"We have a highly skilled, capable workforce committed to continuous improvement," said Thomas D. Moline, vice president of steel manufacturing. "Our team understands what it takes to make custom-melted, high-quality alloy bars and tubes that meet our customers' exacting metallurgical requirements. This investment, which is the largest since opening the plant in 1985, builds on those skills to improve our productivity, while giving us the ability to offer even more to the customers who rely on us for their own success."
Timken, known for the reliability of its power transmission products that include bearings, gears and related components, cites its century-long steelmaking expertise as a key competitive differentiator. In 2011, the Timken steel segment melted 1.7 million tons of raw materials to generate $2 billion of sales of its custom-designed steel. To further productivity and growth, the company invested more than $200 million in its steel operations in northeast Ohio in the last five years. The most recent of those investments included a $35 million high-volume in-line forge press at the Faircrest rolling mill, which is under construction, and $50 million in capital improvements at its Harrison and Gambrinus steel plants.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that allow machinery to perform more efficiently and reliably. With sales of $5.2 billion in 2011 and 21,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.Contacts - Media: Dan Minnich, Ofc: 330.471.7760, firstname.lastname@example.org; Investors: Steve Tschiegg, Ofc: 330.471.7446. email@example.com, The Timken Company. SOURCE The Timken Company