"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, email@example.com; Investors: Steve Tschiegg, Ofc: 330.471.7446. firstname.lastname@example.org, The Timken Company. SOURCE The Timken Company
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV