CANTON, Ohio, Feb. 28, 2012 /PRNewswire/ -- The Timken Company (NYSE: TKR) today announced that it will invest $42 million in Stark County, Ohio, to build a new two-story office complex connected to its existing facility near the Akron-Canton airport. The new 160,000 square foot building will bring together personnel from its Bearings and Power Transmission headquarters, currently located in leased facilities in downtown Canton, with their colleagues at the company's global technology center.
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Construction will begin as early as April 2012 to accommodate a combined team of nearly 1,000 employees, from research and development, engineering, customer service, and the sales and marketing functions. Company officials foresee increased collaboration among employees at the new North Canton campus, thereby increasing the speed of innovation and levels of customer service when the project is completed in the fourth quarter of 2013. At that time, Timken will relocate 500 associates into the building.
"The company has changed dramatically in the last decade, growing into new areas of mechanical power transmission and increasing the need for Timken people to work closely together to deliver exceptional value to stakeholders," said James W. Griffith, president and chief executive officer. "More effective collaboration between our business and technology teams will speed the pace of innovation in the company. Improved physical space with closer proximity of work teams is key to that collaboration."
The company directly employs more than 4,000 people in Stark County, who are located at Timken's global headquarters, Steel segment headquarters, steel plants and leased offices in the city of Canton; steel and roller plants in Canton Township and Perry Township; and its technology center in Jackson Township. "Timken is proud to have its global headquarters here in Stark County, and will continue to be a vital part of this community's future," Griffith said.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that help machinery perform more efficiently and reliably. With sales of $5.2 billion in 2011 and approximately 21,000 people operating in 30 countries, Timken is Where You Turn® for better performance.
Contacts - Media: Dan Minnich, Ofc: 330.471.7760, dan.minnich@timken.com;
Investors: Steve Tschiegg, Ofc: 330.471.7446, steve.tschiegg@timken.com, The Timken Company.
SOURCE The Timken Company