Canton, OH — The Timken Company has been recognized as one of the World’s Most Ethical Companies for 2010 by the Ethisphere Institute, an international organization focused on the advancement of best practices in business ethics.
Companies listed with Timken in the award’s Industrial Manufacturing category are: Caterpillar, Deere & Company, Eaton, Milliken and Company, and Rockwell Automation. Other notable companies include: Aflac, American Express, Campbell Soup, the Ford Motor Company, General Electric, Google, Henkel, Nike, Ricoh, Starbucks, and Xerox.
Out of a record number of nominations considered by Ethisphere, Timken secured the distinction through consistent demonstration of its foundational value of ethics and integrity, which, along with the core values of quality, innovation and independence, have remained grounded throughout the company’s 110-year history.
“This honour goes to the associates of our company, who deliver on our promise of ethics and integrity by the way they serve our customers, shareholders and communities, and build trust in the Timken name,” said Chairman of the Board Ward J. “Tim” Timken, Jr. “It takes an unwavering commitment to ethics to achieve sustainable business success. That chain of cause and effect has been at the core of The Timken Company throughout its history, and I’m convinced this basic understanding is fundamental to every great company.”
Timken referenced 2009 highlights of the company’s global citizenship activities, including:
* Training and certifying associates around the world on the Timken Standards of Business Ethics;
* Operationalizing the company’s core values through leadership by business, regional and corporate compliance committees, who are charged with proactively identifying and mitigating risk;
* Making a commitment to environmental leadership through examples like:
– Recycling of almost three million tons of scrap metal over the past two years to produce new steel, with nearly 100 percent of Timken’s steel content made from recycled material;
-Elimination of six million pounds of waste annually through the company’s returnable and reusable packaging initiative;
-Elimination of 31,000 tons waste from landfills since 2008 though recycling and reusing electric-arc furnace dust;
-* Supporting local capital programs, such as construction of a water recovery and wastewater treatment system in Bangalore, India to benefit area farms, and land donation and financial support to establish a community sports complex in Union County, South Carolina;
-* Contributing Timken Charitable Trust and corporate donations of $2.4 million in 2009 for community and educational needs; and
-* Donating thousands of hours of leadership and community service by Timken associates around the world to organizations such as Habitat for Humanity, Junior Achievement, the United Way and various social and educational agencies.
This is the fourth year Ethisphere, an organization dedicated to the creation, advancement and sharing of best practices in business ethics, corporate responsibility and sustainability, has published these rankings, which appear in Ethisphere Magazine’s Q1 issue. It is Timken’s first time on the list.
Through in-depth research and a multi-step analysis, Ethisphere reviewed thousands of nominations from companies in over 100 countries and 36 industries to determine the winners.
“Timken’s promotion of a sound ethical environment shines within its industry and shows a clear understanding that operating under the highest standards for business behavior goes beyond goodwill and is intimately linked to performance and profitability,” said Alex Brigham, executive director of the Ethisphere Institute. “This year’s World’s Most Ethical Companies award was more competitive than ever, because companies realize that making ethics a priority is critical amidst a tough economic environment.”
Brigham added, “Compliance or ethics failures add up to more than fees, fines and penalties. The leadership distraction and turnover, forced alteration of a working profit model and heightened scrutiny that result show: good ethics means better business.”
The methodology for the World’s Most Ethical Companies ranking includes reviewing codes of ethics, litigation and regulatory infraction histories; evaluating the investment in innovation and sustainable business practices; looking at activities designed to improve corporate citizenship; and studying nominations from senior executives, industry peers, suppliers and customers.
Read about the methodology and view the complete list of the 2010 World’s Most Ethical Companies at http://ethisphere.com/wme-2010.