Timken Expands Manufacturing Presence in India
30 Ottobre 2006 - 3:00PM
PR Newswire (US)
Chennai facility will make antifriction bearings for global markets
CANTON, Ohio, Oct. 30 /PRNewswire/ -- The Timken Company (NYSE:TKR)
today announced plans to build a new bearing manufacturing facility
in India. The plant, which will be located in Chennai in the
southern state of Tamil Nadu, will produce a range of antifriction
bearings for global markets. Timken's new facility will be built in
one of India's new Special Economic Zones (SEZs), which provide a
range of tax benefits, including duty-free import of equipment and
material used in the manufacture of goods destined for sale outside
of India. The facility will be located in Chennai's Mahindra World
City, and construction is expected to begin by the end of the year.
"The Timken Company is continuing to invest in industrial products
and markets where we have the opportunity to drive profitable
growth," said Mike Arnold, president of Timken's Industrial Group.
"Our new facility in India represents a significant expansion of
our manufacturing presence in this important economy, and we will
continue to look for strategic opportunities to build on our
growing base in Asia." The plant is estimated to cost $25 million.
Production is expected to begin during the fourth quarter of 2007.
Timken, which currently employs approximately 1,000 people in
India, anticipates adding approximately 300 positions to operate
the Chennai plant. Timken's Indian operations currently include a
bearing manufacturing plant in Jamshedpur and a Global Innovation
Center in Bangalore that has the capability to design, develop and
test new friction management and power transmission technologies.
Timken, which has had a presence in the Indian market since 1992,
also has an extensive and growing network of distributors focused
on providing an expanding range of friction management solutions to
industrial and automotive aftermarket customers throughout India.
About The Timken Company The Timken Company (NYSE:TKR)
(http://www.timken.com/) keeps the world turning, with innovative
ways to make customers' products run smoother, faster and more
efficiently. Timken's highly engineered bearings, alloy steels and
related products and services turn up everywhere. With operations
in 27 countries, sales of $5.2 billion in 2005 and 27,000
employees, Timken is Where You Turn(TM) for better performance.
Media, Jeff Dafler, Manager - Global Media & Government
Relations, Telephone: (330) 471-3514, Facsimile: (330) 471-7032,
Investors, Steve Tschiegg, Manager - Investor Relations, Telephone:
(330) 471-7446, Facsimile: (330) 471-2797, DATASOURCE: The Timken
Company CONTACT: Media, Jeff Dafler, Manager - Global Media &
Government Relations, +1-330-471-3514, or Fax, +1-330-471-7032, or
, or Investors, Steve Tschiegg, Manager - Investor Relations,
+1-330-471-7446, or Fax, +1-330-471-2797, or , both of The Timken
Company Web site: http://www.timken.com/
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