CANTON, Ohio, Sept. 26, 2011 /PRNewswire/ -- The Timken Company and United Steelworkers of America Local 1123 have agreed to enter early discussions about the current labor agreement. The contract, which expires in September 2013, covers employees represented by the U.S.W. in Canton, Ohio.
The company recently announced it is considering an investment of $225 million at its Canton-based Faircrest Steel Plant. The proposed improvements would increase capacity, expand product range and strengthen competitiveness. Timken officials indicated that they would move forward with the plan provided that the operating environment is conducive to such a financial commitment. Timken has launched preliminary discussions with the union, as well as suppliers and government officials, and intends to determine whether there is a suitable path forward by year end.
Consistent with prior practice, the company will reserve further comment until discussions are complete, although periodic updates will be posted on www.timken.com/agreement.
About The Timken Company
The Timken Company (NYSE : TKR ; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that help machinery perform more efficiently and reliably. With sales of $4.1 billion in 2010 and 20,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.
The Timken Company
Media Contact: Lorrie Paul Crum
Manager - Global Media and Strategic Communications
Investor Contact: Steve Tschiegg
Director - Capital Markets and Investor Relations
SOURCE The Timken Company