Timken Expands Ability to Offer Engineered Steel Solutions in Asia through Collaboration with Daido
02 Settembre 2009 - 10:40PM
Business Wire
The Timken Company (NYSE: TKR) announced an expanded ability to
offer its high-performance, premium engineered steel solutions to
customers in Asia, establishing production within the region
through an arrangement with Daido Steel Co. Ltd.
In an agreement signed between the two companies today, Daido, a
leading steelmaker based in Japan, will manufacture specialty steel
products according to Timken specifications. This will allow Timken
to broaden service to industrial customers throughout Asia, where
such highly engineered, specialty steel is not widely
available, and demand for it continues to grow.
This is the second collaboration between Timken and Daido Steel.
In 2006, the two companies initiated collaboration on technical
aspects of Timken’s new small bar mill commissioned last year in
Canton, Ohio.
“This is a fast-track approach to accelerate the growth of our
steel business while building the Timken brand further in Asia,”
said Salvatore J. Miraglia, Jr., president of Timken’s Steel Group.
“It will allow us to capitalize on more of the growth opportunities
we see in the Asian market, bringing all of the technical expertise
Timken is known for, with the added advantage of Daido’s
state-of-the-art manufacturing facilities in the region. For
customers in Asia, this local proximity is most desirable and
necessary to ensure timely, reliable service."
“We are very pleased to again work with Timken on this
opportunity that strengthens our bonds of business and friendship.
This is a positive development to serve a wider field of industrial
opportunity in Asia where the demand for high-quality steel is
growing. In addition to this agreement working with Timken, we will
continue to serve our own Japanese customer base with our product
offering,” said Tadashi Shimao, executive vice president of Daido
Steel Co., Ltd.
Under an initial five-year agreement, Daido will manufacture
high-performance steel as specified by Timken. Those finished
products will carry the Timken brand, and will be marketed, sold
and distributed by The Timken Company’s sales force and its
authorized distributors in Asia.
About Daido
Steel
Daido Steel (Tokyo: DADSF) excels in the manufacture of
specialty steel products and components for automobiles as well as
industrial and electrical machinery. Founded in 1916, Daido markets
a broad range of specialty steel products to companies such
as Honda, Nissan and Toyota. Headquartered in Nagoya,
Japan, Daido operates an international network with locations in
North America and Asian countries.
About The Timken
Company
The Timken Company keeps the world
turning, with innovative friction management and power transmission
products and services, enabling our customers’ machinery to perform
more efficiently and reliably. With sales of $5.7 billion in 2008
and operations in 26 countries, Timken is Where You Turn™ for
better performance.
Grafico Azioni Timken (NYSE:TKR)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Timken (NYSE:TKR)
Storico
Da Lug 2023 a Lug 2024