Timken Adds Oil and Gas Drilling, Extraction Products to Growing Steel Energy Portfolio
22 Febbraio 2008 - 2:30PM
Business Wire
The Timken Company (NYSE: TKR) today announced the addition of
leading steel products for oil and gas drilling operations, further
extending its strong position in the growing market for
high-performance energy products. Timken completed its acquisition
of the assets of Boring Specialties Inc., a leading provider of a
wide range of precision deep-hole oil and gas drilling and
extraction products and services. Timken will operate the business
as Timken Boring Specialties, LLC, from its current location in
Houston, Texas. Timken will continue to invest in its ability to
meet the needs of customers in the global energy market with
hole-making, hole-finishing and related machining services. �We are
continuing to make strategic investments in our steel capabilities
to bring more value to customers in targeted markets, contributing
to Timken�s profitable growth,� said Salvatore J. Miraglia,
president of Timken�s Steel Group. �The addition of Timken Boring
Specialties to our portfolio is the latest in a series of
investments to extend our differentiation in the marketplace.� In
2007, Timken added new induction heat-treat capabilities and
expanded the outer diameter of round steel bars and the length of
steel tubing it offers to customers in global energy and other
markets. The company is also building a new small-bar mill in
Canton, Ohio, that will allow it to create high-quality alloy steel
bars down to one-inch in diameter. The latest addition to Timken�s
steel portfolio, Timken Boring Specialties creates a unique,
simplified and cost-effective supply chain by providing a
single-point material and machining source for original equipment
manufacturers and distributors. Customers will benefit from the
combination of high-quality steel and value-added machining
expertise for drilling, skiving, trepanning and honing operations.
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 $5.2 billion in 2007, operations in 26 countries and
approximately 25,000 employees, Timken is Where You Turn� for
better performance.
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