CANTON, Ohio, Mar 22, 2004 /PRNewswire-FirstCall via COMTEX/ -- The Timken Company (NYSE: TKR) today was named to the Fortune 500 listing of largest companies in the United States.
With $3.8 billion in sales in 2003, Timken is ranked 444 overall and 12 on Fortune's list of industrial and farm equipment manufacturers.
"Several years ago, we set out to transform our company to achieve greater profitable growth through customer centricity. While our acquisition of The Torrington Company in 2003 increased the size of the company by 50 percent, it's been our longer-term concentration on improving performance, innovating new products and forming the right team of people that laid the foundation for Timken to re-enter this prestigious list," said James W. Griffith, president and CEO. "The real value of that transformation is that it has positioned us for even greater global growth in the coming years."
Timken was last included in the Fortune 500 in 1995 when the list was comprised only of industrial companies. The Fortune 500 list is based on revenues of publicly held U.S. companies. This year represents the 50th anniversary of the Fortune 500 listing.
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.
CONTACT: Media, Elaine Russell Reolfi, Global Manager - Communications, +1-330-471-3502, or Investors, Kevin R. Beck, Manager - Investor Relations, +1-330-471-7181, both of The Timken Company
SOURCE The Timken Company
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