Timken To Receive Payment Under U.S. Trade Law
03 Dicembre 2004 - 2:30PM
PR Newswire (US)
Timken To Receive Payment Under U.S. Trade Law CANTON, Ohio, Dec. 3
/PRNewswire-FirstCall/ -- The Timken Company has been notified that
it will receive payments of $39.7 million under the U.S. Continued
Dumping and Subsidy Offset Act (CDSOA). Timken expects to receive
these payments in 2004 and to use these proceeds for general
corporate purposes and to reduce debt. The payments include $6.5
million related to the Torrington bearing business acquired by
Timken in February 2003. (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 that have
continued to invest in their technology, equipment and people. It
is the fourth year the company has received a payment under CDSOA.
"Maintaining a strong industrial base is imperative to our economic
and national security," said James W. Griffith, president and chief
executive officer. "Ensuring international trade that is free of
dumping is important to enable manufacturers to continue making
significant investments in research and development, facilities and
workforce training that are necessary to maintain global
competitiveness." 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. During the past five years, the
company has spent more than $250 million on research and
development to support bearing and steel programs and improve
manufacturing processes. The Timken Company (NYSE:TKR); (
http://www.timken.com/ ) is a leading manufacturer of highly
engineered bearings and alloy steels and a provider of related
products and services. A Fortune 500 company, Timken recorded 2003
sales of $3.8 billion and employed approximately 26,000 at
year-end. Media Contact: Jason H. Saragian, Public Relations
Manager, (330) 471-3514, 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
http://photoarchive.ap.org/ DATASOURCE: The Timken Company CONTACT:
Media, Jason H. Saragian, Public Relations Manager,
+1-330-471-3514, 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/media
http://www.timken.com/investors
Copyright
Grafico Azioni Timken (NYSE:TKR)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Timken (NYSE:TKR)
Storico
Da Ott 2023 a Ott 2024