Engineered bearings manufacturer
said Monday that it plans to build a new $25 million bearing manufacturing facility in India, producing a range of antifriction bearings for global markets.
The new facility, in Chennai, in the southern state of Tamil Nadu, will be built in one of India's new special economic zones, which provide a range of tax benefits, including duty-free import of equipment and material used in the manufacture of goods destined for sale outside of India.
The company expects the construction to begin by the end of the current year and production is expected to begin during the fourth quarter of 2007.
Canton, Ohio-based Timken said that the new facility located in Chennai's Mahindra World City will add about 300 positions to its current workforce of 1,000.
"The Timken Company is continuing to invest in industrial products and markets where we have the opportunity to drive profitable growth," the company said. "Our new facility in India represents a significant expansion of our manufacturing presence in this important economy, and we will continue to look for strategic opportunities to build on our growing base in Asia."
Shares of Timken were trading down 36 cents, or 1.2%, to $29.50 Monday.
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