CANTON, Ohio, Oct. 12 /PRNewswire/ -- The Timken Company (NYSE: TKR) today announced its intention to exit its European seamless steel tube manufacturing operations located in Desford, England, as part of its strategy to manage its business portfolio to improve performance. Timken will begin consultations with representatives of the 400 associates located at the Desford facility to explore alternative solutions to closure.
"The proposed action is part of the company's strategy to focus on lines of business that produce differentiated products while driving profitable growth," said Salvatore J. Miraglia, Jr., president of Timken's Steel Group. "Exiting this business would further advance the focus of the Steel Group on differentiated products that deliver value to both customers and shareholders."
The Desford facility generated sales of approximately $85 million to $95 million in recent years but has not been profitable. It manufactures seamless steel tube for machining and mechanical applications, primarily serving the bearing industry in Europe.
In conjunction with the proposed exit of the business, Timken would intend to sell some portion of the plant's assets and secure a reliable alternative source of steel tube for its European bearing operations.
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 $5.2 billion in 2005 and 27,000 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