Company Scores in Top 95% for Accounting, Governance and Management Practices
CANTON, Ohio--(BUSINESS WIRE)--The 110-year-old Timken Company (NYSE: TKR) has long been known for conservative management and foundational values that stress ethics and integrity above all. Adherence to these principles has earned Timken a place on the list of “The 100 Most Trustworthy Companies,” an annual study published by Forbes magazine based on a ranking of corporate accounting, governance and management practices by Audit Integrity, an independent financial and governance review organization.
To compile its ranking each year, the firm analyzes 12,000 companies listed on American stock exchanges and assigns each an accounting and governance risk (AGR) score using a proprietary process to evaluate financial reporting, transparency, fiscal policies, compensation, management behaviors, liabilities and risk indicators. In an article on the results of the Audit Integrity study released April 6, 2009, Forbes noted, “These companies do not play games with revenue and expense recognition, or with asset valuation.”
Timken received high marks for its practices, placing in the 95th percentile of the 100 Most Trustworthy Companies with an average AGR score of 81 for the year, and 85 in the fourth quarter of 2008. The highest AGR score achieved was 88.
“We are honored that Forbes and Audit Integrity have acknowledged Timken as a company that is truly worthy of public trust,” said Timken President and CEO James Griffith. “This is a great credit to our company’s associates, especially at a time like this, when we are doing what we must for a difficult environment – managing within our means, making sacrifices, preserving a strong balance sheet and liquidity, and executing for the long term.”
Learn more about Timken via this link to an online media kit, where you can access the company’s new annual report, investor presentation and information on its citizenship efforts: http://www.timken.com/en-us/about/NewsRoom/MediaKits/Pages/MediaKits.aspx
About The Timken Company
The Timken Company (NYSE: TKR) (http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers’ machinery to perform more efficiently and reliably. With sales of $5.7 billion in 2008, operations in 26 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
The Timken Company
Investor Contact: Steve Tschiegg
Media Contact: Lorrie Paul Crum
Manager – Global Media and Strategic Communications
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