CANTON, Ohio, Jan. 11 /PRNewswire-FirstCall/ -- The Timken Company (NYSE: TKR) today announced plans to invest approximately $10 million in its bearing plant in Altavista, Va., enabling expanded manufacturing of replacement wheel-hub bearing assemblies for light-duty pickup trucks and sport utility vehicles. Timken plans to add 50 new jobs and increase the manufacturing capacity of the Campbell County plant.
"The Altavista facility has been a strong performer for Timken, and we are adding capacity to capitalize on a significant opportunity for profitable growth in the automotive aftermarket with this expansion," said Jack Cameron, Timken's general manager for the North and South American automotive aftermarket. Timken is a leading supplier of automotive wheel-hub bearing assemblies to both original equipment manufacturers and the automotive aftermarket.
Timken's facility in Altavista, which currently has 140,000 square feet of space and employs approximately 308 people, has grown steadily in production capacity since its opening in 1991. The plant produces highly engineered wheel-hub bearing assemblies, including UNIPAC(TM), for global auto manufacturers and suppliers. Wheel-hub bearing assemblies typically have multiple rows of rollers, are pre-adjusted, pre-lubricated and pre-sealed.
The expansion project, which will begin in second quarter of 2006, stands to benefit from roughly $460,000 in state and local government incentives.
"Access to a strong, well-educated workforce and excellent infrastructure in a pro-growth business environment has been integral to our success in Virginia," said John Plazak, Altavista plant manager. "We look forward to continuing our relationship with Commonwealth of Virginia, Campbell County and the Town of Altavista as we build on our strong record at this facility."
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