four years. The Uniontown High School (Kansas) senior said she hopes to be a criminology professor one day. First, however, she will study math and sociology at the University of Kansas.

The avid musician, who qualified for the John Philip Sousa Award in Kansas, is a member of Uniontown's marching, pep and concert bands and has performed with the Pitt State University Crimson and Gold band.

"Students like Ioana, Jeanna and our other award winners assure us that our future is in very capable hands," said Timken Chairman John M. Timken, Jr. "These young men and women are poised to make a difference in whatever endeavor they chose to pursue all around the world."

Joining Babarus and Hill as scholarship winners, five students received $10,000 annual awards worth up to $40,000 over four years. They include:

  • Kaitlyn Chambers, daughter of production planning analyst Rick Chambers and Sandra Baker, from Stevens High School in Claremont, New Hampshire. Kaitlyn plans to pursue a degree in accounting at Plymouth State University.
  • Ayush Gupta, son of operator technician Anup Gupta and Arti Gupta, from Little Flower School in Jamshedpur, India. He plans to study marine engineering at the University of Tasmaniain Australia.
  • Lauren Kohler, daughter of cones manager Wayne Kohler and Angela Kohler, from Bucyrus Secondary School in Bucyrus, Ohio. Lauren intends to study pre-medicine at The Ohio State University.
  • Hannah Shupert, daughter of manufacturing associate Jerry Shupert and Anita Bartlett, from Glendale High School in Springfield, Mo. Hannah has been accepted to the Honors College at the University of Missouri at Columbia where she will study linguistics and political science.
  • Matthew Swigert, son of global new product implementation manager John Swigert and Sandra Swigert, from Louisville High School in Louisville, Ohio. He plans to study aerospace engineering at Purdue University.

In addition, the following 10 winners earned $10,000 one-time scholarships:

  • Matthew Aindow, son of senior rail application engineer David Aindow and Carolyn Aindow, from Wollaston School in Wellingborough, United Kingdom. He will study biochemistry at the University of Sheffield.
  • Riya Bhadra, daughter of assistant manager of maintenance Ujjwal Bhadra and Dipti Bhadra, from Carmel Junior College in Jamshedpur, India. She plans to attend the University of Pennsylvania to study finance management.
  • Sachi Chaudhari, daughter of process design and development manager Rahul Chaudhari and Manju Chaudhari, from Hoover High School in North Canton, Ohio. She will study neuroscience at The Ohio State University.
  • Michael Discenza, son of vice president and group controller Mike Discenza and Gina Discenza, from Jackson High School in Jackson Township, Ohio. He intends to study mathematics and economics at the University of Chicago.
  • Geetika Raut, daughter of operator Montosh Kumar Raut and Sabitri Raut, from Carmel Junior College in Jamshedpur, India. She plans to pursue software engineering at the Indian Institute of Technology.
  • Anne Roellgen, daughter of Europe, Asia and Africa vice president Andreas Roellgen and Barbara Roellgen, from DFG Deutsch-Franzsisches Gymnasium in Freiburg im Breisgau, Germany. She plans to earn a degree in economic sciences from Sciences Po in Paris.
  • Colin Scanlon, son of general manager, learning and development Blake Scanlon and Anne Richeson-Scanlon, from Jackson High School in Jackson Township, Ohio. He plans to pursue a chemical engineering degree at North Carolina State University.
  • Mihaela-Diana Scarlatescu-Rafu, daughter of service engineering specialist Bogdan Scarlatescu-Rafu and Claudia Scarlatescu-Rafu, from Mihai Viteazul National College in Bucharest, Romania. She intends to study business economics at the University of Groningen in the Netherlands.
  • Krishna Subbuseshan, son of senior lead finance analyst Srinivasan Subbuseshan from Bethany High School in Karnataka, India. He will pursue a medical degree at Bangalore Medical College.
  • Junchang Wang, son of logistics and warehouse supervisor Wenzhen Shao and Chunxi Wang, from Yantai No. 1 Middle High School in Yantai, China. He will major in clinical medicine at Peking Union Medical College.

http://news.timken.com/2019-02-20-Timken-2019-Scholarship-Winners-Vow-to-Make-an-Impact-Around-the-World

7 February 2019

Timken Strong 4th Qtr, Excellent 2018 Full-Year

Great Performance 2018, TIMKEN Expects Continued Growth in 2019


  • - Fourth-quarter sales of $910 million, up 17 percent from last year
  • - Fourth-quarter earnings per diluted share were $0.77 on a GAAP basis,
    with record adjusted EPS of $1.00

  • - Full-year 2018 earnings per diluted share were $3.86 on a GAAP basis,
    with record adjusted EPS of $4.18

  • - Continued growth expected in 2019 with GAAP earnings per diluted share
    of $4.55 to $4.75 and adjusted EPS of $4.70 to $4.90



NORTH CANTON, Ohio, Feb. 7, 2019 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a world leader in engineered bearings and power transmission products, today reported fourth-quarter 2018 sales of $910.1 million, up 17 percent from the same period a year ago. The increase was driven by continued growth across most end markets, as well as the favorable impact of acquisitions and pricing, partially offset by unfavorable currency.

In the fourth quarter, Timken posted net income of $60 million or $0.77 per diluted share, versus net income of $29.2 million or $0.37 per diluted share for the same period a year ago. The year-over-year improvement was driven by higher volume and favorable price/mix, partially offset by higher material and manufacturing costs including tariffs. The year-ago period included higher income tax expense driven primarily by one-time charges related to U.S. tax reform, while the current period included higher interest expense.

Excluding special items (detailed in the attached tables), adjusted net income in the fourth quarter of 2018 was $77.4 million or $1.00 per diluted share, an adjusted earnings per share record for the fourth quarter, versus adjusted net income of $53.9 million or $0.68 per diluted share for the same period in 2017. The improvement reflects higher volume, favorable price/mix, the benefit of acquisitions and the impact of a lower tax rate as a result of U.S. tax reform, partially offset by higher material and manufacturing costs including tariffs and higher interest expense.

Cash from operations for the quarter was $137.5 million, and free cash flow was $87.7 million. During the quarter, the company returned $57 million in capital to shareholders with the payment of its quarterly dividend and the repurchase of more than 900 thousand shares.

"We generated strong growth and financial performance again in the fourth quarter," said Richard G. Kyle, Timken president and chief executive officer. "In 2018, Timken delivered record adjusted earnings per share, significant year-over-year revenue gains and higher operating margins. Our relentless focus on winning with customers with innovative problem solving and industry-leading customer service helped us deliver market outgrowth across multiple sectors during the year. The execution of our strategy, along with our consistent and deliberate approach to capital allocation has positioned us to deliver even higher levels of performance going forward."

2018 Full-Year Results
For 2018, sales were $3.6 billion, up 19.2 percent compared with 2017. The increase was driven by broad organic growth across most end-market sectors, as well as the favorable impact of acquisitions and pricing.

Net income was $302.8 million or a record $3.86 per diluted share for the year, compared with net income of $203.4 million or $2.58 per diluted share a year ago. The year-over-year improvement was driven by higher volume, favorable price/mix and the benefit of acquisitions, partially offset by higher operating costs including tariffs as well as higher interest expense and the impact of a higher tax rate driven by net discrete benefits in the prior year.

Excluding special items (detailed in the attached tables), adjusted net income was $327.5 million or an adjusted earnings per share record of $4.18 per diluted share in 2018. This compares with adjusted net income of $207.5 million or $2.63 per diluted share in 2017. The improvement in adjusted net income reflects higher volume, favorable price/mix, the benefit of acquisitions and the impact of a lower adjusted tax rate as a result of U.S. tax reform, partially offset by higher operating costs including tariffs and higher interest expense.

During the year, the company significantly expanded its power transmission portfolio with the acquisitions of Cone Drive and Rollon. Cone Drive advanced the company's position in precision gear drives, and Rollon introduced engineered linear motion products to the Timken portfolio. Both businesses further the company's evolution into attractive markets such as solar energy, logistics and packaging, and automation. Timken also added to its leadership position in engineered bearings with the acquisition of ABC Bearings in India. Together these acquisitions expand the company's global presence in China, Europe and India. Additionally, Timken increased its quarterly dividend to $0.28 in May, paid its 386th consecutive quarterly dividend in December and repurchased nearly 2.3 million shares of stock during the year. Between dividends and share repurchases, the company returned a total of $184 million to shareholders in 2018.

Fourth-Quarter 2018 Segment Results

Mobile Industries reported sales of $461.9 million, up 8.5 percent compared with the same period a year ago, driven primarily by growth in the rail, off-highway and aerospace sectors, as well as the favorable impact of acquisitions, partially offset by unfavorable currency.

Earnings before interest and taxes (EBIT) in the quarter were $42.5 million or 9.2 percent of sales, compared with EBIT of $37 million or 8.7 percent of sales for the same period a year ago. The increase in EBIT reflects the impact of higher volume, lower selling, general and administrative (SG&A) expenses and the benefit of acquisitions, partially offset by higher material and manufacturing costs.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $46.4 million or 10.0 percent of sales, compared with $41.4 million or 9.7 percent of sales in the fourth quarter last year.

Process Industries sales of $448.2 million increased 27.3 percent from the same period a year ago, driven primarily by growth in the industrial distribution and general and heavy industrial OE sectors, as well as the favorable impact of acquisitions and pricing, partially offset by unfavorable currency.

EBIT for the quarter was $79.8 million or 17.8 percent of sales, compared with EBIT of $56.3 million or 16 percent of sales for the same period a year ago. The increase in EBIT was driven by higher volume, favorable price/mix and the benefit of acquisitions, partially offset by higher material costs including tariffs, as well as increased SG&A expenses. The current period also included higher acquisition-related charges.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $88 million or 19.6 percent of sales, compared with $56.5 million or 16 percent of sales in the fourth quarter last year.

2019 Outlook

The company expects 2019 revenue to be up approximately 8 to 10 percent in total versus 2018. This includes expected organic growth of 4 to 6 percent plus the benefit of acquisitions made during 2018, partially offset by unfavorable currency. Within its segments, the company estimates for full-year 2019:

  • Mobile Industries sales to be up approximately 4 to 6 percent, driven primarily by organic growth in the rail, off-highway and aerospace sectors, as well as the benefit of acquisitions, partially offset by unfavorable currency; and
  • Process Industries sales to be up approximately 13 to 15 percent, reflecting growth across all sectors, as well as the benefit of acquisitions, partially offset by unfavorable currency.

"In 2019, we plan to deliver another record year of EPS with strong revenue growth and further margin expansion," said Kyle. "We will continue to balance our pursuit of growth with our drive for margins, returns and cash flow. The fundamentals underlying our markets remain positive and, combined with our market penetration and inorganic actions, we are planning for a third consecutive year of double-digit revenue growth in 2019. We are confident that our strategy and track record of strong execution will enable us to continue to drive profitable growth and create shareholder value in 2019 and beyond."

Timken anticipates 2019 earnings per diluted share to range from $4.55 to $4.75 for the full year on a GAAP basis. Excluding special items (detailed in the attached tables), the company expects record 2019 adjusted earnings per diluted share ranging from $4.70 to $4.90.

http://news.timken.com/2019-02-07-Timken-Reports-Strong-Fourth-Quarter-and-Full-Year 2018-Results-Expects-Continued-Growth-in-2019

30 January 2019

SKF Provides Excellent 2018 Financials & Beyond

Congratulations to the SKF Group for producing another set of record breaking financials in 2018

The Owner & Innovator of BearingNet since 1994, BearingCode recognizes our voluntary contribution made to the SKF Group in supporting their growth and worldwide marketing services via our quality systems


SKF Year-end report 2018

Gothenburg SWEDEN, 29 January 2019

Alrik Danielson, President and CEO:

"2018 was an excellent year for SKF, with record results and a significantly strengthened balance sheet. In recognition of this, the Board has decided to propose an increased dividend of SEK 6.00 per share to the Annual General Meeting.

During the fourth quarter, we delivered an organic sales growth of 5% for the Group, with net sales at SEK 21.2 billion.

Operating profit was SEK 2.9 billion. Operating margin was 13.7%, impacted positively by the divestment of SKF Motion Technologies. Impairments of assets and customer settlements and restructuring had a negative impact. The net of the above had a positive impact on operating profit of SEK 705 million.

Cash flow was very strong at SEK 4.3 billion, supported by strong operational performance, including continued reductions in finished goods inventories and the divestment of SKF Motion Technologies.

The industrial business had a strong organic sales growth of 9%. Operating performance remained strong, with a reported operating margin of 18.3% (12.8% in the previous year).

The automotive business also remained resilient, but due to costs for restructuring and customer settlements it reports an operating margin of 2.1%. Organic sales development was -3.7%, with European sales continuing to be impacted by the WLTP test cycles. In China, demand for trucks and cars softened.

The fourth quarter was a busy one in terms of our efforts to improve competitiveness in our manufacturing and consolidate our footprint. We announced investments and footprint optimizations in France, Germany, China and UK.

Investments in automation and technology step-up continues, with a further investment in Schweinfurt, Germany announced in November, as well as the inauguration of an automated assembly line for LEAP aero-engine bearings in Valenciennes, France.

As presented at our Capital Markets Day in November, we now have around 4 million connected bearings, of which half are connected to our REP Centers around the world enabling us to provide customers with reliable rotation.

Entering the first quarter of 2019, we expect to see relatively unchanged volumes for the Group, slightly higher for Industrial and lower for Automotive."


Key figures, SEKm Q4 2018 Q4 2017 2018 2017
Net sales 21,192 19,481 85,713 77,938
Operating profit 2,902 2,017 11,049 8,592
Operating margin, % 13.7 10.4 12.9 11.0
Profit before taxes 2,636 1,784 10,188 7,658
Net cash flow after investments before financing 4,259 1,704 8,326 4,753
Basic earnings per share 4.63 4.12 16.0 12.02

Net sales change y-o-y, %, Q4 Organic Structure Currency Total
SKF Group 5.0 -1.0 4.8 8.8
Industrial 8.8 -1.4 5.6 13.0
Automotive -3.7 0.0 3.1 -0.6

Net sales change y-o-y, %, 2018 Organic Structure Currency Total
SKF Group 7.1 -0.6 3.5 10.0
Industrial 9.4 -0.8 3.9 12.5
Automotive 2.1 0.0 2.3 4.4

Organic sales change in local currencies, per region y-o-y, %, Q4 Europe North America Latin America Asia Middle East & Africa
SKF Group 1.5 10.8 -0.5 8.1 -3.4
Industrial + +++ ++ +++ --
Automotive - +/- --- -- ---

Organic sales change in local currencies, per region y-o-y, %, 2018 Europe North America Latin America Asia Middle East & Africa
SKF Group 5.9 6.6 -1.0 12.4 1.4
Industrial +++ ++ +/- +++ +/-
Automotive +/- ++ +/- ++ ---

Outlook and guidance

Demand for Q1 2019 compared to Q1 2018
The demand for SKF's products and services is expected to be relatively unchanged for the Group, including slightly higher demand for Industrial and lower demand for Automotive. Demand is expected to be higher in North America, slightly higher in Asia, relatively unchanged in Latin America and slightly lower in Europe.

Guidance Q1 2019

Financial net: SEK -200 million

Currency impact on the operating profit is expected to be around SEK +140 million compared with 2018, based on exchange rates per 31 December 2018.

Guidance 2019

Tax level excluding effect related to divested businesses: around 28%

Additions to property, plant and equipment: around SEK 2,800 million

20 January 2019

Honor Among Thieves - Bearing M+A Infiltrated

The concept that criminals do not compromise the activities of other criminals, 'Honor Among Thieves' considered an underground Law with a strict Code never to be fooled, broken or dared to violate, now appears infiltrated & manipulated by cyber Artificial Intelligence (Ai) allowing offenders to escape an honor punishment

https://en.wikipedia.org/wiki/Honour_Among_Thieves_(disambiguation)

Although Cyber crime Ai activity is widely accepted by simple inscription, players violate certain Codes with impunity, particularly within Bearing Manufacturers who escape every type of theft honor and that of legislated Criminal Law

For example: Bearing Corporations wanting to acquire (M+A) another Bearing Group using language 'Artificial Intelligence (Ai)', makes an Offer/Price with a Malaysian Airlines Logo, Fare Special Offer and Coding to disguise their identity known only to the 'Seller' making the 'Buyers' intended acquisition legally superficial and competitor unawareness

Brilliant says the 'Buyer', however, leaving the 'Seller' completely vulnerable, without legal protection, and at the mercy of the 'Buyer' to chop & change figures, manipulate rules or even cancellation after months of M+A preparatory work at a moments notice, running away with the 'Sellers' IP and Corporate secrets.

Below illustration is offer price 3,330, can be changed to reach agreement more likely to be manipulated by the 'Buyer'



Book: Now until 18 Jan 2019
Travel: Now until 31 Mar 2019 (Bangkok),
Now until 31 May 2019 (Phuket)

All-inclusive Economy Class return fares
from Phuket

12 January 2019

Bearing Maintenance Wind-Turbine Gearbox & Oil Health


Frank May, Service engineer
GlobeCore GmbH - 11 Jan 2019


GlobeCore offers CMM-G and CMM-GL units that drain and fill gearbox oil and clean the gearbox in wind turbines. These units facilitate quick servicing and can be used with wind turbines made by various manufacturers.

The last decade has led to strong growth in the wind industry. The overall capacity of wind turbines installed worldwide at the beginning of 2018 was 539 GW, according to the Global Wind Energy Council. This means that all of the turbines installed covered more than five percent of electricity demand worldwide. There is a clear demand for a clean, renewable energy source and reduced harmful emissions.

Such successful wind development is possible, in part, to the continuous improvements and enhancements to turbine equipment and component design. Engineers have had to keep up with demands for increased wind-turbine sizes and power outputs, which have meant advances in operation and reliability of key turbine components, such as the gearbox.

Typical gearbox problems
Although there are several uses for gearboxes in wind turbines — including the yaw-drive gearboxes that position the nacelle relative to the wind direction and pitch drives that adjust the blade angle of attack — the main gearbox has garnered critical attention from engineers. It is designed to speed the slow, high-torque rotation into a much faster rotation for the generator. And few of these machines make it past the 10-years mark.

Today's geared turbine typically has a three-stage gearbox with a low-speed planetary stage and two parallel stages. Engineers use planetary gears to design gearboxes that are durable enough to withstand the harsh loading conditions and small enough to fit into a nacelle.

The harsh conditions typical of wind-farm operation can take a toll on a turbine and its components. Factors that may adversely affect the main gearbox include variations in wind speed and direction, temperature, vibration, and the ingress of moisture. These factors make the gearbox a vulnerable component of a turbine's drivetrain.

Problems that occur in gearboxes include surface damage such scuffing and micropitting. Cracks at the surface of gears may also lead to pitting or tooth-root breakage, and possible bearing failure. Micropitting is a starting point for a chain of destructive events that, if left unchecked, may result in tooth breakage and the need to replace the gears. Along with the stress of a constantly changing load, micropitting is also caused by insufficient lubricant film thickness, incorrect lubricant viscosity, and foaming.


Source: Global Wind Energy Council

The cost of gearbox maintenance and replacement — including the cost of turbine downtime for O&M and repairs — are a significant part of wind farm's operating losses. The condition of gearbox oil in the wind turbine is one critical factor in saving on these costs.

Gearbox oil health
The main purpose of gearbox oil is to reduce friction. However, it also keeps the gearbox clean and protects the metal surfaces from corrosion. A higher quality oil or lubricant typically means a more reliable gearbox.

A lubricant is selected based on such factors as:

  • Viscosity: the oil's consistency or resistance to flow
  • Viscosity index: used to characterize the viscosity-temperature behavior of lubricating oils, for example
  • Pour point: the lowest temperature at which the oil will flow under given conditions
  • Additives: protective properties such as anti-scuffing and anti-foaming
  • Cost

Synthetic oils have a reputation for improved performance over conventional mineral-based oils. For example, synthetics have a lower pour point than mineral oils, which let the gearbox operate more efficiently in colder ambient temperatures. Synthetic oil also has higher a viscosity index — its viscosity changes less with temperature compared with that of mineral oil.

Gearbox oil deterioration is associated with oxidation due to heat, contamination, and additive exhaustion. Water is the most troublesome of the contaminants. While particulate matter and sludge may be filtered out, it is difficult to remove water from the gearbox without a complete oil change.

For most wind-turbine gearbox oils, the critical concentration of water is less than 500 ppm. When water content exceeds this limit, the lubricant degrades with additive sedimentation. Water also causes film breakdown, oil oxidation, and corrosion. The recommended purity of wind-turbine gearbox oil is at least 16/14/11, according to ISO 4406.


A well-lubricated gearbox is critical to reliable wind- turbine operation. For ideal gearbox health, choose gear oil that offers anti-foam properties and is blended with a balanced formulation. This means that if additives are included in the formula to resist water and wear. (Source: GlobalCore)

When to change the oil
The oil filter in the gearbox should be changed after the first 500 hours of operation. After one year of operation, an oil sample should be taken to determine its viscosity, water content, acid number, contamination with particulate matter, and additive exhaustion. After two years, some recommend a complete oil change, even if its quality approximates the standards.

Periodic analysis of the oil is ideal because even a high-quality product is no guarantee of gearbox health. However, manually changing the oil is a challenging and time-consuming task. Workers lift and lower oil in special canisters using lifting devices (either elevators or ladders). This requires a team of three or four technicians and about eight hours of work time.

Time and labor costs can be reduced by using special oil-change equipment that facilitates quick servicing by using an integrated oil containment and transportation tanks; an oil heater to reduce viscosity and speed oil pumping, gearbox cleaning with special flushing oil, and mitigation of oil spills and contact between the oil and the environment https://www.windpowerengineering.com/business-news-projects/how-to-maintain-wind-turbine-gearbox-oil-health/?

5 January 2019

Australia New Global G8 Ranking

Mining & Raw materials outrank Bearings in Australia's global G8 power base

Australia is one of the 10 most powerful nations in the world and deserves a place in the G8, an audit of Geopolitical Capability has found

The Henry Jackson Society in UK said Australia was more politically powerful than Russia because it was a "hemi-spheric power" that projected itself and defended its interest in the southern hemisphere

The study found Russia was only a regional power. Russia, invited to join the G7 by former US President Bill Clinton, has been sidelined since its 2014 invasion of Crimea

The detailed study ranked Australia in 8th place across categories of capability, national base, its structure, instruments and resolve, ahead of India and Russia

The US headed the rankings followed by Britain, China, France, Germany, Japan, Canada, and Australia