September 18, 2008
Timken Invests $14 Million to Increase Steel Capacity
The Timken Company (NYSE: TKR) today announced that it has invested $14 million in a new thermal treatment facility at its steel plant in Canton, Ohio. The investment will increase Timken's capacity to produce heat-treated steel bars and tubes primarily suited for use in the energy and industrial market sectors.
The new 34,000 square-foot facility will begin operations in December 2008 and is expected to reach a capacity of 45,000 tons per year by mid-2009.
The primary operation at the new facility will be the quenching and tempering of steel bars and tubes that range from 4 inches (101 millimeters) to 9 inches (227 millimeters) in diameter and 12 feet (3.7 meters) to 40 feet (12 meters) in length. This process prepares steel for use in harsh environments such as those found in the oil and gas industry. The new facility will also have the flexibility to produce steel bars and tubes with metallurgical properties suitable for other market sectors.
"This investment is the latest step forward in Timken's strategy to drive growth in the global energy and industrial end markets," said Bob Keeler, vice president of sales for Timken Steel. "The added capacity allows us to better meet strong demand for steel in energy and industrial market sectors that require precise mechanical properties for the most demanding steel applications."
In 2007, Timken opened a new induction heat treat line at its Canton steel plant after investing $5 million. Timken also announced in January 2007 that it would invest $60 million in its steel rolling mill operations in Canton. This investment will increase the company's capability to produce differentiated steel products, including steel bars down to 1-inch diameter (25 millimeters). Production at the small bar mill will begin later this year.
About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn(TM) for better performance.