Timken Aligns to Drive Growth, Performance
13 Agosto 2007 - 2:59PM
Business Wire
The Timken Company (NYSE:TKR) today announced changes to align the
company around continued improvement in operational performance and
acceleration of profitable growth. Under the new model, Timken will
operate with two major business groups, the Steel Group and the
Bearings and Power Transmission Group, which is composed of four
divisions � Mobile Industries, Process Industries, Aerospace &
Defense and Distribution & Services. The company has named
Michael C. Arnold as executive vice president and president,
Bearings and Power Transmission Group. Salvatore J. Miraglia, Jr.,
will continue as president of the Steel Group. Timken has also
named Jacqueline A. Dedo senior vice president, Innovation and
Growth. In this role, Dedo will be responsible for leading the
company�s strategic initiatives to accelerate the pace of
innovation and growth. "With focused leadership and a strong
balance sheet, we are well positioned to aggressively pursue growth
opportunities with the potential to create exceptional value for
customers and shareholders," said James W. Griffith, Timken�s
president and chief executive officer. "In addition, as we
implement this model, we expect to benefit from faster, more
effective decision-making and less complexity in all parts of our
business, allowing us to drive further improvement in our financial
performance.� The organizational changes are focused primarily on
improving Timken�s operating effectiveness and are also anticipated
to streamline operations and eliminate redundancies. When fully
implemented, the company expects to save approximately $10 million
to $20 million as a result of the changes. Timken�s new Bearings
and Power Transmission Group includes four divisions: Mobile
Industries � composed of the rail, off-highway, agriculture, heavy
truck and passenger car and light truck market sectors; Process
Industries � encompasses the heavy industry, power transmission and
energy market sectors; Aerospace & Defense � serves the
friction-management and power-transmission needs of commercial and
military aviation customers through original equipment
manufacturers and the aerospace aftermarket; and Distribution &
Services � provides a full range of bearings, seals, grease,
condition monitoring and other products and services through
distributors worldwide. Timken will report its third-quarter 2007
financial results using the existing Steel, Industrial and
Automotive Groups. Beginning with the fourth quarter of 2007, the
company expects to make a change to its financial reporting,
providing results for the Steel Group as before, along with more
detailed results for the new Bearings and Power Transmission Group.
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,
enabling our customers to perform faster and more 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 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
of the company�s programs and initiatives and expectations
regarding the company�s financial performance 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
achieve the benefits of its future and ongoing programs and
initiatives, including, without limitation, the organization
changes announced in this release. Additional important factors are
described in the company's Annual Report on Form 10-K for the year
ended Dec. 31, 2006, page 40, and in the company�s Quarterly Report
on Form 10-Q for the quarter ended June�30, 2007. The company
undertakes no obligation to update or revise any forward-looking
statement.
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