Timken 1Q Profit Plunges, Plans Job Cuts

CANTON, Ohio (AP) — Bearing maker Timken Co. said Monday its first-quarter profit plunged due to weak demand in most of its markets and the impact of lower surcharges and currency changes.

Timken also said job cuts are expected to exceed 7,000, or more than 25 percent of its work force since the start of 2008, and it doubled targeted cuts in selling and administrative costs. And it said it's reducing performance-based incentive plans.

The Canton, Ohio, company slashed its outlook for the year and cut its quarterly dividend in half to 9 cents per share, as well. ...