The Timken Company (NYSE:TKR), a manufacturer of engineered bearings and industrial motion products, announced on Tuesday it will invest USD 70 million (EUR 63.6m) to increase its production capacity for wind turbine bearings in particular.

Timken said in a statement it will spend this sum on the establishment of an automated production line this year. Its president and CEO Richard Kyle commented that the company is seeing “tremendous” demand for its renewable energy solutions.

"This additional investment will specifically enhance our ability to support the rapid growth we're seeing in the wind energy sector as the world continues its transition to renewable energy sources,” he added.

In 2020, the company said it was investing USD 75 million to expand its wind bearings production site in Xiangtan, China, further scale up its production capacity in Wuxi, China, and Ploiesti, Romania, and consolidate multiple sites into a larger campus in Jiangyin, China.

The latest announcement did not give more details about the new investment.

Renewable energy represented more than 10% of the company's total sales in 2022, which makes it Timken’s single-largest end-market sector, it said.