CANTON, Ohio, Feb. 1, 2011 /PRNewswire/ -- The Timken Company (NYSE: TKR) announced that it will invest approximately $35 million to install a high-volume, in-line forge press at its Faircrest rolling mill facility in Canton, Ohio.
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This investment comes on the heels of the $50-million commitment in capital improvements initiated at the end of 2010 at the company's other steel facilities in Canton. The investments reflect the significant increase in demand Timken has seen for its high-performance steel across all markets.
Slated to begin operation in early 2013, the addition of the in-line forge press will generate value by increasing capacity, lowering costs through improved yield, expanding product capabilities to meet ultrasonic specifications that are more demanding and reducing cycle times for larger products.
"This open-die in-line press will be the first step of the forge-rolled process for all Faircrest products," said Tom Moline, vice president of manufacturing. "Adding this step prior to rolling will provide better yield and production efficiencies to significantly improve our operations."
The investment will provide particular value to customers in markets where Timken's high-performance steel products are most critical to performance in extreme operating conditions, such as oil and gas, heavy machinery, wind energy and power generation.
"We are making this next investment with the needs of our customers foremost in mind," said Sal Miraglia, Jr., president of Timken's Steel Group. "In turn, this will contribute substantially to our long-term competitiveness, which is critical to jobs and performance."
Competitive Investments in Timken Steel Operations
In addition to the $50 million in capital expenditures announced last year for the company's Canton, Ohio facilities, Timken has made a series of investments in its steel operations since 2006, totaling more than $200 million. Most are advanced technology investments focused on improving productivity and developing new products to strengthen Timken's position and support long-term growth. They include two new heat-treat lines and a scrap logistics system added between 2006 and 2007; a long-length tube line added in 2008; and a new small bar mill, which was commissioned at the Harrison facility in 2008.
About The Timken Company
Timken's Steel Group produces some of the cleanest, highest-quality steels in the world for the most demanding applications. The majority of steel manufactured by Timken is custom-melted to the customer's chemistry and manufacturing specifications in solid round or square bars, seamless tubes or semi-finished parts.
The Timken Company keeps the world turning with innovative friction management and power transmission products and services that are critical to help hard-working machinery to perform efficiently and reliably. With sales of $4.1 billion in 2010 and operations in 27 countries with approximately 20,000 people, Timken is Where You Turn® for better performance.
Contacts - Media: Lorrie Paul Crum, Ofc: 330.471.3514; Mob: 330.224.5021. lorrie.crum@timken.com; Investors: Steve Tschiegg, Ofc: 330.471.7446. steve.tschiegg@timken.com, The Timken Company.
SOURCE The Timken Company