The Timken Company to Receive Payment Under U.S. Trade Law
12 Dicembre 2003 - 9:45PM
PR Newswire (US)
The Timken Company to Receive Payment Under U.S. Trade Law CANTON,
Ohio, Dec. 12 /PRNewswire-FirstCall/ -- The Timken Company has been
notified by the U.S. Government that it will be receiving payments
under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA).
The payments include $70 million related to the original Timken
tapered roller, ball and cylindrical bearing businesses. Timken
continues to await notification on amounts that would be received
as a result of the company's February 2003 acquisition of The
Torrington Company. (Logo:
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO ) The CDSOA
provides for distribution of monies collected by U.S. Customs from
antidumping cases to qualifying domestic producers where the
domestic producers have continued to invest in their technology,
equipment and people. It is the third year the company has received
a payment under CDSOA. "Economic and national security in the U.S.
depend on preserving a strong industrial base -- and we're pleased
that Congress and the administration continue to make this a
priority. CDSOA is important because it helps assure continued
investment in research, training and equipment by U.S. industrial
companies, thus contributing to the health of our nation," said
James W. Griffith, president and chief executive officer of The
Timken Company. A leading manufacturer of highly engineered
bearings, Timken qualified for a distribution of monies based upon
the company's consistent U.S. investments in production technology
to remain competitive globally. In the past five years, Timken has
spent $257 million on research and development to support bearing
and steel programs and improve manufacturing processes. Timken will
use the proceeds of the CDSOA payment to continue reducing debt
levels. This follows other debt reduction actions by the company in
the last few months. The company reduced debt by $78 million in the
third quarter, and it also used $55 million in proceeds from a
share offering in October to further reduce debt. The Timken
Company (NYSE:TKR) ( http://www.timken.com/ ) is a leading
manufacturer of highly engineered bearings, alloy and specialty
steels and components, as well as a provider of related products
and services. Following its February 2003 acquisition of The
Torrington Company, Timken employed 28,000 people and the combined
companies had sales of approximately $3.8 billion in 2002. Media
Contact, Carol A. Titus, Communications Manager, +1-330-471-3757,
or Investor Contact, Kevin R. Beck, Manager - Investor Relations,
+1-330-471-7181, both of The Timken Company
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO
http://photoarchive.ap.org/ DATASOURCE: The Timken Company CONTACT:
Media, Carol A. Titus, Communications Manager, +1-330-471-3757, or
Investors, Kevin R. Beck, Manager - Investor Relations,
+1-330-471-7181, both of The Timken Company Web site:
http://www.timken.com/ http://www.timken.com/investors
http://visit/ http://www.timken.com/media
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