CANTON, Ohio, Feb. 13 /PRNewswire-FirstCall/ -- The Timken Company has been notified by the U.S. Government it will receive an additional $7.7 million payment under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA).
This amount is Timken's portion of the payment related to the Torrington bearing business acquired by Timken in February 2003. Timken will use the proceeds of the payment to continue reducing debt levels.
The CDSOA provides for distribution of monies collected by U.S. Customs from antidumping cases to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people.
The Timken Company (NYSE: TKR, www.timken.com) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 29 countries. The company recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
Media Contact: Carol A. Titus, Communications Manager, (330) 471-3757,carol.titus@timken.com, or visit http://www.timken.com/media
Investor Contact: Kevin R. Beck, Manager - Investor Relations, (330) 471-7181,http://www.timken.com/investors
SOURCE The Timken Company
-0- 02/13/2004
/CONTACT: Media, Carol A. Titus, Communications Manager, +1-330-471-3757,
or carol.titus@timken.com, or Investor, Kevin R. Beck, Manager - Investor
Relations, +1-330-471-7181, or kevin.beck@timken.com, both of The Timken
Company/
/Photo: http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.timken.com
http://www.timken.com/investors
http://www.timken.com/media
(TKR)
CO: Timken Company
ST: Ohio
IN: AUT MNG
SU:
LA-JK
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6092 02/13/2004 12:02 EST http://www.prnewswire.com