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Timken Indicates More Job Cuts Are Coming
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TKR
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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. ...
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