CANTON, Ohio — July 28, 2008 — The Timken Company (NYSE: TKR) announced today that its industrial bearing services continue to grow in Asia. Timken Industrial Services’ latest customer in the region is Baosteel, China’s largest iron and steel manufacturer.
Baosteel first commissioned Timken to repair and recondition bearings on a cold rolling temper mill, and after receiving like-new bearings and saving approximately 50 percent compared to the cost of new bearings, Baosteel then placed additional orders for Timken’s reconditioning services for a total cost of $600,000.
Timken’s revenue from reconditioning services in China more than doubled in 2007 compared to 2006, when the program was introduced to the region.
Timken invested nearly $6 million in the expansion of its industrial bearing services capacity in the fourth quarter of 2007. The investment came in response to the strong long-term outlook for demand and to expand the company's heavy-industrial customer base.
Through its industrial bearing services, Timken provides customers with an integrated maintenance program that covers the total lifecycle of bearings. Services include mill maintenance management programs, bearing remanufacturing, chock bearing maintenance and roll and chock repair.
In addition to its bearing services facilities in the United States, Timken operates bearing repair centers in Brazil, China, France, India, Romania and South Africa. For additional information about Timken’s industrial bearing services, visitwww.timken.com/EN-US/products/remanufacture.
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, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
Source: The Timken Company
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
For Additional Information:
www.timken.com/media