LATROBE, Pa., Mar 8, 2004 /PRNewswire-FirstCall via COMTEX/ -- Timken Latrobe Steel recently was recognized as the first recipient of the Supplier of the Year Award by Lenox, a division of Newell Rubbermaid and a global manufacturer of power tool accessories. Timken supplies high-speed steel for the cutting edge of band-saw blades in some Lenox products.
Sharing a business relationship for more than 12 years, Timken won the award for its outstanding performance in meeting Lenox's goals of service level, quality, terms, productivity and innovation. The award was presented at Lenox's 2004 Supplier Conference in January.
"Timken Latrobe has exemplified perfection in all categories of our measures," said Steve Bradley, Lenox Director, Strategic Sourcing. "They proactively came to us to determine our goals and objectives and worked with us to improve our product, costs and service. For this reason they won the award."
Each month, suppliers' contributions to Lenox's business are measured in five categories: productivity obtained, payment terms, quality as measured by defective-parts-per-million (DPPM), lead time and service level. The annual average results of these measures are weighted and used to determine award candidates. Once nominated, employee users of the supplier products or service and management personnel are consulted to finalize the award selection.
Lenox ( www.lenoxsaw.com ) began in 1915 when a group of ten employees began making hacksaw blades. Today, the company employs more than 600 people and manufactures and markets power tool accessories, hand tools, band-saw blades and sawing fluids in more than 70 countries around the world.
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.
For Additional Information: Jason H. Saragian, Communications Manager, (330) 471-3514. Or visit http://www.timken.com/media
SOURCE The Timken Company
Jason H. Saragian, Communications Manager of The Timken
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