CANTON, Ohio, Jan. 15, 2012 /PRNewswire/ -- The Timken Company (NYSE: TKR) reports that members of United Steelworkers Local 1123 based in Canton failed to ratify a tentative agreement between their bargaining representatives and the company.
The contract offered to the workers included wage and benefit increases, a signing bonus for ratification and additional job security measures. Said Timken Steel Business President Salvatore J. Miraglia, "Many parts of this company are growing and expanding around the world. We are disappointed in this outcome because the contract was a necessary step before our commitment to invest $225 million in steel operations in Canton." Miraglia noted that the existing contract remains in effect until Sept. 2013. The company will be evaluating other investment opportunities in bearing and power transmission markets and operations around the world to support the company's overall growth strategy.
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 to perform efficiently and reliably. With sales of $4.1 billion in 2010, and operations in 30 countries with approximately 20,000 people, Timken is Where You Turn® for better performance.
SOURCE The Timken Company