Timken Advances Program to Improve Automotive Group Performance
09 Marzo 2007 - 6:00PM
Business Wire
The Timken Company (NYSE:TKR) today announced that it will close
its production facility in Sao Paulo, Brazil, by the end of the
year. Timken will maintain a sales, marketing and warehousing
presence in Brazil to meet the needs of customers and distributors.
The closure of the Sao Paulo facility will improve the performance
of Timken�s Automotive Group by eliminating manufacturing
redundancies and further aligning its global footprint to expected
levels of demand going forward. "We continue to implement our
initiatives to manage our portfolio and improve the performance of
Timken�s Automotive business," said Jacqueline A. Dedo, president
of the company's Automotive Group. "Following the dramatic decline
in vehicle production by certain North American customers that
occurred in 2006, we are balancing our manufacturing capacity to
more closely match demand levels going forward. Given the
redundancies in production, we have been consolidating product
lines in fewer, more focused factories to improve efficiency and
reduce fixed costs." The closure of the facility in Brazil is part
of Timken�s ongoing efforts to improve the performance of its
Automotive Group. The company previously announced a restructuring
initiative in 2005 and a workforce reduction in 2006, which are on
track to deliver expected savings of approximately $40 million and
$35 million, respectively, by 2008. Since 2005, the company has
reduced Automotive employment by more than 2,500 positions,
including those associated with the divestment of its global
steering business. The Sao Paulo plant opened in 1960, and produced
tapered roller bearings ranging in size from 0 to 8 inches last
year. It currently employs approximately 300 people. "Timken�s
sales in Brazil have been growing in key industrial, automotive and
aftermarket segments," said Andrew Frisbie, managing director for
Central and South America. "We expect to build on our market
position going forward as we extend relationships with our
customers and distributors in this important market." Timken will
support its future growth in the Brazilian market with its global
manufacturing resources, along with new warehousing operations and
a network of 35 distributors located in Brazil. About The Timken
Company The Timken Company (NYSE:TKR, http://www.timken.com) keeps
the world turning, with innovative friction management and power
transmission products and services that enable customers to perform
faster and more smoothly and efficiently. With sales of $5.0
billion in 2006, operations in 26 countries and approximately
25,000 employees, Timken is Where You Turn� for better performance.
Certain statements in this news release (including statements
regarding the company's estimates and expectations) that are not
historical in nature are "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, the statements related to expected savings and costs of
the company�s programs and initiatives are forward-looking. The
company cautions that actual results may differ materially from
those projected or implied in forward-looking statements due to a
variety of important factors, including the company�s ability to
respond to the changes in its end markets, especially the North
American automotive industry, and the company's ability to achieve
the benefits of its future and ongoing programs and initiatives.
These and additional factors are described in greater detail in the
company's Annual Report on Form 10-K for the year ended Dec. 31,
2006, page 40. The company undertakes no obligation to update or
revise any forward-looking statement.
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