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Timken Company to Invest $27 Million in North Carolina Bearing Plant
Company plans to add 50 jobs, expand capacity at Asheboro Plant in Randleman, N.C.

CANTON, Ohio, Nov. 4 /PRNewswire-FirstCall/ -- The Timken Company today announced plans to invest approximately $27 million in its Asheboro bearing plant in Randleman, N.C., enabling expanded manufacturing of tapered roller bearings, principally for industrial applications. Timken plans to add 50 new jobs and increase the size of the Asheboro-area plant by over 35 percent as part of the project.


"This is among our most technologically advanced facilities, and we look forward to using the additional capacity to increase the value we are able to deliver to our customers," said Michael C. Arnold, president - Industrial Group.


Timken's facility near Asheboro, which opened in 1994, currently has 150,000 square feet of space and employs approximately 230 people. The plant produces highly engineered tapered roller bearings used in high-value industrial applications, with an emphasis on versatility and substantially shortened product development and manufacturing cycle time.


The expansion project, which will begin in early 2006 and is anticipated to take approximately 18 months to complete, will benefit from approximately $1.4 million in state and local government incentives.


"We are proud to continue our partnership with the state of North Carolina, Randolph County Economic Development Corporation, Randolph County and the City of Randleman as we open the next chapter in the history of Timken's state-of-the-art bearing manufacturing facility in Randleman," said Arnold.


Timken also has manufacturing facilities in Columbus, Lincolnton and Rutherfordton, N.C.

 

About The Timken Company

The Timken Company, (NYSE: TKR, www.timken.com) keeps the world turning, with innovative ways to make customers' products run smoother, faster and more efficiently. Timken's highly engineered bearings, alloy steels and related products and services turn up everywhere. With operations in 27 countries, sales of $4.5 billion in 2004 and 26,000 employees, Timken is Where You Turn™ for better performance.

 

Media Contact: Jeff Dafler, Manager - Global Media & Government Relations, Telephone: (330) 471-3514, Facsimile: (330) 471-7032, jeff.dafler@timken.com


Investor Contact: Steve Tschiegg, Manager - Investor Relations, Telephone: (330) 471-7446, Facsimile: (330) 471-2797, steve.tschiegg@timken.com


SOURCE The Timken Company