Timken Receives Payment Under U.S. Trade Law
13 Febbraio 2004 - 6:02PM
PR Newswire (US)
Timken Receives Payment Under U.S. Trade Law CANTON, Ohio, Feb. 13
/PRNewswire-FirstCall/ -- The Timken Company has been notified by
the U.S. Government it will receive an additional $7.7 million
payment under the U.S. Continued Dumping and Subsidy Offset Act
(CDSOA). (LOGO:
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO ) This amount
is Timken's portion of the payment related to the Torrington
bearing business acquired by Timken in February 2003. Timken will
use the proceeds of the payment to continue reducing debt levels.
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 andpeople. The Timken Company (NYSE:TKR) (
http://www.timken.com/ ) is a leading global manufacturer of highly
engineered bearings and alloy steels and a provider of related
products and services with operations in 29 countries. The company
recorded 2003sales of $3.8 billion and employed approximately
26,000 at year- end. Media Contact: Carol A. Titus, Communications
Manager, (330) 471-3757, , or visit http://www.timken.com/media
Investor Contact: Kevin R. Beck, Manager - Investor Relations,
(330) 471-7181, http://www.timken.com/investors
http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO DATASOURCE:
The Timken Company CONTACT: Media, Carol A. Titus, Communications
Manager, +1-330-471-3757, or , or Investor, Kevin R. Beck, Manager
- Investor Relations, +1-330-471-7181, or , both of The Timken
Company Web site: http://www.timken.com/
http://www.timken.com/investors http://www.timken.com/media
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