CANTON, Ohio, Aug. 12 /PRNewswire-FirstCall/ -- The Timken
Company (NYSE: TKR) announced that it will invest approximately
$50 million in its steel operations
in Canton, Ohio. Slated to begin
this year, the investment is for the installation of a new
intermediate finishing line at the Gambrinus Steel Plant and
expansion of the steel lay-down yard at the Harrison Steel Plant's
small-bar mill.
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Timken's Steel Group has had a significant increase in demand
across all markets, and 2010 sales are expected to increase by 70
to 80 percent compared to 2009. "The investments have the goal of
both meeting demand and continuing to improve the long-term
competitiveness of our operations," said Sal Miraglia, president – steel for
Timken.
Gambrinus Steel Plant Intermediate Finishing Line
The installation of a new intermediate finishing line at the
Gambrinus Steel Plant, the larger of the two projects, will improve
manufacturing competitiveness with a more efficient operation that
incorporates the latest technologies and employs lean processes. It
will be built in a combination of unused and repurposed buildings
on the Gambrinus site. The line, which will more efficiently handle
both bar and tube products, ultimately will replace existing
batch-type finishing processes at the plant when it is fully
operational in 2013.
"The more automated, continuous line will streamline our
operations, improving manufacturing effectiveness as well as
providing future marketplace opportunities," said Miraglia.
"Safety and productivity will also improve, by minimizing
unnecessary handling."
Harrison Small-Bar Mill Lay-Down Yard
The small-bar mill at the Harrison facility, which opened in
2008, continues to increase its output in response to demand,
requiring additional space in the laydown yard outside the mill for
both finished and semifinished steel. Expanding the yard
necessitates the demolition of several adjacent, unused buildings.
This project will be completed by year end.
Continued Investment in Steel Operations
The Timken Company has long focused on improving productivity
and developing new, competitive products and processes. Over
the past four years, the company has invested $200 million
into its steel operations to strengthen its competitive position,
and ultimately support long-term growth and jobs. Those investments
include two new heat-treat lines and a scrap logistics system added
between 2006 and 2007, a long-length tube line added in 2008 and a
new small bar mill, which was commissioned at the Harrison facility
in 2008.
About The Timken Company
Timken's Steel Group produces some of the cleanest,
highest-quality steels in the world for the most demanding
applications. The majority of steel manufactured by Timken is
custom melted to the customer's chemistry and manufacturing
specifications in solid round or square bars, seamless tubes or
semi-finished parts.
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the
world turning with innovative friction management and power
transmission products and services, enabling its customers'
machinery to perform more efficiently and reliably. With sales of
$3.1 billion in 2009, operations in
27 countries/territories and approximately 17,000 employees, Timken
is Where You Turn® for better performance.
Media contact: Lorrie Paul Crum,
Global media relations & strategic communications –
330.471.3514 (office); 330.224.5021 (mobile);
lorrie.crum@timken.com
Investor contact: Steve Tschiegg:
Investor relations & capital markets – 330.471.7446;
steve.tschiegg@timken.com
SOURCE The Timken Company
Copyright . 12 PR Newswire