Timken Company Proceeds with Second Phase of Transformation; Names Plants it Plans to Close, Sell

Apr 26, 2001, 01:00 ET from The Timken Company

    CANTON, Ohio, April 26 /PRNewswire/ -- Last week, The Timken Company
 (NYSE:   TKR) announced the second phase of its transformation to a global
 enterprise.  This next phase will be emphasizing a new manufacturing strategy,
 including an aggressive reduction in the company's costs and asset base.
 Central to this initiative is achieving $100 million in annual cost savings
 and providing a stronger foundation for profitable growth.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO )
     In last week's announcement, the company said it planned to close two
 plants and sell a third.  Today the company named those facilities.  It
 intends to close bearing plants in Columbus, Ohio and in Duston, England and
 to sell a tooling plant in Ashland, Ohio.
     The Columbus plant employs about 219 associates, Duston 950 and Ashland
 115.
     "The decisions on these plants did not come easily.  We deeply regret the
 disruption these actions will cause in the lives of the associates who work in
 these plants," said James W. Griffith - president and chief operating officer.
 "These associates have made innumerable contributions and have earned our
 respect.  We are very grateful for all of their efforts.  We will be providing
 assistance to them as their employment with Timken ends."
     The company's intent is to continue operating the Columbus plant and
 Duston plant for periods ranging from 6 to 20 months.  During that time, plans
 will be implemented to transfer production processes to other plants in the
 Timken global manufacturing system.
     "We will continue to monitor the performance of all of our plants," said
 Mr. Griffith. "Our goal is to create a network of focused factories, every one
 of which is competitive globally.  Each of these facilities will specialize in
 manufacturing a reduced range of products to increase operating efficiencies
 and improve service to customers.  They will be established as centers of
 expertise in their respective product lines."
     Those changes will affect production processes and employment as the
 company reduces positions by about 1,500 during the next two years.
     "In the end," said Mr. Griffith, "our aim is to assure a second century of
 success, to build a stronger foundation for our company's growth -- growth
 that will benefit associates, customers and shareholders."
     The Timken Company (NYSE:   TKR) ( http://www.timken.com ) is a leading
 international manufacturer of highly engineered bearings, alloy and specialty
 steels and components, as well as related products and services. With
 operations in 24 countries, the company employs about 20,500 people worldwide
 and recorded 2000 sales of U.S. $2.6 billion.
     Certain statements in this news release that are not historical in nature
 are forward-looking. In particular, statements regarding the amount of savings
 the company expects to realize as a result of the transformation plan
 described in this release are forward-looking.  The company cautions that
 actual results may differ materially from those projected or implied in
 forward-looking statements due to a variety of important factors, including
 the company's inability to achieve the expected benefits of its transformation
 program and unexpected costs related to the implementation of the
 transformation.  These and additional important factors are described in
 greater detail in the company's 2000 Annual Report, page 39, and in the
 company's Annual Report on Form 10-K for the year ended December 31, 2000.
 The company undertakes no obligation to update any forward-looking statement.
 
                        MAKE YOUR OPINION COUNT - Click Here
                  http://tbutton.prnewswire.com/prn/11690X43754621
 
 

SOURCE The Timken Company
    CANTON, Ohio, April 26 /PRNewswire/ -- Last week, The Timken Company
 (NYSE:   TKR) announced the second phase of its transformation to a global
 enterprise.  This next phase will be emphasizing a new manufacturing strategy,
 including an aggressive reduction in the company's costs and asset base.
 Central to this initiative is achieving $100 million in annual cost savings
 and providing a stronger foundation for profitable growth.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO )
     In last week's announcement, the company said it planned to close two
 plants and sell a third.  Today the company named those facilities.  It
 intends to close bearing plants in Columbus, Ohio and in Duston, England and
 to sell a tooling plant in Ashland, Ohio.
     The Columbus plant employs about 219 associates, Duston 950 and Ashland
 115.
     "The decisions on these plants did not come easily.  We deeply regret the
 disruption these actions will cause in the lives of the associates who work in
 these plants," said James W. Griffith - president and chief operating officer.
 "These associates have made innumerable contributions and have earned our
 respect.  We are very grateful for all of their efforts.  We will be providing
 assistance to them as their employment with Timken ends."
     The company's intent is to continue operating the Columbus plant and
 Duston plant for periods ranging from 6 to 20 months.  During that time, plans
 will be implemented to transfer production processes to other plants in the
 Timken global manufacturing system.
     "We will continue to monitor the performance of all of our plants," said
 Mr. Griffith. "Our goal is to create a network of focused factories, every one
 of which is competitive globally.  Each of these facilities will specialize in
 manufacturing a reduced range of products to increase operating efficiencies
 and improve service to customers.  They will be established as centers of
 expertise in their respective product lines."
     Those changes will affect production processes and employment as the
 company reduces positions by about 1,500 during the next two years.
     "In the end," said Mr. Griffith, "our aim is to assure a second century of
 success, to build a stronger foundation for our company's growth -- growth
 that will benefit associates, customers and shareholders."
     The Timken Company (NYSE:   TKR) ( http://www.timken.com ) is a leading
 international manufacturer of highly engineered bearings, alloy and specialty
 steels and components, as well as related products and services. With
 operations in 24 countries, the company employs about 20,500 people worldwide
 and recorded 2000 sales of U.S. $2.6 billion.
     Certain statements in this news release that are not historical in nature
 are forward-looking. In particular, statements regarding the amount of savings
 the company expects to realize as a result of the transformation plan
 described in this release are forward-looking.  The company cautions that
 actual results may differ materially from those projected or implied in
 forward-looking statements due to a variety of important factors, including
 the company's inability to achieve the expected benefits of its transformation
 program and unexpected costs related to the implementation of the
 transformation.  These and additional important factors are described in
 greater detail in the company's 2000 Annual Report, page 39, and in the
 company's Annual Report on Form 10-K for the year ended December 31, 2000.
 The company undertakes no obligation to update any forward-looking statement.
 
                        MAKE YOUR OPINION COUNT - Click Here
                  http://tbutton.prnewswire.com/prn/11690X43754621
 
 SOURCE  The Timken Company

RELATED LINKS

http://www.timken.com