Timken Indicates More Job Cuts Are Coming

CANTON, Ohio (AP) — Bearings and specialty steels maker Timken Co. now sees its struggles in a global recession lasting through all of this year, and the company said Monday it will cut about 3,000 more jobs by the end of this year.

Timken's shares fell $2.12, or 12.6 percent, to end Monday at $14.73.

Timken said it expects to end this year with 7,000 fewer employees than it had at the start of 2008, equivalent to a 25 percent reduction in the company's work force.

James Griffith, Timken president and chief executive officer, said Monday during a conference call with analysts that the company is from 50-to-60 percent complete with the job cuts, with at least 7,000 as the goal.

Timken had net income of $870,000, or a penny per share, in the first quarter, down from $84.5 million, or 88 cents per share, in the year-ago quarter.

Revenue of $960.4 million was down a third from $1.43 billion in the same quarter in 2008.