Timken to Invest in New Facility

It will spend $12 million.
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(TKR) - Get Report

said it will invest more than $12 million for a new technology center in Mesa, Ariz.

The facility, which will include manufacturing and engineering functions, more than doubles the capacity of Timken's previous aftermarket operation in Gilbert, Ariz., which will be vacated over the next several months, the Canton, Ohio-based company said.

The 85,000 square-foot facility provides critical new space for integrating Timken's specialized engineering, manufacturing, reconditioning and service functions for components and systems used for aviation maintenance, repair and overhaul. The facility brings together all the key capabilities to support aerospace aftermarket customers.

The company's stock was trading down 11 cents, or 0.38%, at $29.01 Tuesday.

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