CANTON, Ohio, May 8, 2012 /PRNewswire/ -- The Timken Company (NYSE: TKR) today held its 108th annual meeting of shareholders in Canton, Ohio, where shareholders re‑elected the following four members to its board of directors, each serving a one‑year term:
- Joseph W. Ralston, vice chairman of The Cohen Group;
- John P. Reilly, retired chairman, president and chief executive officer of Figgie International;
- John M. Timken, Jr., private investor and entrepreneur; and
- Jacqueline F. Woods, retired president of Ameritech Ohio.
In other business conducted at the meeting, shareholders voted to ratify the selection of Ernst & Young LLP as the independent auditor for the year ending December 31, 2012, and approved, on an advisory basis, a resolution regarding named executive officer compensation.
"The Timken Company stands strong, underscoring our success in focusing the organization and our portfolio on the markets and applications where we can generate significant value," said Ward J. "Tim" Timken, Jr., chairman of the board. "Our strategy is working extremely well and drove record performance in 2011. That momentum carried into 2012 with a record first quarter and an expectation that we will continue to perform well tomorrow and beyond."
Salvatore J. Miraglia, Jr., president of Steel, also spoke at the annual meeting about the company's planned investments in its Faircrest Steel Plant. "We recently launched a number of significant projects in the Steel business, including a large-bloom vertical continuous caster, an in-line forge press, a new ladle refiner, an ultrasonic test inspection line and a new soaking pit," Miraglia said. "The $250 million being invested is expected to increase productivity, expand our product offering and further our high quality standards, which remain a hallmark of the Timken brand."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and mechanical power transmission products and services that help machinery perform more efficiently and reliably. With sales of $5.2 billion in 2011 and approximately 21,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.
SOURCE The Timken Company