Co.s new standalone steel company will include about
3,000 employees in seven manufacturing plants, four warehouses
and five sales offices.
The Canton, Ohio-based
company, which has a steelmaking capacity of 1.8 million tons
per year, will continue to produce large-diameter special bar
quality products for industrial markets and seamless mechanical
tubing. Timkens board expects strong prospects for growth
and margin improvement at the steel business, which over the
past decade increased margins, lowered its break-even point and
streamlined its supply chain.
Timkenconsisting of the Process Industries, Aerospace and
Mobile Industries segmentswill have an estimated annual
revenue of $3.4 billion, producing bearings and related
mechanical power transmission components and services, with
nearly 17,000 workers at 35 manufacturing plants, 25 service
and repair facilities, four technology centers and a network of
sales offices and warehouses.
After the spinoff is
completed, Richard G. Kyle, 47, will be Timkens new
president and chief executive officer, while Ward J. "Tim"
Timken Jr., 46, will lead the steel company as chairman and
chief executive officer.