CANTON, Ohio, Dec. 15, 2011 /PRNewswire/ -- The Timken Company and the United Steelworkers (USW) Local 1123 today announced they have reached agreement on a new five-year contract to replace the existing contract, which would have expired September 2013. A ratification vote is being scheduled.
(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO )
"The company and the union were able to reach a tentative agreement that would pave the way for the most significant investment in our steel operations since we built the Faircrest plant," said Salvatore J. Miraglia, Jr., president of Timken's Steel Group. "The expansion would position us to increase capacity, expand product range and strengthen competitiveness."
The company announced in August that it would move forward with a $225 million investment in its Faircrest Steel Plant, pending successful discussions with the union, suppliers and government officials.
Background information on the project is available on www.timken.com/agreement.
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 that help machinery perform more efficiently and reliably. With sales of $4.1 billion in 2010 and 20,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.
Media Contact: Lorrie Paul Crum
Manager – Global Media and Strategic Communications
Telephone: (330) 471-3514
Mobile: (330) 224-5021
lorrie.crum@timken.com
Investor Contact: Steve Tschiegg
Director – Capital Markets and Investor Relations
Telephone: (330) 471-7446
steve.tschiegg@timken.com
For Additional Information:
www.timken.com/media
www.timken.com/investors
SOURCE The Timken Company