The products from the Clinton plant will be integrated into other facilities throughout Timken's manufacturing base. Timken expects to continue manufacturing the vast majority of these products in the United States.
"It is necessary that we continue to competitively position our operations. The decision to close this plant resulted from a lengthy study of our automotive business that identified the need to exit certain product lines and to reduce fixed costs across our manufacturing network," said Jacqui Dedo, president of the company's Automotive Group. "In no way is this decision a reflection on the performance of our associates at the plant. They have achieved much over the years, and we acknowledge their efforts."
Consistent with the company's manufacturing strategy of creating more focused factories, Clinton's multiple production lines will be integrated into other Timken plants. Many of the Clinton plant employees will be offered job opportunities at other Timken manufacturing plants as production is phased down at the Clinton plant. During the manufacturing consolidation, the company will continue to make customer service a priority.
The Clinton plant produces a broad array of components and bearings for automotive powertrain and chassis applications. The plant also manufactures bearings for industrial applications, such as transmissions and outboard engines.
The Clinton plant opened in 1961 as part of The Torrington Company. In 2003, Timken acquired Torrington.
Timken initiated the Automotive Group restructuring at the end of July, and it expects to announce further actions related to the restructuring in the next few months.
The Timken Company (NYSE: TKR) ( www.timken.com) keeps the world turning, with innovative ways to make customers' products run smoother, faster and more efficiently. Timken's highly engineered bearings, alloy steels and related products and services turn up everywhere -- on land, on the seas and in space. With operations in 27 countries, sales of $4.5 billion in 2004 and 26,000 employees, Timken is Where You Turn(TM) for better performance.
News Media, Denise Bowler, Manager - Associate & Financial Communications, +1-330-471-3485, or Facsimile, +1-330-471-4118, or Email Contact, or Investors, Steve Tschiegg, Manager - Investor Relations, +1-330-471-7446, or Facsimile, +1-330-471-2797, or Email Contact, both of The Timken Company
CONTACT: News Media, Denise Bowler, Manager - Associate & Financial
Communications, +1-330-471-3485, or Facsimile, +1-330-471-4118, or
Email Contact, or Investors, Steve Tschiegg, Manager - Investor
Relations, +1-330-471-7446, or Facsimile, +1-330-471-2797, or
Email Contact, both of The Timken Company